Latest Newsletters & Newsflashes
Nov 20, 2020UK Temporary Permissions Regime (TPR) | Communication by the UK FCA regarding TPR
On 19 November 2020, the CSSF published on its website a press release ( Press Release 20/23) (“ Press Release”) updating Luxembourg-based entities on the recent developments regarding the UK’s Temporary Permissions Regime (“TPR”) as communicated to the CSSF by the UK’s Financial Conduct Authority (
Oct 30, 2020COVID-19 | New rules until the year end
CONTEXT Due to the exceptional circumstances linked to the ongoing second wave of COVID-19 pandemic, the bill of law 7683 has been adopted on 29 October 2020 (the Law). The Law amends the latest version of the "Covid law" enacted in September and provides not only new measures, but new restrictions
Oct 21, 2020Registre des Bénéficiaires Economiques : Renvoi Prejudiciel devant la CJUE sur l'Interprétation des Notions de "Circonstances Exceptionnelles" et de "Risque"
Le tribunal d'arrondissement de et à Luxembourg a demandé à la CJUE de se prononcer, à titre préjudiciel, sur l’interprétation à donner aux notions de « circonstances exceptionnelles », de « risque » et de « risque disproportionné » énoncées dans l'article 30(9) de la directive (UE) 2015/849 et les
Oct 21, 2020Register of Beneficial Owners: Referral to the Court of Justice of the European Union for a Preliminary Ruling on the Interpretation of the Concepts of "Exceptional Circumstances" and "Risk"
The Luxembourg District Court has requested the CJEU to give a preliminary ruling on the interpretation to be given to the concepts of "exceptional circumstances", "risk" and "disproportionate risk" as set out in Article 30 (9) of Directive (EU) 2015/849 and the corresponding national provisions of
Oct 15, 2020BSP Newsletter | October 2020
This newsletter is intended as a general discussion of the following topics: COVID-19 updates, AML compliance, Banking & Financial Services, Capital Markets, Investment Management and Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us.
Oct 15, 2020Update of EU List of Non-Cooperative Jurisdictions for Tax Purposes
On 6 October 2020, the EU Council updated its previously adopted list of non-cooperative jurisdictions for tax purposes. Said list was initially drawn up in December 2017 and updated most recently on 18 February 2020. The main change from the previous version is the withdrawal of the Cayman Islands
Oct 15, 2020ECJ | Contract Termination Fees Constitute a Supply of Services for Consideration Subject to VAT
On 11 June 2020, the European Court of Justice (“ ECJ”) rendered its judgment in the case ‘V odafone Portugal – Communicaçoes Pessoais SA v Autoridade Tributária e Aduaneira’’ (C-43/19) following a request for a preliminary ruling. The judgment addresses the question as to whether termination fees
Oct 15, 2020AIFMD | ESMA Recommends Priority Topics in AIFMD Review
On 18 August 2020, ESMA wrote to the European Commission, highlighting areas to consider during the forthcoming review of the Alternative Investment Fund Managers Directive (“ AIFMD”). ESMA recognises that the AIFMD has provided a solid framework for alternative investment funds in Europe since 2011
Oct 15, 2020ESG | Taxonomy Regulation
On 22 June 2020, the European Union published the long-awaited Regulation(EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (the “ EU Taxonomy Regulation”), and amending Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services
Oct 15, 2020MMF | ESMA Statement on External Support
On 9 July 2020, ESMA issued a public statement on external support under Article 35 of the money market funds (“ MMF”) regulation (“ MMF Regulation”). This statement was released in relation to financial markets authorities’ recent actions to mitigate the impact of COVID-19 on the EU’s financial
Oct 15, 2020Securitisation Regulation | Elements of New Regime enter into Force
Following the publication in the EU Official Journal of seven technical standards relating to Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, as amended (“the
Oct 15, 2020New Luxembourg Draft Law Transposing CRD V and BRRD II
The purpose of the draft law 7638, submitted to the Luxembourg Parliament ( Chambre des Députés) on 27 July 2020 (the “Draft Law”) is to transpose into Luxembourg law Directive (EU) 2019/878 of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed