Latest Newsletters & Newsflashes
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
Apr 13, 2022ESMA updated Q&A on Benchmarks and the Securities Financing Transactions Regulation
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
Apr 13, 2022DLT and Blockchain Technology │CSSF White Paper
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
Apr 08, 2022CSSF Circular 21/790 | Reports on eDesk
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
Apr 06, 2022Performance fee models | CSSF reminder
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
Apr 05, 2022Benchmark Regulation | Amendment to Law of 17 April 2018
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