Latest Newsletters & Newsflashes
Mar 26, 2018MIFID II & MIFIR | Update of ESMA Q&A
On March 23 rd 2018, the European Securities and Markets Authority (“ ESMA”) updated a number of its Q&A regarding the Markets in Financial Instruments Directive (recast) – Directive 2014/65/EU (“ MiFID II”) and Markets in Financial Instruments Regulation – Regulation 600/2014 (“ MiFIR”)
Mar 22, 2018OECD Additional Guidelines on Profit Allocation to Permanent Establishments
On March 22 nd 2018, the Organisation for Economic Cooperation and Development (the “ OECD”) published a report, providing additional guidelines on profit allocation to permanent establishments (the “ Report”). The Report has been issued in the context of the OECD base erosion and profit shifting
Mar 19, 2018New EU Transparency Rules for Intermediaries and Taxpayers
On March 13 th 2018, the European Council reached a political agreement on the extension of the Directive on administrative cooperation (hereafter “ the Proposal”). In substance, persons that are directly or indirectly involved in setting up of cross border arrangements (hereafter the “
Mar 15, 2018NEWSFLASH| CSSF warning notice on Initial Coin Offering
In a precedent newsflash dated November 16 th 2017, we informed you about a press release issued by the Luxembourg Commission de Surveillance du Secteur Financier ( CSSF) whereby CSSF informed investors and other market participants that ESMA had issued a statement on ICOs setting out risks of so
Mar 15, 2018EU Legislative Proposals to Facilitate the Cross-Border Distribution of Investment Funds
On March 12 th 2018, in the context of the Capital Markets Union action plan, the European Commission issued legislative proposals to amend the existing legal framework for the cross-border distribution of investment funds in the EU. These proposals contain a directive and a regulation (the “
Mar 12, 2018OECD Consultation on Abuse of CRS Circumvention
In a recently published consultation document entitled “ Preventing Abuse of Residence by Investment Schemes to circumvent the CRS”, the Organisation for Economic Co-operation and Development (hereafter “ OECD”) was seeking input on how to reduce the risk of using “ residence by investment” (“ RBI”)
Mar 06, 2018Clarification of the Depositary Regime Applicable to Part II-UCIS
On March 1 st 2018, a law was published to modify, inter alia, the law of 17 December 2010 on undertakings for collective investment (the “ 2010 Law”). Luxembourg Parliament voted to clarify the depositary regime for funds subject to Part II of the 2010 Law (“ Part II-UCIs”). It is worth recalling
Mar 01, 2018Case Law on Redemption of Shares
Private equity investments channelled via Luxembourg investment vehicles (“ Luxco”) typically generate tax-exempt income (dividends, capital gains) to the investors and are generally funded by way of debt, for example taking the form of convertible preferred equity certificates (“ CPECs”) or
Feb 28, 2018Case Law on Private Wealth Management
The Luxembourg Income Tax Code assesses Luxembourg taxpayers differently, depending upon whether they realise business income or income from private financial wealth management. In case of business income, any capital gain will be taxable, as a matter of principle, contrary to capital gains realized
Feb 19, 2018Implementation of the 4th Anti-Money Laundering Directive
The law of February 13 th 2018 (“ AMLD Law”) which entered into force on February 18 th 2018 has now implemented most of the outstanding provisions of the 4 th Anti-Money Laundering Directive (“ 4th AML Directive”) into Luxembourg Law. This law introduces amendments to the Luxembourg Law of November
Feb 14, 2018NEWSFLASH | Cryptocurrencies: ESMA, EBA and EIOPA alert consumers on risks of investing in cryptocurrencies
WHAT? By definition, a cryptocurrency or virtual currency ( VC) is a digital or virtual representation of value using cryptography to secure its transactions. Contrarily to centralised electronic money and traditional/fiat currencies ( central banking system), cryptocurrencies use decentralized
Feb 08, 2018BSP Newsletter | February 2018
This newsletter is intended as a general discussion of the following topics: Banking & Finance, Capital Markets, Corporate, Investment Funds and Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us. AML Beneficial Ownership Registers |
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