Latest Newsletters & Newsflashes
Apr 23, 2018European Parliament Adopts 5th AML Directive
On April 19 th 2018, the European Parliament announced it had adopted the new directive which will amend the 4 th AML Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorism financing. This new directive ( the 5 th AML Directive) is part of
Apr 23, 2018The Benchmarks Regulation
The Luxembourg Law of April 17 th 2018 on indices used as benchmarks (“ Luxembourg Benchmark Law”) was adopted in order to implement Regulation (EU) No. 2016/1011 of 8 June 2016 on indices used as benchmarks (" Benchmarks Regulation" or “ BMR”), which came into effect on January 1 st 2018. This
Apr 18, 2018PRIIPS | Law of April 17th 2018
On April 19 th, the law of April 17 th 2018 on key information documents for packaged retail investment and insurance products (formerly draft Law 7199) (the “ Law”) was published in the Official Journal of Luxembourg. The law implements provisions of Regulation (EU) No. 1286/2014 (the “ Regulation”
Apr 04, 2018NEWSFLASH | Supervision at the workplace
A draft law n°7184 establishing the National Commission for Data Protection and implementing the General Data Protection Regulation ( GDPR) was published on September 12, 2017 (the “ Draft Law”). Proposals for amendments by the group of government delegates have been made on March 8, 2018 a.o. with
Apr 03, 2018Prospectuses | Update of ESMA Q&A
On March 28 th 2018 the European Securities and Markets Authority (“ ESMA”) updated its Questions and Answers on Prospectuses (“ Q&A”) to include one new question and answer on profit forecasts, specifically how it can be determined whether a profit forecast has been made. ESMA firstly reiterates
Apr 02, 2018Circular on Defensive Measures towards Non-Cooperative Countries and Territories
Further to the conclusions reached by the Council of the European Union on December 5 th 2017 on the European Union list of non-cooperative countries and territories for tax purposes (hereafter the “ EU List”), the director of the Luxembourg direct tax authorities (hereafter the “ ACD”) has issued a
Apr 02, 2018Sustainable Finance | European Commission Legislative Proposals
The EU Commission, following the publication of its Sustainable Finance Action Plan in March 2018, published on May 24 th 2018 the following legislative proposals: (i) proposal for a regulation on the establishment of a framework to facilitate sustainable investments (the “ Taxonomy Proposal”), (ii)
Mar 30, 2018ELTIF Level 2 comes into Force
On March 23 rd 2018, Delegated Regulation (EU) 2018/480 (“ Level 2 Regulation”) aimed at supplementing the European Long Term Investment Fund Regulation (“ ELTIF”) (Regulation (EU) 2015/760) (the “ ELTIF Regulation”) was published. Hedging derivatives The Level 2 Regulation sets out the
Mar 28, 2018Market Abuse | Update of ESMA Q&A
On March 23 rd 2018 the European Securities and Markets Authority (“ ESMA”) updated its Questions and Answers on the market abuse regulation (“ Q&A”) to amend Question 5.1 on the disclosure of inside information related to Pillar 2 requirements (“ Question 5.1”). In the context of credit
Mar 26, 2018New Tax Treaty Between France and Luxembourg
On March 20 th 2018, a new double tax treaty was signed between Luxembourg and France (hereafter the “ Tax Treaty”), which includes such details as amended notions of permanent establishment, tax residency referring to effective tax liability and introduces a general anti-abuse provision. As a
Mar 26, 2018New IP Regime Introduced in Luxembourg Tax Law
On March 22 nd 2018, the Luxembourg Parliament formally approved the new tax regime for intellectual property (“ IP Regime”) whose content remains in line with the measures proposed in the draft law submitted by the Minister of Finance to the Luxembourg Parliament on August 4 th 2017 (please see our
Mar 26, 2018Tax Treaty Between Cyprus and Luxembourg
On March 22 nd 2018, Luxembourg Parliament approved the double tax treaty between Luxembourg and Cyprus (hereafter the “ Tax Treaty”). The Tax Treaty should enter into force on January 1 st 2019, provided that the exchange of the instruments of ratification between Luxembourg and Cyprus take place
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