Latest Newsletters & Newsflashes
Jul 07, 2023General Court of the EU reaffirms primary substantive right of access to documents
On 22 March 2023, in its judgment T-72/20 Satabank v. European Central Bank, the General Court of the EU (the “ General Court”) annulled a decision of the European Central Bank (the “ ECB”) rejecting access to a file requested by Satabank plc (the “ Bank”). At the time the complaint was lodged
Jul 07, 2023Crowdfunding Regulation | New ESMA Q&A
On 26 May 2023, ESMA updated its Questions and Answers (" Q&As") in relation to Regulation (EU) 2020/1503 of 7 October 2020 on European crowdfunding service providers for business (the “ Crowdfunding Regulation”). Three new questions and answers have been added to the Q&As. In this latest update
Jul 07, 2023UCIs and virtual assets | CSSF FAQ
On 6 April 2023, the CSSF updated their frequently ask questions (“ FAQ”) on virtual assets addressed to undertakings for collective investment (“ UCIs”), (the “ FAQ”). This update involved the modification of the existing Question 2 and the addition of a new Question 3A. The update of Question 2
Jul 07, 2023CSSF SFDR FAQ | Addressing fund name considerations and efficient portfolio management techniques
Key SFDR clarifications on fund names (Question 7) and efficient portfolio management (Question 8) The sustainable finance disclosure regulation (“ SFDR”) has introduced a new era of transparency and sustainability in the financial industry. The CSSF has recently provided important clarifications
Jul 07, 2023DLT | Most recent developments
ESMA Q&A Updates On 27 March 2023, ESMA updated its questions and answers on the implementation of Regulation (EU) 2022/858 of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology (" DLT Regulation") (the “ DLT Pilot Regime Q&A”). With this update, ESMA
Jul 07, 2023Advocate General Opinion in Amazon State aid case
On 8 June 2023, Advocate General (“ AG”) Juliane Kokott of the Court of Justice of the EU (“ CJEU”) delivered her opinion in case C-457/21 P (the “ Opinion”), concerning a tax ruling granted in 2003 (the “ Tax Ruling”) by the Luxembourg tax authorities (“ LTA”) to Amazon in relation to its
Jul 07, 2023Markets in crypto-assets (MICA) | EU framework
The MiCA Regulation On 9 June 2023, Regulation (EU) 2023/1114 of 31 May 2023 on markets in crypto-assets was published in the Official Journal of the EU (the “ MiCA Regulation”), thus establishing a harmonised regulatory framework for the crypto-assets market within the EU. The MiCA Regulation aims
Jul 07, 2023BSP Newsletter | July 2023
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Jul 06, 2023New Directive on transparency and equal pay for men and women
Directive (EU) 2023/970 of 10 May 2023, aimed at strengthening the application of the principle of equal pay for equal work or work of equal value between men and women through pay transparency and enforcement mechanisms, was published in the Official Journal of the EU on 17 May 2023 and entered
Jul 05, 2023Luxembourg Lower Administrative Court rules on constitutionality of local property tax
On 10 February 2023, the Luxembourg Lower Administrative Court ( Tribunal administratif) handed down a judgment regarding the constitutionality of a decision by the municipal council of the town of Diekirch to increase its local property tax rate. In 2021, the Diekirch municipal council decided to
Jul 05, 2023Adoption of the Law introducing into the labour code a right to disconnect
On 13 June 2023, the Luxembourg Parliament ( Chambre des Députés) adopted the law amending the Labour Code with a view to introducing a provision on the right to disconnect (the “ Law”). Background Before the adoption of the Law, a right to disconnect was not expressly addressed in the Luxembourg
Jul 04, 2023ESMA updated Q&A on the application of the AIFMD
On 26 May and 13 June 2023 ESMA published its updated Q&A on the application of the AIFMD (the “ Q&A”). The answers to the questions in the June update were provided by the European Commission. Pre-marketing of AIFs In it May update ESMA clarified that non-EU AIFMs are not allowed to carry out pre
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