Newsletters & Newsflashes

On December 9, 2019, the European Parliament and the Council adopted Regulation (UE) 2019/2089 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) 2016/1011 (hereinafter the “ Benchmark Regulation”) as regards EU Climate Transition Benchmarks, EU Paris-aligned

In December 2018, the European Commission mandated a group of social, financial and academic experts to develop a strategy on sustainable finance which incorporates Environmental, Social and Governance (ESG) considerations into investment decisions and ensures that clients are accurately informed

In a judgment handed down on 12 November 2019, the Luxembourg Lower Administrative Court ( Tribunal administratif) ruled in favour of the disallowance of interest expenses paid under bonds held by a family wealth management company, a société de gestion de patrimoine familial (" SPF"), on the

On 26 November 2019, the Luxembourg Higher Administrative Court ( Cour administrative) referred a preliminary question to the Constitutional Court ( Cour constitutionnelle) concerning the compatibility with the Constitution, and more specifically with the principle of the rule of law, of the change

In October 2019, the Organisation of Economic Cooperation and Development (" OECD") published a public consultation document on the so-called "Unified Approach" under Pillar I. Pillar I is concerned with the allocation of taxing rights between countries and seeks to undertake a review of the profit

On 8 November 2019, the Organisation of Economic Cooperation and Development (" OECD") published a public consultation document asking for comments on its Global Anti-Base Erosion (" GloBE") Pillar II proposal. This follows the publication of the OECD Secretariat’s "Unified Approach" under Pillar I

Background The Grand-Ducal Regulation of 26 October 2019 (the " Amending Grand-Ducal Regulation") amending the Grand-Ducal Regulation of 21 December 2017 relating to the fees to be levied by the CSSF updates the fee arrangements in order to, inter alia, take into consideration Regulation (EU) 2017

ESMA published new Q&A (the “ Q&A”) on Directive 2003/71/EC (the “ Prospectus Directive ”), to clarify various issues which may arise in relation to the implementation of the Prospectus Directive rules in case the UK withdraws from the EU without any withdrawal agreement in place (the so-called “

Updated Application Form and Undertaking Letter Following the entry into force of Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the " Prospectus Regulation") and its transposing law

On 23 October 2019, the Luxembourgish Parliament (“ Chambre de Députés”) published a draft law reintroducing the favourable tax relief regime for capital gains on the sale of private land or dwellings (Bill n° 7486). This measure was first introduced in 2002 in order to stimulate the private housing

On 19 August 2019, the new Luxembourg-France Double Tax Treaty (“ DTT”) came into force following finalisation of each country’s ratification procedures. The DTT will take effect from 1 January 2020 and replace the 1958 Luxembourg-France Double Tax Treaty. The DTT introduces a number of changes

This newsletter is intended as a general discussion of the following topics: Banking & Finance, Capital Markets, 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. BANKING & FINANCE The Law of 16 July