Latest Newsletters & Newsflashes
Jan 23, 2020BSP Newsletter | January 2020
This newsletter is intended as a general discussion of the following topics: Banking & Financial Services, Capital Markets, Corporate and M&A, Investment Management, Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us.
Jan 16, 2020Luxembourg Parliament Adopts Budget Law 2020 and ATAD 2
Budget Law 2020 On 19 December 2019, the Luxembourg Parliament voted to approve the 2020 Budget Law (the " Budget Law"), which introduces several tax related measures, namely: i. Limitation on validity of pre-2015 Advance Tax Agreements The most important measure introduced by the Budget Law is the
Jan 16, 2020Parent-Subsidiary Directive and Gibraltar Companies
On 24 October 2019, Advocate General (" AG") Hogan published his opinion in the case ‘ GVC Services (Bulgaria)’ EOOD v Direktor na Direktsia Obzhalvane i danachno-osiguritelna praktika – Sofia (Case C-458/18) pending in front of the European Court of Justice (" ECJ") and addressing the entitlement
Jan 16, 2020Benchmark Regulation | CSSF Communication
On 24 December 2019, the CSSF published a communiqué (the " Communication") regarding Regulation (EU) 2016/1011 on indices used as benchmarks (the " Benchmark Regulation") addressed to all entities which are subject to the CSSF’s supervision and which are using benchmarks (the " Concerned Entities")
Jan 16, 2020Sustainable Finance | Recent Developments
On 9 December 2019 the European Parliament and the Council adopted two new regulations relating to sustainable finance in the context of the European Union’s aim to strengthen the response to climate change. Regulation (UE) 2019/2088 on sustainability-related disclosures in the financial services
Jan 16, 2020Crowdfunding | EU Rules Agreed
Background On 27 March 2019, the European Parliament adopted a legislative resolution on the proposal for a regulation on European Crowdfunding Service Providers (" ECSP"). Until now, the European Parliament negotiating team and the Council still had some points of discussion. An agreement has
Jan 16, 2020PSD 2 | EBA Opinion on the Deadline of the SCA
On 16 October 2019, the European Banking Authority (the " EBA") published an opinion on the deadline for the migration to strong customer authentication (the " SCA") under the Directive (EU) 2015/2366 of 25 November 2015 on payment services in the internal market (the "PSD 2") for e-commerce card
Jan 15, 2020PRIIPS Assessment Reminder | CSSF Press Release 19/60
On 11 December 2019, the CSSF published press release 19/60 (the " Press Release") reminding that pursuant to press release 19/28 published on 1 July 2019 all SIFs, Part II UCIs and SICARs are obliged to complete an online assessment about the impact of Regulation 1286/2014 on key information
Jan 15, 2020New UCI Applications Via eDesk | CSSF Press Release 19/45
As and from 1 November 2019, applications for new UCI approvals (i.e. UCITS, UCI Part II, SIF and SICAR) not yet registered on the official list, will have to be submitted via the CSSF’s new eDesk portal. Applications via email will no longer be accepted. The CSSF have provided a dedicated user
Jan 02, 2020AIFMD | ESMA’S Updated Q&A
BACKGROUND On 4 December 2019, ESMA published updated Questions and Answers (" Q&A") on the application of the Alternative Investment Fund Managers Directive (" AIFMD"). The updated Q&A incorporate a new question and answer into Section III on reporting to national competent authorities under
Jan 02, 2020AML/CFT CSSF Guidance on Compliance by Registered AIFMS and 2019 ML/TF Survey
On 5 December 2019, the CSSF published a communication summarizing results of an AML/CFT questionnaire as well as an AML/CFT conference concerning registered AIFMs and Self-Managed Non-AIFs which took place on 3 December 2019 (the " Communication"). The Communication provides seven areas which in
Jan 02, 2020AML/CFT CSSF FAQ on Responsible Persons for a Luxembourg Investment Fund or Investment Fund Manager
On 25 November 2019, the CSSF issued its FAQ on persons responsible for AML/CTF compliance for a Luxembourg Investment Fund or Investment Fund Manager supervised by the CSSF. This FAQ gives the CSSF’s interpretation on the application of article 4(1) of the Law of 12 November 2004 on the fight