Newsletters & Legal Alerts

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

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

Under US law, punitive damages are damages “awarded in addition to actual damages in certain circumstances.

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.

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

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”).

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

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”).

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”).

On March 29th 2019 ESMA released an updated version of Questions and Answers on the Application of Alternative Investment Fund Managers Directive.

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

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

The financial sector is not immune to the rapid evolution of modern technologies, which are undergoing profound transformations.

Pursuant to Article 16(4) of the Regulation (EU) No.

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

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”).

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

On March 26th 2019, the European Parliament (“EP”) adopted a report on financial crime, tax evasion and tax avoidance (the “Report”).

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

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.

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

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)

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

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

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.

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

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

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

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.

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