Newsletters & Newsflashes

On 11 February 2020, the OECD released its first transfer pricing guidelines (“ TP Guidance”) on financial transactions (OECD release) specifying how multinational companies should price intercompany financial transactions. Such guidelines constitute a follow up on the Base Erosion Profit Shifting (

While the World Health Organisation has just declared the COVID-19 epidemic a “pandemic”, with the virus having reached nearly 130,000 people since December 2019, managing the risk of the virus spreading in the workplace has become a major issue for every employer. Following the announcement of

Background The Securities and Futures Commission of Hong Kong (the “ SFC”) and the Commission de Surveillance du Secteur Financier (the “ CSSF”) signed on 15 January 2019 a Memorandum of Understanding concerning Mutual Recognition of Covered Funds (“ MRF”) between both countries. In relation to MRF

On 31 January 2020, the CSSF published press release 20/03 in the context of Brexit (the “ Press Release”). It refers to the CSSF’s press releases issued in 2019 on Brexit as well as the Luxembourg Laws of 8 April 2019 published in the context of the United Kingdom leaving the European Union without

On 18 February 2020, ESMA updated its Q&As in relation to Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the pubic or admitted to trading on a regulated market (the “ Prospectus Regulation”) with two new Q&As clarifying the permitted length

On 6 February 2020 the European Securities and Markets Authority (ESMA) published its strategy on sustainable finance (the " Sustainable Strategy"). Its aim is to explain methods in which ESMA will include sustainability at the core of its activities by embedding Environmental, Social, and

On 22 January 2020, the Luxembourg lower administrative court ( Tribunal administratif) handed down a judgment on the deductibility of French CSG/CRDS contributions ( Contribution Sociale Généralisée/ Contribution pour le Remboursement de la Dette Sociale) as special expenses related to employment

Background On 27 January 2020, the CSSF published its first ML/FT risk analysis on the collective investment sector (the “ Analysis”). In 2019, in order to link the national risk assessment (“ NRA”) of money laundering and terrorist financing (“ ML/FT”) to the entity-level ML/FT risk assessments

On 31 January 2020, the CSSF published a circular-letter (the “ Letter”) on the annual online survey for the year 2019 collecting standardised key information concerning money laundering and terrorist financing (ML/FT) risks to which the professionals under supervision are exposed (the “ Survey”)

On 27 January 2020 the CSSF published a communication on benchmark disclosures in the key investor information document (the " KIID") of UCITS (the “ Communication”). The Communication refers to an update to ESMA Questions and Answers on the application of the UCITS Directive published on 29 March

On January 28, 2020, the CSSF published the following three Circulars for the attention of all money market funds (“ MMF(s)”) under the supervision of the CSSF and Luxembourg managers of MMFs as well as of those that take part in the functioning and control of these undertakings: CSSF Circular 20

The Luxembourg Stock Exchange’s new rules and regulations (the “ R&Rs”) enter into force today, 31 January 2020, and will certainly be warmly welcomed by issuers and their listing agents/legal advisors. The new R&Rs can be consulted here . The drive for change Driven by the need to adapt to the