Jul 12, 2019
BSP Newsletter | July 2019
This newsletter is intended as a general discussion of the following topics: AML, Banking & Finance, Capital Markets, Employment, Investment Funds and Tax.
Stay informed with our Newsletters
Jul 12, 2019
BSP Newsletter | July 2019
This newsletter is intended as a general discussion of the following topics: AML, Banking & Finance, Capital Markets, Employment, Investment Funds and Tax.
Jul 11, 2019
NEWSFLASH | Law of June 26th 2019 on trade secrets
Trade secrets have for a long time been insufficiently protected and difficult to defend compared to intellectual property rights.
Jul 11, 2019
NEWSFLASH | Directive on the protection of persons reporting on breaches of Union law
The Directive on the protection of persons reporting on breaches of Union law (“Directive”) was approved by the European Union (“EU”) Parliament on 16 April 2019.
Jul 11, 2019
Decision of the ECJ on the adjustment of the VAT deduction in case of sale and lease back (cession bail) agreements
The case concerned Mydibel S.A., a Belgian VAT taxable person, that owned several buildings which it used exclusively for its economic activity and for which it deducted the input VAT paid for its con
Jul 11, 2019
Draft Law 7349 | Concerning ELTIF, EuVECA and EuSEF and Amending the RAIF Law
Draft Law No 7349 was adopted by the Luxembourg Parliament on 11 July 2019 (the "Law") and implements into domestic law certain provisions of the following regulations: Regulation (EU) N°3
Jul 04, 2019
New Luxembourg Prospectus Law
On 2 July 2019, the Luxembourg Parliament (Chambre des Députés) adopted the final text of the draft law No.7328 on prospectuses (the “New Prospectus Law”) for the purposes of implementing Regulation (
Jul 04, 2019
CSSF Circular 19/722 – Declarations of FATF
On July 1, 2019 the CSSF published Circular 19/722 relating to recent declarations of the Financial Action Task Force (“FATF”). Jurisdictions with substantial and strategic deficiencie
Jul 02, 2019
CSSF Circulars 19/721 and 19/725 on Dematerialisation of Requests to the CSSF
On 1 July 2019, the CSSF published Circular 19/721 (the "Circular") regarding dematerialisation of requests to the CSSF.
Jul 01, 2019
ILO Violence and Harassment Convention, 2019 (No. 190)
On 21 June 2019, the International Labour Organization (“ILO”) adopted Convention No.190 concerning the elimination of violence and harassment in the world of work (hereafter the “Convention”) and the
Jun 28, 2019
Law of 26 June 2019 on trade secrets
The Luxembourg law of 26 June 2019 on the protection of undisclosed know-how and business information (“trade secrets”) against their unlawful acquisition, use and disclosure (the “Law”) has been publ
Jun 28, 2019
Directive on the protection of persons reporting on breaches of EU Law
The directive on the protection of persons reporting on breaches of EU law (the “Directive”) was approved by the EU Parliament on 16 April 2019.
Jun 28, 2019
ESMA Questionnaire on Undue Short-Termism
On 24 June 2019, the European Securities and Markets Authority (“ESMA”) published a questionnaire, which aims at collecting evidence about what aspects of the financial sector could cause short-term p
Jun 26, 2019
RBO filing it’s now - Task force RBO@bsp.lu
CONTEXT The Luxembourg law dated 13 January 2019 (the RBO Law) created a register of beneficial owners (registre des bénéficiaires effectifs) (the RBO), with the aim to preserve and make available in
Jun 25, 2019
Regulation to Facilitate Cross-Border Distribution of Investment Funds
On 16 April 2019, the European Parliament adopted legislative resolutions on a proposal for a Regulation of the European Parliament and of the Council on facilitating cross-border distribution of coll
Jun 25, 2019
Directive to Facilitate Cross-Border Distribution of Investment Funds
On 16 April 2019, the European Parliament adopted legislative resolutions on the proposal for a directive of the European Parliament and of the Council amending directives 2009/65/EC and 2011/61/EU wi
Jun 25, 2019
Final Losses - New Decisions of the ECJ
In two recent cases, the ECJ clarified in which situations holding companies might be entitled to deduct final losses, thus confirming the principles previously established in the Marks & Spencer
Jun 21, 2019
NEWSFLASH | Défaut de qualité à agir dans le chef de l’actionnaire égalitaire pour introduire une action sociale minoritaire
La loi du 10 août 2016 portant modernisation de la loi modifiée du 10 août 1915 concernant les sociétés commerciales a introduit une nouvelle action dite « action sociale minoritaire. » Au
Jun 17, 2019
Shareholders Rights Directive II - Impact on AIFMs and MANCOs
The deadline for transposition of Directive (EU) 2017/828 amending Directive 2007/36/EC as regards the encouragement of long term shareholder participation (the “Shareholders Rights Directive II”) exp
Jun 17, 2019
Proposal to Amend the PRIIPS Regulation
Background The EU Parliament and Council issued a proposal to amend the Cross Border Distribution Regulation (see article below) in order to amend the existing Regulation (EU) 2014/1286 of the Europe
Jun 14, 2019
Foundation’s board member remuneration is not subject to VAT
On 13 June 2019, the ECJ published its judgment in the IO vs Inspecteur van de rijksbelastiengsdienst case (C-420/18) and clarified that the member of a foundation’s supervisory board does not qualify
Jun 07, 2019
Judgment of the Higher Administrative Court on the Applicability of Article 50bis LITL
On 4 June 2019, the Luxembourg Higher Administrative Court (Cour Administrative) handed down a judgment on the application of the intellectual property partial exemption regime.
Jun 06, 2019
ESMA Publishes Updated AIFMD and UCITS Q&A
On 4 June 2019, the European Securities and Markets Authority (“ESMA”) published updated questions and answers documents (“Q&A”) on the application of the Alternative Investment Fund Managers Dire
May 31, 2019
MiFID II & MiFIR | Update of ESMA & CSSF Q&A
On 29 May 2019, ESMA updated its Q&A on the Markets in Financial Instruments Directive 2014/65/EU of 15 May 2014 (“MiFID II”) and on the markets in Financial Instruments Regulation No.
May 30, 2019
Luxembourg Government Council approves transposition of VAT "quick fixes"
On 24 May 2019, government ministers approved the filing of the draft law providing for a transposition of Directive (EU) 2018/1910 of 4 December 2018 regarding the harmonisation and simplification of
May 27, 2019
AML/CFT Investment Fund Questionnaire
On 23 May 2019, the CSSF disseminated a press release about the publication of an AML / CFT investment fund questionnaire in relation to money laundering and terrorist financing risks (“ML/FT risk”).
May 23, 2019
NEWSFLASH | Law of April 12th 2019 implementing a time savings account
The law of April 12th 2019 implementing a time savings account (hereinafter the “Law”) was published in the Memorial[*] on April 24th 2019.
May 17, 2019
Intercompany payments for fuel cards constitutes VAT exempt financing services
On 15 May 2019, the ECJ published its judgment in the Vega International case (C-235/18) confirming its previous judgment in Auto Lease Holland (C-185/01) relating to the VAT treatment of intercompany
May 10, 2019
ECJ clarifies right to deduct input VAT on mixed expenses
On 8 May 2019, the ECJ published a judgment (C-566/17 Związek Gmin Zagłębia Miedziowego w Polkowicach v Szef Krajowej Administracji Skarbowej) clarifying the extent of the right to deduct input Value
May 02, 2019
BREXIT | Two new Brexit Laws for the Luxembourg Financial Sector
In anticipation of the UK leaving the EU (or simply “Brexit” as it is more commonly referred to) without an agreement in place (the so-called “Hard Brexit” scenario), the Luxembourg legislator has tak
May 02, 2019
NEWSFLASH | Jurisdictional immunity applies in Luxembourg when it comes to the recognition of foreign decisions
An unprecedented judgment of the First Chamber of Luxembourg District Court has been handed down on 27 March 2019, granting the immunity from jurisdiction to a foreign State (including some of it