Newsletters & Newsflashes

BACKGROUND On 3 April 2020, ESMA published its final guidelines on performance fees in investment funds – applicable to UCITS and certain types of AIFs (the “ Guidelines”). As a reminder, the guidelines provide comprehensive guidance to fund managers when designing performance fee models for the

On 26 November 2020, the CSSF issued Frequently Asked Questions regarding the Investor Compensation Scheme Luxembourg established by article 156 of the Law 18 December 2015 and governed by Part III, Title III of the same Law (the “ FAQ” and the “ Law”). The Investor Compensation Scheme or Système d

On 8 December 2020, the CSSF issued a Communication regarding the introduction of a new eDesk module (the “ Communication” and the “ eDesk Module”), announcing the progressive digitalisation for the reception and processing of a series of requests, including both those submitted at the initiative of

Background On 16 December 2020, the CSSF issued a communication covering both new regulatory requirements on transparency with regard to the integration of sustainability risks, the consideration of adverse sustainability impacts and the provision of sustainability – related information, as well as

BACKGROUND On 21 December 2020 draft law No. 7736 was presented before the Luxembourg Parliament (the “ Draft Law”). The scope of the Draft Law includes, inter alia, an amendment to the law of 17 December 2010 relating to undertakings for collective investment (the “ UCI Law”). SCOPE The Draft Law

As part of its actions to address the impact of COVID-19 on the financial system from a macroprudential perspective, on 6 May 2020, the European Systemic Risk Board (“ ESRB”) published a recommendation to address liquidity risk in investment funds, requesting that ESMA: coordinates with the EU

On 6 November 2020 and on 21 December 2020, ESMA updated its Questions and Answers (“ Q&As”) concerning investor protection and intermediaries topics under Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (“ MiFID II”) and

Prospectus and transparency Q&As On 9 November 2020, ESMA updated its Questions and Answers (Q&As) concerning Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on

As previously detailed in our newsflash dated 19 March 2020 (as updated) the Luxembourg Government has once again agreed 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

In a judgment dated 4 December 2020, the Lower Administrative Court ( Tribunal administratif) annulled an injunction issued by the Luxembourg tax administration (“ LTA”) pursuant to a request for information from the Spanish tax authorities. The injunction was addressed to a Luxembourg company and

The United Kingdom has been included in the list of jurisdictions, which are deemed equivalent for the application of the national third-country regime in Luxembourg. On 23 December 2020, CSSF Regulation No. 20-09 of 14 December 2020, amending CSSF Regulation No. 20-02 of 29 June 2020 on the

New Final Terms submission form Since 30 November 2020, final terms (the “Final Terms”) relating to a prospectus published in accordance with Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the