Newsletters & Newsflashes

Multilateral instrument ("MLI") The Luxembourg tax authorities recently confirmed, in a newsletter issued on 8 June 2020, their intention to publish coordinated versions of the currently enforceable double tax treaties, depicting the changes due to the Multilateral Instrument (hereafter “ MLI”) and

On 12th June 2020, the Luxembourg Constitutional Court handed down an anticipated decision regarding the regime on collective taxation of married couples and its alleged discrimination of persons registered as partners under the regime of the law of 9 July 2004. Indeed, article 3 (d) of the

Background On 4 June 2020, ESMA issued a supervisory briefing (the “ Briefing”) on the supervision by National Competent Authorities (“ NCAs”) of costs applicable to Undertakings for the Collective Investment in Transferable Securities (“ UCITS”) and Alternative Investment Funds (“ AIFs”). The

On 28 May 2020, ESMA published an updated version of the Questions & Answers (hereinafter the “ Q&A”) on the implementation of Regulation (EU) 648/2012 of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (hereinafter referred to as “ EMIR”). The updated Q&A added the new

Sustainable finance being an evolving subject and in order to continue the European Commission’s action plan on financing sustainable growth (adopted in March 2018), the European Commission published on 8 June 2020 three different proposals in this domain. The first was draft Commission Delegated

Background On 11 March 2020, HM Treasury (the " HMT"), the office responsible for financial services legislation in the UK, published a consultation paper on a new Overseas Funds Regime (the “ OFR”). The consultation ended on 11 May 2020. While the UK is part of the EU, retail investors in the UK

CONTEXT With the view to contain the outbreak of COVID‐19, Member States have put in place a series of unprecedented measures, in particular concerning confinement and social distancing of persons, potentially preventing companies from complying with their legal obligations. Luxembourg has put in

Background In connection with Directive 2019/1937 of 23 October 2019 on the protection of persons who report breaches of Union law, the CSSF published on 5 May 2020 its first whistleblowing reporting of breaches of financial sector regulations to the CSSF (the “ Report”). The Report gives practical

On 29 April 2020, the CSSF published an updated version of its FAQ (the “ Updated FAQ”) on the Luxembourg law and Grand-Ducal Regulation of 11 January 2008 on transparency requirements for issuers, as amended (the “ Transparency Law” and the “ Grand-Ducal Transparency Regulation”, respectively)

On 14 May 2020, the European Commission decided to send two letters of formal notice to Luxembourg. The first one relates to the incorrect transposition of the interest limitation rule of the Anti-Tax Avoidance Council Directive (EU) 2016/1164 (“ ATAD”). The second letter addresses discriminatory

On 14 May 2020, ESMA published a statement (the “ Statement”) supporting the recommendations of the European Systemic Risk Board (the “ ESRB”) on liquidity risk in investment funds (the “ ESRB Recommendations”). The aim of the recommendations is to address the COVID-19 pandemic from a

On 8 May 2020, the European Commission published a proposal to amend Directive 2011/16 of 15 February 2011 on administrative cooperation in the field of taxation in order to defer certain time limits for the filing and exchange of information in the field of taxation due to the COVID-19 pandemic. On