Latest Newsletters & Newsflashes
Oct 06, 2022European Commission public consultation | Tackling the role of enablers that contribute to tax evasion and aggressive tax planning
On 6 July 2022, the European Commission (the “ Commission”) announced a public consultation on tackling the role of intermediaries (referred to as " Enablers") in facilitating complex tax schemes. The consultation period runs from 6 July through 12 October 2022 and aims at collecting feedback on
Oct 06, 2022Higher Administrative Court rules on concept of hidden dividend distribution
In a judgment dated 27 July 2022, the Luxembourg Higher Administrative Court ( Cour administrative) (the “ Court”) handed down a decision concerning hidden dividend distributions. Facts of the case In the case at hand, an individual (the “ Director”) was the shareholder of a foreign company (“
Oct 06, 2022Fight against money laundering and terrorist financing | Amendments to the requirements for persons subject to the AML Law
On 12 August 2022, the law of 29 July 2022 entered into force (hereinafter the “ Law”) amending 1) the Code of criminal procedure, 2) the amended law of 8 August 2000 on international judicial assistance in criminal matters, 3) the amended law of 12 November 2004 on the fight against money
Oct 06, 2022New requirements for investment fund managers to take into account sustainability risks
Background The Commission Delegated Directive (EU) 2021/1270 amends the Commission Directive 2010/43/EU which implements the UCITS directive, by imposing obligations on UCITS management companies (“ ManCos”) to integrate sustainability considerations into their decision-making and risk management
Oct 06, 2022Handbook on AML/CFT professional obligations for RAIFs
In order to prevent and raise awareness among reserved alternative investment funds (“ RAIFs”) which are subject to the law on the fight against money laundering and terrorist financing of 12 November 2004 (the “ AML/CFT Law”), the Luxembourg Registration Duties, Estates and VAT Authority (
Oct 06, 2022China and Australia added to CSSF’s list of third country equivalent jurisdictions
On 22 July 2022, the Luxembourg financial sector supervisory authority (the " CSSF") published CSSF Regulation 22-04 amending CSSF Regulation 20-02 on the equivalence of certain third countries with respect to supervision and authorisation rules for the purpose of providing investment services or
Oct 05, 2022The denial of input VAT deduction right shall be subject to the principles of neutrality and proportionality
On 3 June 2022, following a preliminary ruling requested by the Hungarian Supreme Court ( Kúria), the European Court of Justice (“ ECJ”) decided on case C-188/21 concerning the proportionality of a national measure denying a taxable person’s right to input VAT deduction. More specifically, the main
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