Newsletters & Newsflashes

On January 11 th 2019, the Council of the Government ( Le Conseil de gouvernement) discussed a draft law (the “ Draft Law”) which has as its purpose the transposition into Luxembourg law of Directive (EU) 2017/828 of 17 May 2017 as regards the encouragement of long-term shareholder engagement (the “

The CSSF has published Press Release 19/02 (the “ Press Release”) for the attention of issuers of securities subject to the Law of January 11 th 2018 on transparency requirements for issuers of securities, as amended. The CSSF wishes to highlight to those issuers and auditors preparing and auditing

In a recent decision (No.40352 dated December 20 th 2018), the Lower Administrative Court (“ Tribunal administratif”) confirmed, as in previous decisions, that by application of the principle of legitimate expectations ( principe de confiance légitime), a confirmation given by the Luxembourg tax

Both the European Securities and Markets Authority ( ESMA) and the European Banking Authority ( EBA) have published yesterday January 9 th 2019 individual report on crypto-assets. ESMA, together with EU Member State national competent authorities, has analysed various business models of crypto

On November 5 th 2018, the Economic and Monetary Affairs Committee (the “ Committee”) voted on the European regulation on European Crowdfunding Service Providers for Business proposed by the European Commission in March 2018. The aim of the proposed regulation is to end the current status quo in

In a ruling issued on November 8 th 2018 (case C-502/17), the Court of Justice of the European Union (the “ ECJ”) had to rule on the question whether a real estate property developer who did not register for VAT purposes, despite being under the obligation to do so, and who has failed to keep

Article 30 of the Directive (EU) 2015/849 of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “ AML 4 th Directive”), which requires corporate and other legal entities incorporated within an EU Member State to obtain

The Luxembourg Stock Exchange now offers issuers the possibility to admit their securities to trading on a professional segment (each a “ Professional Segment”) of each of its two markets, the BdL market (the EU-regulated market) and the Euro MTF market (Exchange-regulated market). Trading on these

The Draft Law No. 7278 introducing the VAT group regime in Luxembourg (please refer to our newsletter dated June 2018 for more details) was adopted without any substantial changes on August 6 th 2018 with retroactive effect as of July 31 st 2018. The concept of normal value ( valeur normale)

Since our last newsletter on the topic, the European Securities and Markets Authority (“ ESMA”) updated a number of its Q&A regarding the Markets in Financial Instruments Directive – Directive 2014/65/EU of 15 May 2014 (“ MiFID II”) and the Markets in Financial Instruments Regulation – Regulation No

On December 18 th 2018, the Luxembourg Parliament ( Chambre des Députés) passed Draft Law No. 7318 which transposes into domestic law the Anti-Avoidance Tax Directive (“ ATAD”). The law was adopted without any substantial amendments to the draft version we previously covered (please refer to our

Background Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (the “ Securitisation Regulation”) establishes a new European legal and regulatory framework for