Newsletters & Legal Alerts

Since our last newsletter on the topic, ESMA updated a number of its Q&A regarding the Markets in Financial Instruments Directive – Directive 2014/65/EU of 15 May 2014 (“MiFID II”) and the Markets

On February 1st 2019, ESMA issued a press release regarding Memoranda of Understanding (the “Memoranda”) it has entered into with EU/EEA securities regulators and the FCA.

The National Commission for Data Protection (“Commission nationale pour la protection des données”, or “CNPD”) recently published a report on the consequences of Brexit in the sphere of international

In our January 2019 Newsletter we reported on a judgment rendered by the Luxembourg court of appeals (Cour d’Appel) (the “Court of Appeals”) on May 16th 2018 (No. 63/18, No.

On January 17th 2019 (ruling No.

On January 24th 2019, the Court of Justice of the European Union (the “ECJ”) published its judgment in the Morgan Stanley case (C-165/17), clarifying the rules governing the right to deduct input VAT

Pursuant to and in compliance with the AML 4th Directive amended by the AML 5th Directive, Luxembourg parliament enacted the law of 13 January 2019, setting-up a register of beneficial owners (“BOs”)

On January 28th 2019 the CSSF published Circular 19/708 concerning electronic transmission of documents (“Circular”).

This newsletter is intended as a general discussion of the following topics: AML, Banking & Finance, Capital Markets,  Investment Funds and Tax. If you would like to know more about the topic

The European Securities and Markets Authority (“ESMA”) has recently updated its Q&A on Regulation (EU) No.

As a reminder, a new double Tax Treaty was signed between Luxembourg and France (hereafter the “New Tax Treaty”) on March 20th 2018.

Background In 2014, the Luxembourg legislator changed the procedural rules applicable to the exchange of information upon request, in tax matters.

After a 1-year extension early last year, the specially reduced tax rate on capital gains realised by individual taxpayers on certain real estate assets has not been extended for the tax year 2019.

The strong protection of secured parties under pledge agreements governed by the Luxembourg law of August 5th 2005 on financial collateral arrangements, as amended, (the “Collateral Law”) has been fur

On January 15th 2019, the Commission de Surveillance du Secteur Financier (“CSSF”) agreed to a Memorandum of Understating (“MoU”) with the Securities and Futures Commission (“SFC”) on the mutual recog

HISTORICAL BACKGROUND On December 6th 2017, the Luxembourg Parliament published two bills of laws (PL 7216 and PL 7217) aimed at implementing new transparency measures provided by Directive 2015/849

On 11 January 2019, the Council of the Government approved a draft law on the amendment of articles L. 232-2 and L.

The State Administration of Foreign Exchange (“SAFE”) released an updated version of the Foreign Exchange Administrative Provisions on the Domestic Securities Investment by Qualified Foreign Instituti

In the last quarter of 2018, ESMA has twice updated its Questions and Answers (“Q&A”) on Regulation (EU) No.

On January 11th 2019, the Council of the Government (Le Conseil de gouvernement) discussed a draft law (the “Draft Law”) which has as its purpose the transposition into Luxembourg law of Directive (EU

The CSSF has published Press Release 19/02 (the “Press Release”) for the attention of issuers of securities subject to the Law of January 11th 2018 on transparency requirements for issuers of securiti

In a recent decision (No.40352 dated December 20th 2018), the Lower Administrative Court (“Tribunal administratif”) confirmed, as in previous decisions, that by application of the principle of legitim

Both the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have published yesterday January 9th 2019 individual report on crypto-assets. ESMA, together wit

On November 5th 2018, the Economic and Monetary Affairs Committee (the “Committee”) voted on the European regulation on European Crowdfunding Service Providers for Business proposed by the European Co

In a ruling issued on November 8th 2018 (case C-502/17), the Court of Justice of the European Union (the “ECJ”) had to rule on the question whether a real estate property developer who did not registe

The Luxembourg Stock Exchange now offers issuers the possibility to admit their securities to trading on a professional segment (each a “Professional Segment”) of each of its two markets, the BdL mark

Article 30 of the Directive (EU) 2015/849 of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “AML 4th Directive”), whi

The Draft Law No.

Since our last newsletter on the topic, the European Securities and Markets Authority (“ESMA”) updated a number of its Q&A regarding the Markets in Financial Instruments Directive – Directive 2014

Background Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (