Newsletters & Newsflashes

As of 1 January 2020, Luxembourg’s already comprehensive double tax treaty network has been expanded, by the entry into force of a new double tax treaty with Kosovo. The double tax treaty between Kosovo and Luxembourg foresees a nil withholding tax rate on dividends on qualifying shareholdings held

On 20 December 2019, the CSSF published Circular 19/733 on liquidity risk management for open-ended undertakings for collective investment (the " Circular"). The objective of the Circular is to implement recommendations and good practices of the International Organization of Securities Commissions (

ESMA Guidelines on risk factors Pursuant to Article 16 (4) of Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the " Prospectus Regulation"), ESMA was mandated to develop guidelines to assist competent

On 27 November 2019, the European Parliament and the Council adopted Directive (EU) 2019/2121 (the " Directive") which amends the provisions of Directive (EU) 2017/1132 on cross-border mergers and creates harmonised rules on cross-border conversions and demergers. The lack of a legal framework for

Background Article 7 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 securitisation (the " Securitisation Regulation") imposes strict disclosure requirements on originators

BACKGROUND In August 2018, the CSSF addressed a European Market Infrastructure Regulation (" EMIR") questionnaire to investment fund managers under its supervision (" IFMs"). The IFMs were required to complete and return the questionnaire to the CSSF in order to assess compliance with EMIR. The aim

On December 9, 2019, the European Parliament and the Council adopted Regulation (UE) 2019/2089 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) 2016/1011 (hereinafter the “ Benchmark Regulation”) as regards EU Climate Transition Benchmarks, EU Paris-aligned

In December 2018, the European Commission mandated a group of social, financial and academic experts to develop a strategy on sustainable finance which incorporates Environmental, Social and Governance (ESG) considerations into investment decisions and ensures that clients are accurately informed

In a judgment handed down on 12 November 2019, the Luxembourg Lower Administrative Court ( Tribunal administratif) ruled in favour of the disallowance of interest expenses paid under bonds held by a family wealth management company, a société de gestion de patrimoine familial (" SPF"), on the

On 26 November 2019, the Luxembourg Higher Administrative Court ( Cour administrative) referred a preliminary question to the Constitutional Court ( Cour constitutionnelle) concerning the compatibility with the Constitution, and more specifically with the principle of the rule of law, of the change

In October 2019, the Organisation of Economic Cooperation and Development (" OECD") published a public consultation document on the so-called "Unified Approach" under Pillar I. Pillar I is concerned with the allocation of taxing rights between countries and seeks to undertake a review of the profit

On 8 November 2019, the Organisation of Economic Cooperation and Development (" OECD") published a public consultation document asking for comments on its Global Anti-Base Erosion (" GloBE") Pillar II proposal. This follows the publication of the OECD Secretariat’s "Unified Approach" under Pillar I