Newsletters & Newsflashes

On January 28 th 2019 the CSSF published Circular 19/708 concerning electronic transmission of documents (“ Circular”). The Circular provides that, as of February 1 st 2019 the following entities are obliged to submit documents only via electronic means to the CSSF: alternative investment fund

This newsletter is intended as a general discussion of the following topics: AML, Banking & Finance, Capital Markets, 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 Luxembourg Law setting up a Register of

The European Securities and Markets Authority (“ ESMA”) has recently updated its Q&A on Regulation (EU) No. 2016/1011 of 8 June 2016 on indices used as benchmarks (" Benchmarks Regulation" or “ BMR”). One of the new questions considered by ESMA is whether or not the methodology of a benchmark can

As a reminder, a new double Tax Treaty was signed between Luxembourg and France (hereafter the “ New Tax Treaty”) on March 20 th 2018. For a detailed review of the various impacts, please refer to our newsletter dated March 2018. It was long speculated that the New Tax Treaty could already enter

Background In 2014, the Luxembourg legislator changed the procedural rules applicable to the exchange of information upon request, in tax matters. As a consequence of the law dated November 25 th 2014, there are now no legal remedies available against an order issued by the Luxembourg tax

The strong protection of secured parties under pledge agreements governed by the Luxembourg law of August 5 th 2005 on financial collateral arrangements, as amended, (the “ Collateral Law”) has been further reinforced by the Luxembourg court of appeal ( Cour d’Appel) (the “ Court”), which confirmed

After a 1-year extension early last year, the specially reduced tax rate on capital gains realised by individual taxpayers on certain real estate assets has not been extended for the tax year 2019. As a reminder, this specific regime, initially introduced for the tax years 2016 and 2017 and aimed at

On January 15 th 2019, the Commission de Surveillance du Secteur Financier (“ CSSF”) agreed to a Memorandum of Understating (“ MoU”) with the Securities and Futures Commission (“ SFC”) on the mutual recognition of funds. This MoU will allow Luxembourg-domiciled UCITS and Hong Kong public funds to be

HISTORICAL BACKGROUND On December 6 th 2017, the Luxembourg Parliament published two bills of laws (PL 7216 and PL 7217) aimed at implementing new transparency measures provided by Directive 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or

On 11 January 2019, the Council of the Government approved a draft law on the amendment of articles L. 232-2 and L. 233-4 of the Luxembourgish Labour Code and article 28-1 of the amended Law on 16 April 1979 determining the general status of public servants (the “Draft law”). The main purpose of the

The State Administration of Foreign Exchange (“ SAFE”) released an updated version of the Foreign Exchange Administrative Provisions on the Domestic Securities Investment by Qualified Foreign Institutional Investors (“ QFII”) (the Regulation) on June 10 th 2018. Two days later, SAFE, together with

In the last quarter of 2018, ESMA has twice updated its Questions and Answers (“ Q&A”) on Regulation (EU) No. 596/2014 of 16 April 2014 on market abuse (the “ Market Abuse Regulation”), to provide some more clarification regarding the delay of disclosure of inside information by credit/financial