Latest Newsletters & Newsflashes
Apr 22, 2020Lutte Contre la Propagation du Covid-19 | Dispositions Applicables au Domaine de la Construction : Quelles Consequences sur les Contrats en Cours ?
Dans le cadre de la lutte contre la propagation du Covid-19, deux règlements grand-ducaux sont venus interférer sur la vie des chantiers et donc sur les relations contractuelles entre maîtres d’ouvrage et entreprises de construction. Ainsi, en date du 18 mars 2020 un premier règlement grand-ducal a
Apr 21, 2020COVID-19 | Impact on Insolvency Proceedings in Luxembourg
Background In response to the Covid-19 crisis, the Luxembourg Government declared the state of emergency by its regulation of March 18th, 2020, and passed several measures in the fight against Covid-19. These measures are limited to what is indispensable and strictly necessary and are adequate and
Apr 21, 2020UCITS Investment Breaches - Update to CSSF FAQ
On 16 April 2020 the CSSF published an updated version of its frequently asked questions on COVID-19 (the “ Updated FAQs”). The latest version adds four questions applicable to passive and active breaches of investment restrictions by UCITS. A PASSIVE BREACH OF GENERAL INVESTMENT RESTRICTIONS AND
Apr 21, 2020Covid-19 | Impact sur les Procédures d'Insolvabilité au Luxembourg
Contexte En réponse à la crise Covid-19, le gouvernement luxembourgeois a déclaré l'état de crise par son règlement du 18 mars 2020, et a adopté plusieurs mesures dans la lutte contre le Covid-19. Ces mesures se limitent à ce qui est indispensable et strictement nécessaire et sont adéquates et
Apr 17, 2020[Updated on 07/05/2020] CSSF Circular 20/740 | Financial Crime and AML/CFT Implications during the Covid-19 Pandemic
On 10 April 2020, the CSSF published Circular 20/740 to provide guidance to all professionals who are subject to the CSSF’s anti-money laundering and counter-terrorism financing (“ AML/CFT”) supervision in respect to money laundering and terrorism financing (“ ML/TF”) risks and consequences amid the
Apr 15, 2020Weekly CSSF Questionnaire for Investment Fund Managers
On 9 April 2020, the CSSF published a communication announcing a new, weekly questionnaire (the " Questionnaire") applicable to investment fund managers authorized by the Law of 17 December 2010 relating to undertakings for collective investment (the " 2010 Law") or the Law of 12 July 2013 on
Apr 09, 2020Overall Assessment of Misconduct During Different Tax Years Justifies Guarantee Call
On 13 February 2020, the Higher Administrative Court ( Cour administrative) issued a ruling (docket No. 43707C) after an appeal lodged by the Luxembourg State against a judgment of the Lower Administrative Court ( Tribunal administratif), which had decided, by reformation of a decision of the
Apr 09, 2020Lower Administrative Court | Advance Tax Agreements Binding on Tax Administration
In a judgment of 28 January 2020, the Luxembourg lower administrative court ( Tribunal administratif) held once again that advance tax agreements are binding upon the Luxembourg Tax Administration (“ LTA”). In February 2013, the taxpayer, a société anonyme incorporated under Luxembourg law (the “
Apr 09, 2020Luxembourg Issues Draft Law Amending CRS and FATCA Laws
On 20 February 2020, a draft law was presented to the Luxembourg Parliament with the purpose of introducing amendments to the Luxembourg legislation implementing the Common Reporting Standard (“ CRS”) and the Foreign Account Tax Compliance Act (“ FATCA”), the two main frameworks for automatic
Apr 09, 2020BSP Newsletter | April 2020
This newsletter is intended as a general discussion of the following topics: COVID-19, 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 at the following email marketing@bsp.lu.
Apr 09, 2020Cross-Border Funds Distribution | ESMA Consultation
On 31 March 2020, ESMA launched a consultation paper in order to draft implementing technical standards (“ ITS”) in accordance with regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings (the “ Regulation”). According to the Regulation (covered in
Apr 09, 2020Performance Fees | ESMA Guidelines for UCITS and Certain Types of AIFs
On 3 April 2020, ESMA published its guidelines on performance fees in investment funds, which will be applicable to both UCITS and certain types of AIFs. The guidelines will be translated into the official EU languages. They will become applicable two months after the publication of the translations