Newsletters & Newsflashes

Updates on MiFID II and MiFIR On 15 December 2023, ESMA updated their questions and answers (“ Q&A”) on Directive 2014/65/EU of 15 May 2014 on markets of financial instruments (“ MiFID II”) and Regulation (EU) 600/2014 on markets of financial instruments (“ MiFIR”) with respect to the investor

Introduction The use of digital tools by consumers has been increasing at a rapid pace in recent years, including for the conclusion of financial services. It is in this context that the European Commission has taken action to increase consumer protection by updating the EU’s legislative arsenal

Entry into force of new regulation and its purpose On 30 November 2023, Regulation (EU) 2023/2631 of 22 November 2023 on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds (the “ EuGBs Regulation”) was published in the

New technical standards for identification of shadow banking entities On 12 December 2023, Commission Delegated Regulation (EU) 2023/2779 of 6 September 2023 was published (the " New Delegated Regulation"). The New Delegated Regulation supplements Regulation (EU) 575/2013 (the “ Capital Requirements

Background On 8 January 2024, the CSSF published a press release for the attention of issuers of securities subject to the law of 11 January 2008 on transparency requirements for issuers of securities, as amended (the " Transparency Law") and their auditors (the " Press Release"). With this Press

In four rulings dated 17 November 2023, the Luxembourg Constitutional Court answered preliminary questions put to it in disputes involving the municipalities of Leudelange and Niederanven. The question relates to the definition of the concept of “adjusted population” ( population ajustée), which is

On the 20 November 2023, the Ministerial Decree of 13 October 2023 setting the date for the renewal of staff delegations for the period 2024 to 2029 was published on the Luxembourg Official Gazette. Any Luxembourg company, regardless of the nature of its activity, which employs at least 15 employees

As from fiscal year 2024, new rules apply to the Luxembourg investment tax credit (“ ITC”) mechanism provided by Article 152 bis of the Luxembourg income tax law (“ LITL”). The mechanism has been revised, and its benefits extended to investments and expenses incurred in the context of digital

On 24 November 2023, draft law No. 8342 transposing directive (EU) 2019/1151 of 20 June 2019 amending directive (EU) 2017/1132 as regards the use of digital tools and processes in company law and amending the amended law of 19 December 2002 on the register of commerce and companies and the

On 3 October 2023, the OECD published the multilateral convention (“ MLC”) to facilitate the implementation of the Pillar Two Subject to Tax Rule (“ STTR”) together with an explanatory statement. The STTR is part of Pillar Two together with the GloBE Rules (i.e., Income Inclusion Rule and Undertaxed

On 20 December 2023, the law (the “ Pillar Two Law”) transposing Council Directive (EU) 2022/2523 of 15 December 2022 (the “ Pillar Two Directive”) has been adopted by the Luxembourg parliament, thus ensuring the Income Inclusion Rule (“ IIR”) and the Qualified Domestic Minimum Top-up Tax (“ QDMTT”)

The new Double Tax Treaty between the Grand Duchy of Luxembourg and the United Kingdom of Great Britain and Northern Ireland for the elimination of double taxation with respect to taxes on income and on capital and the prevention of tax evasion and avoidance (the “ DTT”), and the related protocol