Latest Newsletters & Newsflashes
Feb 02, 2022Newsflash | CSSF Circular 22/795 - Implementation of ESMA Guidelines on marketing communications under the CBDF Regulation
On 31 January 2022, the CSSF published CSSF Circular 22/795 on the application of the ESMA Guidelines on marketing communications (the “ Circular”). The purpose of the Circular is to inform the market of the intention of the CSSF to apply the ESMA Guidelines on marketing communications under the
Jan 28, 2022BSP Newsletter | January 2022
This newsletter is intended as a general discussion of the following topics: AML Compliance, Banking & Financial Services, Bank Lending, Structured Finance & Securitisation, Corporate and M&A, Investment Management, Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us.
Jan 28, 2022Admissibility of a court case filed by a trainee lawyer | Judgment of higher administrative court
On 11 November 2021, the Higher Administrative Court ( Cour administrative) issued a judgment on an appeal lodged by a taxpayer against a judgment of the Lower Administrative Court ( Tribunal administratif) that deemed a case lodged before it as inadmissible due to the fact that it was filed by a
Jan 28, 2022COVID-19 pandemic | Extension of teleworking for cross-border workers
As previously detailed in our newsflash dated 19 March 2020 (as updated), the Luxembourg Government has once again secured an agreement on “exceptional measures” with the Belgian, French and German Governments regarding the taxation of Belgian, French and German cross-border workers, who would
Jan 28, 2022Electronic transmission of documents for SICARs to the CSSF
CSSF Circular 19/708 extended the secured electronic communication of documents to the CSSF to, among others, investment companies in risk capital (SICAR). The annex of said circular listed the documents that should only be transmitted to the CSSF by electronic means. Final versions of the documents
Jan 24, 2022Newsflash | Filing formalities with the RCS from 31 March 2022
Further to the article published in our Newsletter of October 2021 ( Luxembourg Business Register (LBR) – New RCS Filing Formalities), the RCS has now provided clarifications regarding the new filing rules that will apply from 31 March 2022. Luxembourg national identification numbers All physical
Jan 14, 2022European Commission Directive proposal | Minimum global tax rate following OECD publication of BEPS 2.0 - Pillar two rules
Overview On 20 December 2021, the OECD released detailed rules, the so-called Global Anti-Base Erosion (“ GloBE”) rules under BEPS 2.0 - the Pillar Two Model (" Pillar Two Model”), to assist in the implementation of a global minimum 15% tax rate to Multinational Enterprises (“ MNEs”) applicable as
Jan 14, 2022Newsflash | Proposed changes to the Luxembourg financial collateral law
Draft law proposing amendments to the Luxembourg financial collateral law On 20 December 2021, a draft law No. 7933 (the " Draft Law") was lodged with the Luxembourg Parliament (" Chambre des Députés"). While the main aim of the Draft Law is to implement Regulation (EU) 2021/23 of 16 December 2020
Jan 11, 2022Lower Administrative Court ruling on possibility to modify an error in financial accounts
In a judgment dated 30 November 2021, the Luxembourg Lower Administrative Court ( Tribunal administratif) ruled that a taxpayer may not successfully modify a material error in his financial accounts in a way that has the effect of amending financial accounts of a previous year for which a tax
Jan 10, 2022The European Commission releases its proposal for a directive to prevent the misuse of shell entities and arrangements
Overview On 22 December 2021, the European Commission released a legislative proposal for a Council Directive (“ Draft Directive” or “ Draft ATAD 3”) laying down rules to prevent the misuse of shell entities for tax purposes and amending Directive 2011/16/EU on administrative cooperation in the
Jan 10, 2022Delegated acts for PRIIPs published by the European Commission
On 7 September 2021, the European Commission published delegated regulation to the PRIIPs regulation amending regulatory technical standards developed by the European supervisory authorities in the Commission Delegated Regulation (EU) 2017/653 . The latter defining the presentation and content of
Jan 10, 2022Proposal for a directive to amend AIFMD and UCITS Directive
On 25 November 2021, the European Commission (“ EC”) published a legislative proposal to amend the Alternative Investment Funds Manager Directive (the “ AIFMD”) and the Undertakings for the Collective Investment in Transferable Securities Directive (the “ UCITS Directive”) (the “ Proposal”). The EC