Latest Newsletters & Newsflashes
Oct 05, 2022Crowdfunding regulation | New ESMA Q&As
On 23 September 2022, 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”) . In this latest update, ESMA clarifies in the "general provisions" section of the
Oct 05, 2022Market abuse | New implementing regulation and updated ESMA Q&A
New implementing regulation on insider lists On 14 July 2022 and having regard to Regulation (EU) 596/2014 on market abuse (" MAR"), the Commission Implementing Regulation (EU) 2022/1210 of 13 July 2022 laying down implementing of technical standards for the application of MAR with regard to the
Oct 05, 2022Obligation to levy VAT on transport services on the Moselle condominium between Luxembourg and Germany
On 1 August 2022, the European Court of Justice (“ ECJ”) ruled in its case C-294/21 that Luxembourg and Germany are obliged to levy VAT on passenger transport services which take place on a section of the Moselle river which constitutes a common territory under the joint sovereignty of both Member
Oct 05, 2022Luxembourg financial collateral law | Amendment law adopted
On 20 July 2022, the Luxembourg law amending, amongst others, the Luxembourg law of 5 August 2005 on financial collateral arrangements, as amended (the " Financial Collateral Law") was published in the Luxembourg official gazette (the " New Law"). The New Law became effective on 24 July 2022. Key
Sep 15, 2022Sustainable Finance Insight Series - 16 | ESAs’ Report on the extent of voluntary disclosure of principal adverse impact under article 4 (1) of the SFDR
On the 28 July 2022, the European Supervisory Authorities (“ ESAs”) issued a joint report to the European Commission on disclosures of principal adverse impacts (“ PAIs”) of investment decisions on sustainability factors, in accordance with article 18 of Regulation (EU) 2019/2088 of the European
Aug 24, 2022Newsflash | Report of the Committee on Economic and Monetary Affairs on the European Commission’s proposed ATAD 3 Directive
On 12 May 2022, the Committee on Economic and Monetary Affairs within the European Parliament (hereafter the “ Committee”) issued a draft report (the ” Draft Report”) suggesting certain amendments to the European Commission’s proposal for a Council directive laying down rules to prevent the misuse
Jul 20, 2022CSSF circular 22/811 | UCI administrators
On 16 May 2022, the Commission de surveillance du secteur financier (the “CSSF”) issued Circular 22/811 on the authorisation and organisation of entities acting as UCI administrators (the "Circular"). In the Circular, the CSSF repeals Chapter D of IML Circular 91/75 setting out the rules concerning
Jul 20, 2022BSP Newsletter | July 2022
This newsletter is intended as a general discussion of the following topics: Banking & Financial Services, Investment Management, Employment, Compensations & Benefits, Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us.
Jul 20, 2022Higher Administrative Court | Clarifications on the calculation of time limits applicable to administrative remedies
Overview In a judgment dated 9 June 2022, the Luxembourg Higher Administrative Court ( Cour administrative) recalled that for the purposes of computing the three-month statute of limitation applicable in the case of an appeal filed against an administrative decision issued by the Director of the
Jul 18, 2022New Double Tax Treaty signed between Luxembourg and the United Kingdom
On June 7 2022, the Luxembourg government announced the signing of a new Double Tax Treaty (“ DTT”) and a Protocol with the United Kingdom that will replace the existing DTT concluded in 1967. The new DTT introduces a number of significant changes, including an exemption from dividend withholding
Jul 14, 2022PRIIPS | Application date of new rules for key information documents
On 24 June 2022, the European Commission published in the Official Journal of the EU the Commission Delegated Regulation (EU) 2022/975 adopted by the Commission on 17 March 2022 and endorsed by the co-legislators following a scrutiny procedure that ended on 17 June 2022 (the “Delegated regulation”)
Jul 13, 2022Account 115 not taken into account for the Luxembourg participation exemption
On 31 March 2022, the Higher Administrative Court ( Cour administrative) ruled that shareholder contributions to a subsidiary’s account 115 are not taken into account for computation of the acquisition price of the shareholding under the Luxembourg participation exemption regime. Background The