Latest Newsletters & Newsflashes
Jul 01, 2022MiFID II and MiFIR | ESMA: updated Q&As and CSSF adoption of final report on appropriateness and execution-only requirements
Since we last provided an update on ESMA's Questions and Answers (" Q&As") on Directive 2014/65/EU of 15 May 2014 on markets of financial instruments (" MiFID II") and Regulation (EU) 600/2014 of 15 May 2014 on markets of financial instruments (" MiFIR") in our January 2021 newsletter, the following
Jun 30, 2022MAR | CSSF circular transposing new ESMA guidelines on delay of disclosure of inside information
On 13 April 2022, ESMA published updated guidelines on delayed disclosure of inside information (the " Guidelines") pursuant to Regulation (EU) 596/2014 of 16 April 2014 on market abuse (" MAR"). The purpose of the Guidelines is to provide a non-exhaustive list of legitimate interests of issuers
Jun 30, 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
Jun 29, 2022New circular on defensive measures against non-cooperative jurisdictions
On 31 May, 2022, the Luxembourg tax authorities (“ LTA”) issued a new circular (the “ Circular”) on defensive measures against non-cooperative jurisdictions. This Circular replaces a previous circular (dated 2018) on the same subject and follows the introduction, in 2021, of Article 168 (5) of the
Jun 17, 2022New legislation in Luxembourg concerning the freezing and confiscation of proceeds of crime
On the 14th of June, the Luxembourg parliament adopted the draft bill no 7452 aiming to finalise the transposition of directive no 2014/42/EU of the European Parliament and of the Council on the freezing and confiscation of instrumentalities and proceeds of crime in the European Union (the “Law”)
May 25, 2022Newsflash | EU Commission: draft Directive on tax incentive to reduce debt-equity bias
On 11 May 2022, the European Commission (hereafter the “ Commission”) published a proposal to create a level playing field for debt and equity from a tax perspective. The Commission proposes to introduce a debt-equity bias reduction allowance (hereafter “ DEBRA”) and a further limitation of the tax
May 20, 2022Newsflash | Loi du 9 décembre 2021 portant modification du Code de procédure pénale
En date du 2 décembre 2021, la Chambre des Députés a procédé au vote du projet de loi N°7785 portant modification du Code de procédure pénale. La loi qui est désormais entrée en vigueur prévoit une série de modifications procédurales en matière pénale non liées entre elles, dont notamment: Une
Apr 20, 2022Sustainable Finance Insight Series – 15 | ESA issues supervisory statement on the application of SFDR
On the 24 March 2022, the European Supervisory Authorities (ESAs) issued a supervisory statement with the aim of reducing the risk of divergent applications of Regulation (EU) 2019/288 on sustainability-related disclosures in the financial sector in addition to Article 5 and 6 of Regulation (EU)
Apr 13, 2022BSP Newsletter | April 2022
This newsletter is intended as a general discussion of the following topics: AML Compliance, Banking & Financial Services, Investment Management, Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us.
Apr 13, 2022Decision of the Court of Cassation on the deductibility of VAT incurred on general expenses
In a recent decision, the Luxembourg Supreme Court ( Cour de cassation) rejected an appeal ( pourvoi en cassation) lodged by Luxembourg VAT authorities ( Administration de l’enregistrement, des domaines et de la TVA, “ AEDT”) against a decision of the Court of Appeal ( Cour d’appel). The case
Apr 13, 2022Higher Administrative Court rules tax administration must adequately explain the position taken in a tax assessment
In a judgment dated 17 March 2022, the Luxembourg Higher Administrative Court ( Cour administrative) ruled that tax assessments issued by the Luxembourg Tax Administration (“ LTA”) must adequately explain the reasons justifying the position taken therein in order to enable the taxpayer to understand
Apr 13, 2022The European Commission’s proposal for a directive on corporate sustainability due diligence
On 23 February 2022, the European Commission published a proposal for a Directive on Corporate Sustainability Due Diligence (the “ Directive”). The Directive will set out a horizontal framework to foster the contribution of businesses operating in the single market to the respect of human rights and