Newsletters & Legal Alerts

As anticipated in our July 2019 Newsletter, the new Luxembourg law on prospectuses (the “New Prospectus Law”) implementing Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published w

BACKGROUND According to the Press Release of the European Commission on Pan-European Personal Pension Products only 27% of Europeans between 25 and 59 years old have currently enrolled themselves in

In a recent decision (No.

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

Background In April 2019 two Luxembourg laws  (the “Brexit Laws”) were published in anticipation of the United Kingdom's exit from the European Union without any withdrawal agreement on 31st Oct

On 1 July 2019, the CSSF issued press release 19/28 (the "Press Release") relating to an assessment of the impact of Regulation (EU) 1286/2014 of the European Parliament and of the Council of 26 Novem

On 10 July 2019 the Luxembourg Parliament (Chambre des Députés) adopted the final text of the draft law No.  7402 (the New Shareholders Rights Law for the purposes of implementing Directive (EU)

This newsletter is intended as a general discussion of the following topics: AML, Banking & Finance, Capital Markets, Employment, Investment Funds and Tax.

Trade secrets have for a long time been insufficiently protected and difficult to defend compared to intellectual property rights.

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.

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

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

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

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 (

On 1 July 2019, the CSSF published Circular 19/721 (the "Circular") regarding dematerialisation of requests to the CSSF.

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

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.

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

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

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

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

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

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

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

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

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

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

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.

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

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.