Latest Newsletters & Newsflashes
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
Jul 13, 2022DAC6 | Updated guidance from direct tax administration
Background The EU Directive 2018/822 on the mandatory automatic exchange of information in relation to reportable cross-border arrangements was transposed into Luxembourg domestic law by the law of 25 March 2020 (the " DAC 6 Law"). As a reminder, the DAC 6 Law applies to cross-border tax
Jul 13, 2022End of the exceptional measure regarding teleworking for cross-border workers
As previously detailed in our newsflash dated 19 March 2020 (as updated ), the Luxembourg Government had 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 Luxembourg and
Jul 13, 2022Higher administrative court confirms that DTA is disallowed to control SPF companies
By a decision of 17 May 2022, the Higher Administrative Court ( Cour administrative) confirmed judgments of the Lower Administrative Court ( Tribunal administratif) of 15 September 2021 that overturned a decision rendered by the Director of the Direct Tax Administration ( Administration des
Jul 13, 2022Securitisation Regulation | EBA publishes final draft risk retention RTS
On 12 April 2022, the EBA published its final draft Regulatory Technical Standards (the " RTS") specifying the requirements for originators, sponsors and original lenders related to risk retention as laid down in Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for
Jul 13, 2022Crowdfunding Regulation | Latest legal and regulatory developments
Introduction Since the entry into force of Regulation (EU) 2020/1503 of 7 October 2020 on European crowdfunding service providers for business (the “ Crowdfunding Regulation”) on 10 November 2021, and its transposition into Luxembourg law by the Law of 25 February 2022, the legislative and