Newsletters & Newsflashes

On 18 December 2019, Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (the “ Directive”) was published in the Official Journal of the European

The coronavirus has spread around the globe and the scale of the threat faced today underlines the imperative need for coordinated restriction measures on the free movement of people at the European level, in order to maximise the potential impact of measures taken at the national level to fight the

On 2 April 2020, the European Court of Justice (“ ECJ”) rendered its judgment in the case ‘ GVC Services (Bulgaria)’ (C-458/18) following a preliminary ruling requested by the Sofia Administrative Court in Bulgaria ( Administrativen sad Sofia-grad) addressing the question of Gibraltar within the

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 shall be limited to what is indispensable and strictly necessary and are adequate

The European Securities and Markets Authority ( ESMA), together with National Competent Authorities ( NCAs) closely monitor the situation in view of the continuing impact of the COVID-19 outbreak on financial markets in the European Union ( EU). On 11 March 2020 ESMA made the following

On 26 March 2020, the CSSF published a communication on lodging out-of-court complaints (the " Communication") available to customers of the professionals subject to the CSSF supervision. Pursuant to the Communication, because of the current situation with COVID-19, the CSSF’s offices are closed to

On 27 March 2020, the European Securities and Markets Authority (ESMA) announced a public consultation on its draft guidelines (the " Guidelines") on article 25 of Directive 2011/61/EU on alternative investment fund managers (the " AIFMD") related to leverage risks in the alternative investment

On 20 March 2020 the CSSF published an updated version of its frequently asked questions on swing pricing mechanism (the “ Updated FAQs”). The original FAQs first released on 30 July 2019 included set of rules on disclosure in constitutional documents, prospectus and organisational arrangements

In the course of the year 2017, an employee of Company A prepared and filed the 2015 tax return for Company B, a subsidiary of Company A. The employee however had no authority to do so. A few weeks after filing the tax return, the tax office issued a net wealth tax assessment on the basis of §100a

In recent days, due to the outbreak of COVID-19, the CSSF has published a series of communications addressed to participants in the investment funds sector. A number of them relate to the extension of deadlines for notifications, questionnaire submissions or reports due with the CSSF in upcoming

CONTEXT The European Securities and Markets Authority ( ESMA) issued on 27 March 2020 a public statement (the Statement) to promote coordinated action by National Competent Authorities regarding issuers’ obligations to publish periodic information for reporting periods ending on 31 December 2019 or

Due to the current state of crisis, the Government Council adopted the Grand-Ducal Regulation of 25 March 2020, which was published the same day and entered into force on 26 March 2020. Following this Grand-Ducal Regulation, the deadlines set for bringing proceedings before the Luxembourg judicial