Newsletters & Newsflashes

An unprecedented judgment of the First Chamber of Luxembourg District Court has been handed down on 27 March 2019, granting the immunity from jurisdiction to a foreign State (including some of its ministries and current or former head of State) and its central bank within the framework of an

This newsletter is intended as a general discussion of the following topics: AML, Banking & Finance, Brexit, Capital Markets, Dispute Resolution, Investment Funds and Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us. AML Register of

On March 14 th 2019, the CSSF published: CSSF Circular 19/712 (the “ Fraud Data CSSF Circular”) adopting the guidelines of the European Banking Authority (“ EBA”) on reporting requirements for fraud data under Article 96(6) of Directive (EU) 2015/2366 on payment services (“ PSD2”) - EBA/GL/2018/05

Under US law, punitive damages are damages “awarded in addition to actual damages in certain circumstances. Punitive damages are considered punishment and are typically awarded at the court's discretion when the defendant's behaviour is found to be especially harmful” (definition of the Legal

The OECD’s Multilateral Instrument Convention (“ MLI”), which was signed in Paris on June 7 th 2017, has been adopted by the Luxembourg parliament on February 14 th 2019 (draft bill No. 7333), signed on March 7 th 2019 and deposited with the OECD on April 9 th 2019, which means that Luxembourg has

As the exit of the United Kingdom (“UK”) from the European Union (“EU”) will have consequences for the rights of British nationals to reside and access employment in Luxembourg, the Luxembourg Government has recently published an information folder on Brexit. In this respect, the impact of Brexit

On April 11 th 2019, the Luxembourg government published a draft law transposing Directive 2017/1852 on dispute resolution mechanisms in the European Union (hereafter the “ Directive”). This draft law aims to establish a more effective mechanism on resolving tax disputes between Luxembourg and other

The different regimes that are applicable to third-country firms (hereinafter the “ TCF(s)”) that wish to provide investment services or perform investment activities together with ancillary investment services in Luxembourg under the recently added Article 32-1 of the Luxembourg law of 5 April 1993

On February 22 nd 2019, the Luxembourg tax authorities published a Circular (the “ Circular”) providing guidelines as to the new rules applicable to permanent establishments (“ PE”). Further to the domestic legislative changes in the context of the BEPS project, the Luxembourg law definition of a PE

On March 29 th 2019, ESMA released an updated version of Questions and Answers application of the Undertakings in Collective Investments in Transferable Securities Directive (“ UCITS Q&A”). The UCITS Q&A modifies section II on the KIID for UCITS by adding additional clarifications on the benchmark

On March 29 th 2019 ESMA released an updated version of Questions and Answers on the Application of Alternative Investment Fund Managers Directive. It includes two new questions in section VIII on the leverage calculation. The first question provides clarity on treatment of short-term interest rate

On March 26 th 2019, the Council’s conclusions on the revised EU list of non-cooperative jurisdictions for tax purposes (2019/C 114/02) (hereinafter the “ List”) have been published in the Official Journal of the European Union. The List, which was already composed of American Samoa, Guam, Samoa