Newsletters & Newsflashes

On 2 July 2019, the Luxembourg Parliament ( Chambre des Députés) adopted the final text of the draft law No.7328 on prospectuses (the “ New Prospectus Law”) for the purposes of implementing Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the

On July 1 , 2019 the CSSF published Circular 19/722 relating to recent declarations of the Financial Action Task Force (“ FATF”). Jurisdictions with substantial and strategic deficiencies FATF maintained its position that the Democratic People's Republic of Korea (DPRK) is a jurisdiction whose anti

On 1 July 2019, the CSSF published Circular 19/721 (the " Circular") regarding dematerialisation of requests to the CSSF. The Circular establishes an eDesk portal to serve as a tool of communication between the CSSF and all Luxembourg regulated funds (UCITS, Part II UCIs, SIFs, SICARs) as well as

On 21 June 2019, the International Labour Organization (“ ILO”) adopted Convention No.190 concerning the elimination of violence and harassment in the world of work (hereafter the “ Convention”) and the associated recommendation No. 206 (hereafter the “ Recommendation”). Content The Convention

The Luxembourg law of 26 June 2019 on the protection of undisclosed know-how and business information (“ trade secrets”) against their unlawful acquisition, use and disclosure (the “ Law”) has been published in the Mémorial on 28 June 2019. The Law seeks to transpose Directive (EU) 2016/943 of 8

On 24 June 2019, the European Securities and Markets Authority (“ ESMA”) published a questionnaire , which aims at collecting evidence about what aspects of the financial sector could cause short-term pressure on companies. ESMA defines “short-termism” as “the focus on short time horizons by both

The directive on the protection of persons reporting on breaches of EU law (the “ Directive”) was approved by the EU Parliament on 16 April 2019. The Directive has not yet been published to the Official Journal of the EU. In a context where whistle-blowers play a key role in exposing and preventing

CONTEXT The Luxembourg law dated 13 January 2019 (the RBO Law ) created a register of beneficial owners ( registre des bénéficiaires effectifs) (the RBO), with the aim to preserve and make available information on the beneficial owners of Registered Entities (please refer to our latest newsletter)

In two recent cases, the ECJ clarified in which situations holding companies might be entitled to deduct final losses, thus confirming the principles previously established in the Marks & Spencer decision (C-446/03). In the first decision, Memira Holding (C-607/17) dated 19 June 2019, a Swedish

On 16 April 2019, the European Parliament adopted legislative resolutions on a proposal for a Regulation of the European Parliament and of the Council on facilitating cross-border distribution of collective investment undertakings and amending regulations (EU) n° 345/2013, (EU) n° 346/2013 and (EU)

On 16 April 2019, the European Parliament adopted legislative resolutions on the proposal for a directive of the European Parliament and of the Council amending directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (the “ Proposal”). The

La loi du 10 août 2016 portant modernisation de la loi modifiée du 10 août 1915 concernant les sociétés commerciales a introduit une nouvelle action dite « action sociale minoritaire. » Aux termes de l’article 444-2 de la loi sur les sociétés commerciales (« LSC »), une action en justice peut