Latest Newsletters & Newsflashes
Oct 12, 2021BSP Newsletter | October 2021
This newsletter is intended as a general discussion of the following topics: Banking & Financial Services, Corporate and M&A, Employment, Compensations & Benefits, Investment Management, Tax. If you would like to know more about the topics covered in this newsletter or our services, do not hesitate to contact the newsletter contributors or your usual BSP contact.
Oct 12, 2021Amendments to AIFM Regulation and UCITS Directive to integrate sustainability considerations
The proposed sustainability amendments to Directive 2010/43/EU (the “ UCITS Directive”) and to Delegated Regulation (EU) 231/2013 (the “ AIFM Regulation”) integrating sustainability considerations into the organisational, operating and risk management obligations of authorised alternative investment
Oct 12, 2021Performance fees declaration
On 22 September 2021, the Commission de Surveillance du Secteur Financier (“ CSSF”) published (the “ Communication”) on its website inviting investment fund managers (“ IFMs”) to proceed with a declaration regarding performance fees (the “ Declaration”). The Communication has been issued in the
Oct 12, 2021European Commission’s response to questions on the interpretation of SFDR
On 14 July 2021, the European Commission (EC) responded to the letter of 7 January 2021 addressed to it by the European Supervisory Authorities (ESAs) in relation to the application of Regulation (EU) 2019/2088 on sustainability - related disclosures in the financial services sector ( “ SFDR”). The
Oct 01, 2021Draft law on the right to disconnect
On 28 September 2021, the Luxembourg Minister of Labour filed a draft law n°7890 (hereafter the “ Draft Law”) with the Luxembourg Parliament ( Chambre des Députés) aimed at introducing into the Luxembourg Labour Code the obligation for each company to define precisely the rules governing the right
Oct 01, 2021Payments services and e-money | New delegated regulation
On 28 September 2021, the Commission Delegated Regulation (EU) 2021/1722 of 18 June 2021 (the “ Regulation”), supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council (the “ Payment Services Directive”, “ PSD2”) with regard to regulatory technical standards specifying the
Sep 27, 2021CSSF Circular 21/782 | Adoption of the EBA revised guidelines on money laundering and terrorist financing risk factors
Background On 24 September 2021, the CSSF issued a new Circular 21/782 regarding the adoption of the revised guidelines by the European Banking Authority (“EBA”), on money laundering and terrorist financing risk factors (the “ Circular”). This Circular replaces CSSF Circular 17/661. Purpose The
Sep 20, 2021Decisions of the Lower Administrative Court on the supervision of SPFs
On 15 September 2021, the Lower Administrative Court issued four decisions on the lack of competence of the Luxembourg Direct Tax Authorities (hereinafter “ ACD”) to supervise family asset management companies (hereinafter “ SPFs”). According to the law of 11 May 2007 on the creation of SPFs
Sep 15, 2021Circular on the treatment of tax loss carry forwards for municipal business tax purposes
Context On 10 August 2021, the Luxembourg Tax Administration issued an administrative circular ICC No.31 (the “ Circular”) providing further clarifications in respect of the treatment of loss carryforwards in the field of municipal business tax (“ MBT”). Background Paragraph 9bis of the Municipal
Sep 15, 2021Extension of teleworking for Belgian, French and German cross-border workers in the context of the Covid-19 pandemic
The Luxembourg Government has once again reached agreements 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 now teleworking from their homes. As a result, as of
Sep 06, 2021Law of 21 July 2021 transposing the cross-border directive and updating CSSF procedures
On 21 July 2021, the law transposing Directive (UE) 2019/1160 with regard to cross-border distribution of collective investment undertakings (the “ CBD”) and amending: the law of 17 December 2010 regarding undertakings for collective investment (the “ UCI Law”) and the law of 12 July 2013 related to
Sep 02, 2021Recent publication of Luxembourg laws regarding the financial sector
Modernisation of the licensing process in the financial and insurance sectors On 26 July 2021, the Luxembourg law of 21 July 2021 which empowers the CSSF or the Commissariat aux Assurances, as applicable, to grant or withdraw a licence to a regulated entity, instead of the Minister of Finance, was