Newsletters & Newsflashes

Benchmark On 28 January 2022 and 1 April 2022, the European Securities and Market Authority (“ ESMA ”) published its updated FAQ on Benchmark Regulation (BMR). ESMA clarified that temporary disruptions to the provision of a benchmark do not require supervised entities to initiate their written plans

BACKGROUND As a global financial centre, Luxembourg has traditionally been amongst the frontrunners in bringing financial innovation under its regulatory umbrella. This again seems to be the case with regard to blockchain technology and digital assets too. Already in 2019, the Grand Duchy had

Background On 17 December 2021, the CSSF issued Circular 21/790 (the “ Circular”) applicable to Luxembourg regulated funds (UCITS, Part II Funds, SIFs and SICARs) imposing an obligation on regulated funds, for financial periods ending on or after 30 June 2022, to complete a questionnaire in order to

On 5 April 2022, the CSSF issued a communiqué inviting investment fund managers (“ IFMs”) to declare via a dedicated eDesk application the performance fee models applicable to Luxembourg UCITS or AIFs they manage. Background In the context of the ESMA guidelines on performance fees applicable to

On 25 February 2022, the Luxembourg Parliament ( Chambre des Députés) published an amendment (the “ Amendment Law”) to the law of 17 April 2018 that had implemented Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance

Context The Luxembourg Parliament ( Chambre des Députés) has passed a law on inactive (also sometimes referred to as dormant) bank accounts and safe deposit boxes and on unclaimed life insurance policies (the “ Law”), thereby creating a specific legal framework on matters that until now were

On the 29th of March 2022, during a joint meeting of the Finance and Budget Committee and the Justice Committee at the Luxembourg Parliament, Finance Minister Yuriko Backes and Justice Minister Sam Tanson gave an update on the implementation of the restrictive measures taken by the European Union in

The Luxembourg tax authorities issued a circular on 8 January 2021 on the interest deduction limitation rules (“ ILR”) as foreseen in Article 168bis of the Luxembourg income tax law (“ LITL”). The original circular was already amended several times ( Circulaire du directeur des contributions L.I.R

On 28 March 2022 the CSSF published frequently ask questions (the “ FAQs”) in relation to the annual completion and transmission of the fight against money laundering and terrorist financing compliance officer’s summary report (the “ AML/CFT RC report”) as defined in Article 42 (6) and 42 (7) of the

On 22 March 2022 the Organisation for Economic Co-operation and Development (“ OECD”) released a public consultation document concerning a new global tax transparency framework to provide for the reporting and exchange of information with respect to crypto-assets, as well as proposed amendments to

As previously detailed in our newsflash dated 19 March 2020 (as updated), the Luxembourg Government has once again agreed on an “exceptional measure” with the Belgian, French and German Governments regarding the taxation of Belgian, French and German cross-border commuters normally working in

On January 20 th 2022, the Luxembourg tax authorities (“ LTA”) issued circular PRE_IMM n° 1 (the “ Circular”), regarding the 20% real estate levy (the “ Real Estate Levy”) introduced by the Luxembourg law of 19 December 2020 (the “ Law”) and applicable since fiscal year 2021. The aim of the Circular