Latest Newsletters & Newsflashes
Aug 15, 2020AML | CSSF Circular 20/746 on FATF Statements
On 9 July 2020, the CSSF published Circular CSSF 20/746 (repealing Circular CSSF 20/738 of 6 March 2020) updating all professionals under the supervision of the CSSF on the recent statements made by the Financial Action Task Force (“ FATF”) on jurisdictions identified with strategic deficiencies in
Aug 04, 2020Sustainable Finance Insights Series - 8 | Amendments to the Disclosure Regulation (2019/2088)
On 22 June 2020, the European Union published the Regulation of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation 2019/2088 (the “ Disclosure Regulation”) on sustainability-related disclosures in the financial
Aug 03, 2020Sustainable Finance Insights Series - 7 | EU taxonomy regulation published
On 22 June 2020 Regulation (EU)2020/852 of the European Parliament and of the Council on the establishment of a framework to facilitate sustainable investment, and amending Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (the "Taxonomy Regulation") has
Jul 16, 2020BSP Newsletter | July 2020
This newsletter is intended as a general discussion of the following topics: Capital Markets, Employment, Compensations & Benefits, 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.
Jul 16, 2020Securitisation Regulation | Update on Transparency Requirements
In our January 2020 newsletter, we stated that the following technical standards referred to under Article 7(3) and (4) of 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
Jul 16, 2020Esma Public Statement on Implications of the COVID-19 Outbreak on Half-year Financial reports
On 20 May 2020, ESMA issued a public statement to address the implications of the COVID-19 outbreak on the half-year financial reports, which must be prepared and published by issuers (the “ Statement”). In the Statement, ESMA highlights the importance of issuers including in their reports up-to
Jul 15, 2020Higher Administrative Court Judgment on Abuse of Law and the Use of Luxembourg SPF
In its judgment of 14 July 2020, the Luxembourg Higher Administrative Court ( Cour Administrative) assessed whether the subscription of bonds by a Luxembourg family wealth management company, a société de gestion de patrimoine familial (" SPF") and the deduction of interest at the level of the
Jul 13, 2020CSSF Circular 20/744 on Indicators of Tax Offences in the Collective Investment Sector
On 3 July 2020, the CSSF published Circular 20/744 (“ Circular 20/744”) complementing Circular 17/650 on application of the Law of 12 November 2004 on the fight against money laundering and terrorist financing and Grand-ducal Regulation of 1 February 2010 providing details on certain provisions of
Jul 10, 2020Legal Alert | Proposal of bill 7221 setting out a "No-Fault Liability of the Operator of a Nuclear Installation"
Purpose of the bill Setting out a special regime of civil liability for damages in connection with a nuclear incident. Providing for a specific legal framework for restitution and compensation in the event of a nuclear incident causing damages on the territory of the Grand Duchy of Luxembourg, which
Jul 06, 2020MiFID II & MIFIR | ESMA Q&A
Since our last newsletter, ESMA has updated its Q&A on the Market in Financial Instruments Directive 2014/65/EU of 15 May 2014 (“ MiFID II”) and on the Markets in Financial Instruments Regulation 600/2014 of 15 May 2014 (“ MiFIR”), on the following topics: Q&A on MiFID II Investor Protection and
Jul 06, 2020Establishment of a Register of Fiduciary Arrangements and Trusts in Luxembourg
The draft Luxembourg law 7216B, already referred to in our February 2018 newsletter, was voted by a first parliamentary vote on 1 July 2020 and finally adopted by dispensation from the second constitutional vote granted by the Council of State on 10 July 2020 (the “ Fiduciary Arrangement Law”). The
Jul 02, 2020CSSF Regulation No. 20-02 and Circular 20/743 regarding the Provision of Investment Services or Performance of Investment Activities and Ancillary Services
On 1 July 2020, the CSSF published (i) CSSF Regulation No. 20-02 of 29 June 2020 on the equivalence of certain third countries with respect to supervision and authorisation rules for the purpose of providing investment services or performing investment activities and ancillary services by third