Newsletters & Newsflashes

On September 4 th 2018, the European Commission (“ Commission”) released the public version of its state aid decision ordering the recovery of the alleged illegal state aid granted to Engie by Luxembourg. At issue are two tax rulings issued by the Luxembourg tax authorities in 2008 and 2010

On August 23 rd 2018, the CSSF published Circular CSSF 18/697 (“ Circular”), which (i) specifies organizational requirements for depositaries of funds which are not subject to Part I of the Law of December 17 th 2010 on undertaking for collective investment (the “ 2010 Law”), (ii) modifies Circular

The CSSF published its first Frequently Asked Questions (“ FAQ”) concerning the Money Market Fund Regulation (“ MMFR”) on August 28 th 2018. This FAQ explains some of the key aspects of the regulation which are relevant to money market funds (“ MMFs”) and their managers. The document answers many of

The CSSF’s frequently asked questions (“ FAQ ”) on AIFMs was updated on August 14 th 2018 with an additional question 23.b) in the section Impact of the PRIIPs Regulation . The question raised was whether Luxembourg AIFs the units of which are being advised on, offered or sold to retail investors

The Law of 1 August, 2018 establishing the national commission for data protection and the general scheme on data protection [1] (hereinafter “ the Law”), implements the general data protection regulation (hereinafter “ the GDPR”) that entered into force on 25 May, 2018. As the GDPR is directly

On June 25 th 2018 the Chamber of Deputies of the Grand-Duchy of Luxembourg issued a draft law 7324 (the “Draft Law”) implementing a time-saving account. The time-saving account will enable the employee to better manage their working time and overtime, as well as to take time off when considered

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