Newsletters & Newsflashes

On 24 June 2022, the European Commission published the Commission Delegated Regulation (EU) 2022/975 (the " Delegated Regulation") in the Official Journal of the EU. This Delegated Regulation postponed the application date of particular disclosure requirements under Regulation (EU) No 1286/2014 on

Background On 22 September 2022, the Court of Justice of the European Union (" ECJ") rendered its judgment in case C-538/20 (i.e., Finanzamt B and W AG) finding that Germany does not infringe the freedom of establishment in not allowing the tax-deduction of final losses which a German company had

New technical standards for synthetic securitisation On 13 October 2022, Commission Implementing Regulation 2022/1929 of 31 March 2022 was published (the " New Implementing Regulation"). The New Implementing Regulation amended the implementing technical standards laid down in Implementing Regulation

The CSSF levies fees on supervised persons and institutions to cover personnel costs as well as general financial and operating costs. The level of fees is set by a Grand-Ducal Regulation which is updated from time to time and most recently by the Grand-Ducal Regulation of 23 December 2022 (the “

Background In January 2021, ESMA launched a Common Supervisory Action (" CSA") with national competent authorities (" NCAs") on the supervision of costs and fees of UCITS across the EU. The aim was to assess the compliance of supervised entities with the relevant cost-related provisions in the UCITS

Background On 24 October 2022, the European Banking Authority (" EBA ") published a report (the " Report") on how to incorporate Environmental, Social, and Governance (" ESG ") risks in the supervision of investment firms. The Report was produced under the EBA’s mandate provided by Article 35(d) of

Extending the Transitional Period Referred to in Regulation (EU) 2020/1503 On 21 October 2022 and having regard to Regulation (EU) 2020/1503 (“ Crowdfunding Regulation ”) on European crowdfunding service providers (“ CSPs”) for business, the Commission Delegated Regulation (EU) 2022/1988 of 12 July

In December 2022, ESMA published new guidelines and Q&As regarding Regulation (EU) 2022/858 of 30 May 2022 on a pilot regime (the " DLT Pilot Regime") for market infrastructures based on distributed ledger technology (DLT) (the " DLT Pilot Regime Regulation "). On 15 December 2022, ESMA published

Context On 8 April 2022, the Ministre des Classes Moyennes presented the draft law 7989 (the " Draft Law") aimed at amending the law of 2 September 2011 regulating access to the professions of craftsman, trader and industrialist and to certain professions. Objectives Ten provisions characterise the

On 8 November 2022, the Court of Justice of the European Union (the " ECJ") ruled that the Advance Pricing Agreement (" APA") granted by Luxembourg tax authorities to Fiat Finance & Trade Ltd (" FFT") is not an illegal State aid. Facts of the case In 2014, the European Commission opened an

Updated Rules & Regulations of the Luxembourg Stock Exchange On 18 October 2022, Luxembourg Stock Exchange (“ LuxSE”) published an updated LuxSE Rules & Regulations 2022 and LuxSE Trading Manual 2022 . The purpose of this update was the introduction of a new Fast-Lane procedure for admission to

In October and November 2022, ESMA updated its Questions and Answers (“ MAR Q&A”) on Regulation (EU) No. 596/2014 (the “ Market Abuse Regulation” or " MAR"), and its Questions and Answers (“ CSDR Q&A”) on Regulation (EU) No. 909/2014 (the " CSDR"). With the latest update of the MAR Q&A, ESMA amended