Apr 24, 2019
BSP Newsletter | April 2019
This newsletter is intended as a general discussion of the following topics: AML, Banking & Finance, Brexit, Capital Markets, Dispute Resolution, Investment Funds and Tax.
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Apr 24, 2019
BSP Newsletter | April 2019
This newsletter is intended as a general discussion of the following topics: AML, Banking & Finance, Brexit, Capital Markets, Dispute Resolution, Investment Funds and Tax.
Apr 22, 2019
CSSF Adoption of EBA PSD2 Guidelines
On March 14th 2019, the CSSF published: CSSF Circular 19/712 (the “Fraud Data CSSF Circular”) adopting the guidelines of the European Banking Authority (“EBA”) on reporting requirements for fraud d
Apr 22, 2019
International Public order in Luxembourg: Punitive Damages are Persona Non Grata
Under US law, punitive damages are damages “awarded in addition to actual damages in certain circumstances.
Apr 19, 2019
Luxembourg ratifies the OCDE MLI
The OECD’s Multilateral Instrument Convention (“MLI”), which was signed in Paris on June 7th 2017, has been adopted by the Luxembourg parliament on February 14th 2019 (draft bill No.
Apr 18, 2019
NEWSFLASH | Rights of British nationals in Luxembourg after Brexit
As the exit of the United Kingdom (“UK”) from the European Union (“EU”) will have consequences for the rights of British nationals to reside and access employment in Luxembourg, the Luxembourg Governm
Apr 17, 2019
Draft Law on Tax Dispute Resolution Mechanism
On April 11th 2019, the Luxembourg government published a draft law transposing Directive 2017/1852 on dispute resolution mechanisms in the European Union (hereafter the “Directive”).
Apr 15, 2019
CSSF CIRCULAR 19/716 | Third Country firms providing investment services or performing investment activities in Luxembourg
The different regimes that are applicable to third-country firms (hereinafter the “TCF(s)”) that wish to provide investment services or perform investment activities together with ancillary investment
Apr 08, 2019
NEWSFLASH | New Circular on permanent establishments
On February 22nd 2019, the Luxembourg tax authorities published a Circular (the “Circular”) providing guidelines as to the new rules applicable to permanent establishments (“PE”).
Apr 08, 2019
UCITS ESMA Q&A
On March 29th 2019, ESMA released an updated version of Questions and Answers application of the Undertakings in Collective Investments in Transferable Securities Directive (“UCITS Q&A”).
Apr 08, 2019
AIFMD | ESMA Q&A
On March 29th 2019 ESMA released an updated version of Questions and Answers on the Application of Alternative Investment Fund Managers Directive.
Apr 08, 2019
Update on EU List of Non-Cooperative Jurisdictions
On March 26th 2019, the Council’s conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes (2019/C 114/02) (hereinafter the “List”) have been published in the Official Jour
Apr 08, 2019
Case-Law on the Concept of Serious Economic Reasons in the Context of Share Capital Reductions
While under Luxembourg tax law dividend distributions are subject to withholding tax, share capital reductions are out-of-scope provided that (i) no distributable reserves are available, which would b
Apr 03, 2019
Market Abuse | Update of ESMA Q&A
The financial sector is not immune to the rapid evolution of modern technologies, which are undergoing profound transformations.
Apr 03, 2019
Propectus Regulation | ESMA Guidelines on Risk Factors
Pursuant to Article 16(4) of the Regulation (EU) No.
Apr 02, 2019
BREXIT | Transparency Directive - Update of ESMA Q&A
ESMA updated its Q&A (the “Q&A”) on Directive 2004/109/EC (“Transparency Directive”), to clarify the obligations applicable to issuers with respect to its choice of home Member State in case t
Apr 02, 2019
New Prospectus Regulation | New ESMA Q&A
On March 27th 2019, ESMA published new Questions & Answers on the Prospectus Regulation documents (“Q&A”) relating to Regulation (EU) 2017/1129 of 14 June 2017 (the “Prospectus Regulation”).
Apr 01, 2019
NEWSFLASH | Two new Brexit laws for the Luxembourg financial sector
In anticipation of the United Kingdom leaving the European Union (or simply “Brexit” as it is more commonly referred to) without an agreement in place (the so-called “Hard Brexit” scenario), the Luxem
Mar 29, 2019
EU Parliament Adopts Report on Financial Crimes, Tax Evasion and Tax Avoidance
On March 26th 2019, the European Parliament (“EP”) adopted a report on financial crime, tax evasion and tax avoidance (the “Report”).
Mar 27, 2019
NEWSFLASH | Luxembourg Government approves additional leave days
On March 27th 2019, the Chamber of Deputies of the Grand-Duchy of Luxembourg adopted the draft law amending (1) articles L.232-2 and L.233-4 of the Labour Code and (2) article 28-1 of the amended law
Mar 20, 2019
EU Transfer Pricing Forum's Report on the Profit Split Method
In March 2019, the EU’s Joint Transfer Pricing Forum (“JTPF”) published a report (the “Report”) on the application of the Profit Split Method (“PSM”) within the EU.
Mar 15, 2019
Commission opens Investigation into Tax Rulings granted to Huhtamaki Group
On March 7th 2019, the European Commission (“Commission”) announced it was opening an in-depth investigation into the tax treatment of the Huhtamaki group in Luxembourg in order to determine whether H
Mar 13, 2019
Law of March 1st 2019 amending the law of August 1st 2001 on the circulation of securities
As announced in a previous information letter dated September 25th 2018, the Luxembourg legislator was working on a bill of law (PL7363) aimed at modernising the law of August 1st 2001 (the 2001 Law)
Mar 11, 2019
Exchange of Information | New Request for Preliminary Ruling from the ECJ
In 2017, the Luxembourg tax authorities, on the basis of a request for exchange of information from the Spanish tax authorities, issued two injunctions against a Luxembourg company and a Luxembourg ba
Mar 11, 2019
Amendment of the Exchange of Information upon Request Law
The law of 1 March 2019, amending the law of 25 November 2014, providing for the procedure applicable to the exchange of information upon request in tax matters, has been voted on February 14th 2019 b
Mar 08, 2019
NEWSFLASH | Luxembourg presents budget law 2019
On March 5th 2019, the Luxembourg Minister of Finance submitted to the Parliament the draft 2019 budget law (the "Budget"), which is expected to be approved by the end of April.
Mar 07, 2019
Loi du 1er mars 2019 portant modification de la loi du 1er août 2001 concernant la circulation des titres
Comme annoncé dans une précédente lettre d’information datée du 25 septembre 2018 , le législateur luxembourgeois travaillait sur un projet de loi (PL 7363) visant à moderniser la loi du 1er août 2001
Mar 06, 2019
NEWSFLASH | New Luxembourg law on the usage of distributed ledger technology for the circulation of securities
The law on 1st March 2019 (the “Law”) amending the Luxembourg law of August 1st 2001 on the circulation of securities (the “2001 Law”) was published on March 5th 2019, marking a further sign
Mar 05, 2019
ECJ Judgment on Beneficial Ownership Concept under EU Law
On February 28th 2019, the Grand Chamber of the Court of Justice of the European Union (“ECJ” or “the Court”) handed down a set of two judgments on the meaning of beneficial owner and abuse of rights
Mar 04, 2019
BREXIT | Memoranda of Understanding between ESMA, EU/EEA Securities Regulators and the FCA on Exchange of Information and Hard Brexit related Measures
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.
Mar 04, 2019
MIFID II & MiFIR | Update of ESMA Q&A
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