Newsletters & Newsflashes

On 11 March 2021, the Luxembourg Tax Administration (“ LTA”) published updated guidance on the Mutual Assistance Procedure (“ MAP”) in tax matters provided for in double tax conventions signed by Luxembourg. The guidance, which replaces circular L.G.Conv. D.I n o 60 of 28 august 2017, describes the

On 10 May 2021, the Lower Administrative Court ( Tribunal administratif) handed down a judgment addressing (a) the equity/debt qualification for tax purposes of Mandatorily Redeemable Preferred Shares (“ MRPS”) and (b) whether a shareholding in a French Société à Prépondérance Immobilière à Capital

Since the publication of our last newsletter in March 2021, the European Securities and Markets Authority (“ ESMA”) has updated its Questions and Answers on Application of the UCITS Directive (the “UCITS Q&A”) and its Questions and Answers on Application of the AIFMD (the “AIFMD Q&A”) (together the

On 20 April 2021, the Luxembourg CSSF published Circular 21/771 (the “ Circular”) on the application of the guidelines of the European Securities and Markets Authority (ESMA) on disclosure requirements under Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities

On 31 March and 5 May 2021, respectively, ESMA published updates to its Questions and Answers (the “ Prospectus Q&A”) relating to Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the “

With a view to align the national legislation with the EU legal framework on the issuance of covered bonds, the Luxembourg Minister of Finance submitted draft law 7822 (the “ Draft Law”) to the Luxembourg Parliament ( Chambre des Députés) on 7 May 2021. If adopted, the Draft Law will result in

On 21 May 2021, the Luxembourg law of 20 May 2021, transposing: Directive (EU) 2019/878 of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation

CONTEXT On 15 March 2021, the European Supervisory Authorities (“ ESAs”) published a joint consultation (“ JC”) paper on Taxonomy-related sustainability disclosures on new regulatory technical standards (“ RTS”) regarding content and presentation of sustainability disclosures under Articles 8(4), 9

On 3 March 2021, the European Banking Authority (EBA) issued its third Opinion on the risks of money laundering and terrorist financing affecting the European Union’s Financial Sector (the “ Opinion”). Both the European Securities and Markets Authority (ESMA) and the European Insurance and

On 26 March 2021, the three European supervisory authorities - European Banking Authority (EBA), ESMA and European Insurance and Occupational Pensions Authority (EIOPA), published Joint Questions and Answers (the “ Q&A”) relating to Regulation (EU) 2017/2402 of 12 December 2017 laying down a general

I. In a nutshell In a recent decision, the Court of appeal clarifies that it is for each Member State to decide for itself whether the enforcement of a foreign (non-EU country) decision would be contrary to its own public order, underlining that EU exequatur decisions granted by another Member State

On 9 April 2021, the CSSF published Circular CSSF 21/769 regarding governance and security requirements for Supervised Entities (as defined below) to perform tasks or activities through Telework (as defined below) (“ Circular 21/769”). Scope of Circular 21/769 Following the significant increase in