Newsletters & Newsflashes

The European Securities and Markets Authority (“ ESMA”) has recently updated its Q&A on Regulation (EU) No. 2016/1011 of June 8 th 2016 on indices used as benchmarks (" Benchmarks Regulation" or “ BMR”). One of the new questions considered by ESMA was whether prospectuses should include reference to

The ESMA Q&A on the application of the UCITS Directive was updated on July 23 rd 2018 with four new questions and answers, one of them being a new section X on Depositary. Issuer concentration The question was raised whether netting and hedging arrangements can be taken into account for the purposes

On July 3 rd 2018, the Organisation for Economic Co-operation and Development (“ OECD”) published a discussion draft that aims to provide extensive guidance on how tax authorities and Multinational Enterprises should assess the arm’s length remuneration on intra-group financial transactions. The

On April 10 th 2018 the German Constitutional Court (hereafter “ GCC”) ruled that the assessment of property tax in the “old West German states” of Germany, based on unitary values determined in 1964, was unconstitutional as it leads to major difference in treatment without sufficient justification

On May 29 th 2018, the European Commission published two draft delegated regulations which contain proposals to amend certain rules relating to the safe-keeping duties of depositaries under the alternative investment fund managers directive, Directive 2011/61 EU (the “ AIFMD”) and the undertakings

This newsletter is intended as a general discussion of the following topics: AML, Banking & Finance, Capital Markets, Dispute Resolution, Employment, 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 European

On June 29 th 2018, the Chamber of Deputies of the Grand-Duchy of Luxembourg issued a draft law 7328 on prospectuses (the “ Draft Law”) for the purposes of implementing Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a

On June 11 th 2018, the director of the Luxembourg indirect tax authorities ( Administration de l’enregistrement et des domaines, “ AED”) issued a circular, which confirms that the position held by the ECJ, in its court ruling Hedqvist of October 22 nd 2015 (C-264/14), should apply in Luxembourg and

The Luxembourg Minister of Finance submitted to the Parliament on April 13 th 2018 a new draft law No. 7278, introducing the VAT group regime in Luxembourg (the “ Draft Law”). This follows the repeal on November 23 rd 2017 of the Grand-Ducal Decree dated January 21 st 2004 regarding the VAT

On June 18 th 2018, the Luxembourg government published a draft law implementing the first Anti-Tax Avoidance Directive (hereafter “ ATAD”) into Luxembourg law (please see our Newsletter of April 2016 on the topic of the ATAD). The draft law still needs to go through the Luxembourg legislative

In the framework of the June 18 th 2018 draft law implementing the first Anti-Tax Avoidance Directive (hereafter “ ATAD”) into Luxembourg law, the Luxembourg government decided to propose additional changes to the Luxembourg tax law that were not required by the ATAD but nonetheless fall, in the

On June 11 th 2018, the Luxembourg VAT authorities issued a circular letter No. 765-1 (the “ Circular”), extending the scope of application of the circular letter No. 765, released in 2013, to VAT taxable persons carrying out both economic and non-economic activities. Through the Circular, the VAT