Latest Newsletters & Newsflashes
Mar 01, 2022Payment Services│EBA releases guidelines on limited network exclusion
On 24 February 2022, the European Banking Authority (" EBA ") published its guidelines (the " Guidelines ") on the limited network exclusion (" LNE ") under Directive (EU) 2015/2366 on payment services in the internal market (" PSD2 "). BACKGROUND Pursuant to Article 3(k) of PSD2 services based on
Feb 28, 2022Reactivation of the IFM notifications on fund issues and large redemptions
Implementation of a specific monitoring of the largest investment fund managers As a result of the prevailing market conditions relating to the current situation in Ukraine, the CSSF implemented on 25 February 2022 a specific monitoring of the largest investment fund managers (“ IFM”) in view of the
Feb 14, 2022Newsflash | Draft law 7825 amending the Securitisation Law has been passed!
The amendments to the law of 22 March 2004 on securitisation (the “ Securitisation Law”) proposed by the much awaited draft law 7825 (the " Draft Law") are an encouraging development for investors, originators and sponsors alike, since they promise a more flexible and secure framework and aim at
Feb 14, 2022Luxembourg Court of Cassation rules on the effects of a stay of execution
Context The Luxembourg Supreme Court ( Cour de cassation), through its decision on 3 February 2022 (No. Cas-2020-00163), overruled a judgment issued by the Court of Appeal ( Cour d’Appel) on 8 July 2020 (No. 97/20-VII-CIV) and confirmed that a stay of execution ( sursis à exécution) granted by the
Feb 04, 2022Newsflash | CSSF lowers the notification threshold for short selling position
Today, the Luxembourg regulator (CSSF) issued the Circular 22/798 amending the Circular 12/548 of 30 October 2012 relating to Regulation (EU) N°236/2012 of the European Parliament and of the Council of 14 March 2012. This Circular 22/798 aims to reflect changes made by Commission Delegated
Feb 03, 2022Newsflash | Register of Beneficial Owners - Preliminary ruling to the Court of Justice of the European Union: the principle of public access to personal data "validated" by the advocate general of the CJEU
Following the adoption of the Law of 13 January 2019 establishing a Register of Beneficial Owners (hereinafter the " RBE Law") transposing Article 30 of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the
Feb 02, 2022Newsflash | DLT financial instruments can now be registered on the Securities Official List of the Luxembourg Stock Exchange
A fast mover on technological innovation in capital markets, the Luxembourg Stock Exchange (the " LuxSE") has decided to allow security tokens to be registered on its Securities Official List (the " SOL"). For the avoidance of doubt, and in accordance with the current EU regulatory framework
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