Newsletters & Legal Alerts

On 3 March 2021, ESMA issued a letter addressed to the European Commission proposing modifications to Directive 2004/109/EC of 15 December 2004 on the harmonisation of transparency requirements in rel

In an order dated 3 march 2021, the European Court of Justice (“ECJ”) considered the lawfulness of a limitation period on the right to seek a reduction in the taxable amount in the case of cancellatio

On 25 February 2021, the Luxembourg Parliament (Chambre des Députés) voted the law amending the law of 12 May 2020, adapting certain deadlines in fiscal, financial and budgetary matters in the context

Launch of a common supervisory action on UCITS cost provision and performance On 6 January 2021, ESMA launched a Common Supervisory Action (CSA) with the National Competent authorities on the supervi

Background  Regulation (EU) 2020/1503 of 7 October 2020 on the European crowdfunding service providers for business (the “Crowdfunding Regulation”), shall apply from 10 November 2021.

On 1 March 2021, the CSSF launched its new digital portal for the submission of prospectuses and related supplements and notification requests – the “e-Prospectus”. Background The CSSF, as the natio

In a judgment dated 25 February 2021, the Higher Administrative Court (Cour administrative) confirmed a judgment of the Lower Administrative Court (Tribunal administratif) concerning the lawfulness of

In its press release 21/05 on 23 February 2021, the CSSF communicated the new procedure for approval of a new sub-fund under existing fund structures.  The process introduces the use of a single&

On 25 February 2021, the Luxembourg Stock Exchange (the “LuxSE”) announced the launch of a brand-new section to the Luxembourg Green Exchange platform, exclusively dedicated to so-called Climate-Align

Background  On 3 January 2017, the CSSF introduced by means of Press Release 17/01 a notification form to be used for the transmission of NAV calculation errors or non-compliance with investment

This section is intended as a general discussion on the latest topics concerning Covid-19 and the Luxembourg Law. If you would like to know more about the topics covered in this newsletter or our ser

The Law of 22 January 2021 amending and temporarily derogating from the provisions of Articles L. 234-51, L. 234-52 and L.

Background In a move aimed at simplifying the administrative burden in the financial and insurance sectors, the Luxembourg Minister of Finance filed draft law No.

Commercial leases are among the contracts that are the subject of numerous disputes because of the economic situation generated by COVID-19. At the beginning of the health crisis, a draft law was cons

Parmi les contrats qui font l’objet de nombreuses controverses à cause de la situation notamment économique générée par le COVID-19, il y a les baux commerciaux. Au début de la crise sanitaire, une pr

On 28 January 2021, ESMA updated its Questions and Answers (Q&As) relating to Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be publis

With effect from 1st January 2021, the Law of 19 December 2020 (the “2021 Budget Law”) (please see our  BSP October Newsflash), introduced a reduced subscription tax (taxe d’abonnement) that will

A further step towards integration of DLT in the Luxembourg capital markets sphere On 21 January 2021, the Luxembourg Parliament adopted draft law 7637 aiming at modernising the law of 6 April 2013 o

WHEREAS The Luxembourg law of 11 January 2008 on transparency requirements for issuers (Transparency Law), supplemented by the Grand-Ducal Regulation of 11 January 2008 on transparency requirements f

Protocol to the Luxembourg-Russia double tax treaty The Protocol amending the double tax treaty between the Grand Duchy of Luxembourg and the Russian Federation (hereafter the “Protocol”) has been si

In its judgment of 10 December 2020, the Luxembourg Higher Administrative Court (Cour administrative) had to assess whether revaluation reserves booked in the annual accounts of a Luxembourg resident

On 29 September 2020, the Lower Administrative Court (Tribunal administratif) handed down several decisions in cases involving requests for information that the Luxembourg tax authorities (hereafter t

On 8 January 2021, the Luxembourg tax authorities issued a circular (Circulaire du directeur des contributions L.I.R.

On 2 July 2020, the European Court of Justice (“ECJ”) issued its judgment in case C‑835/18, SC Terracult SRL on the possibility for a taxable person to adjust an invoice and claim a refund of unduly p

In an administrative circular dated 1 December 2020 (the “Circular”), the Luxembourg tax administration confirmed that, following the judgment of the European Court of Justice (hereinafter the “ECJ”)

 Data Transfer On 24 November 2020, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its Frequently Asked Questions concerning the Luxembourg

BACKGROUND On 3 April 2020, ESMA published its final guidelines on performance fees in investment funds – applicable to UCITS and certain types of AIFs (the “Guidelines”). As a reminder, the guideli

On 26 November 2020, the CSSF issued Frequently Asked Questions regarding the Investor Compensation Scheme Luxembourg established by article 156 of the Law 18 December 2015 and governed by Part III, T

On 8 December 2020, the CSSF issued a Communication regarding the introduction of a new eDesk module (the “Communication” and the “eDesk Module”), announcing the progressive digitalisation for the rec