Newsletters & Newsflashes

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

On 20 May 2020 the Luxembourg Parliament has submitted a bill introducing a screening mechanism of foreign investments in Luxembourg Purpose of the bill Screening of foreign investments which undermine or have a harmful impact on the security and public order or essential national or European

The opinion of the Advocate General (“ AG”) of the European Court of Justice (“ ECJ”), Juliane Kokott, published on 14 May 2020 in case C-42/19, concerns a Portuguese holding company called Sonaecom, which invests in companies active in the telecommunications market and also provides services

[Updated on 18/05] On 14 May 2020, the CSSF published recommendations for supervised entities on telework and a possible return to the office (the “ Recommendations”). The CSSF pointed out that the recent easing of COVID-19 related restrictions by the Luxembourg government doesn’t mean the end of

On 13 May 2020, the CSSF published a communication announcing a notification obligation (the " IFM Notification") applicable to certain investment fund managers (the " IFMs") and relating to significant developments and issues in investment vehicles under their management. The IFM Notification is an

CONTEXT The ongoing COVID-19 pandemic and the related restricting measures taken by governments worldwide which has put billions of people in confinement has rapidly driven our economies into global recession. The social and financial consequences of the outbreak represent a major challenge for

By law dated 12 May 2020 (the “ Law”), the Chamber of Deputies of the Grand-Duchy of Luxembourg introduced temporary derogations from accounting requirements for financial sector entities, including funds, in the context of the fight against Covid-19 virus. The temporary derogations concern only

Background On 9 April 2020, the CSSF published Circular 20/739 on the application of the “ Guidelines on the Reporting under Articles 4 and 12 Securities Financing Transactions Regulation” (hereafter “ SFTR”), which were published on 6 January 2020 by the European Securities and Markets Authority (“

On 3 April 2020, the Secretariat of the Organisation for Economic Co-operation and Development (“ OECD”) published some guidance on certain tax issues arising when applying international tax treaties based on the OECD Model Convention (“ OECD Model”) when, as a result of the COVID-19 crisis

Within the framework of the economic stabilisation programme announced on 25 March 2020, a law establishing a guarantee scheme supporting the Luxembourg economy was published and entered into force on 18 April 2020 (the “ Law”). The Law will allow the Luxembourg State to back loans granted by credit

CONTEXT Due to the exceptional circumstances linked to the ongoing COVID-19 pandemic and the related restricting measures taken by the Luxembourg Government, including the confinement and the strong recommendation to implement remote working when possible, a significant number of people are working