Newsletters & Newsflashes

On May 18 th 2018, the Banque Centrale du Luxembourg (“ BCL”) released Circular BCL 2018/241 on new statistical data collection for non-regulated alternative investment funds (the “ Circular”). The purpose of the Circular is to inform non-regulated alternative investment funds of their reporting

On May 15 th 2018 the Luxembourg law transposing Directive 2014/65/EU on markets in financial instruments (“ MiFID II”) and Article 6 of the related Delegated Directive EU 2017/593 and implementing Regulation 600/2014 (“ MiFIR”), was adopted by the Luxembourg Parliament (the “ New Law”). The New Law

On March 8 th 2018, the European Commission released a new proposal for a European Regulation on European Crowdfunding Service Providers (“ CSP”) for Business (the “ Proposal”). The Proposal has come about due to the current lack of consistency across the European Union in the treatment of CSPs, and

The “omnibus” law of April 8 th 2018, effective since April 15 th 2018 (hereinafter the “ Law”), amends many provisions of the Labour Code in order to strengthen the protection of employees. The main changes are as follows: Full maintenance of salary in case of incapacity for work due to illness

This newsletter is intended as a general discussion of the following topics: Banking & Finance, Capital Markets, Corporate, 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 Implementation of the 4 th Anti

On April 20 th 2018, the CSSF published a press release stating that they will be conducting an annual online survey of entities subject to its supervision and subject to the law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended. This survey, which will

On April 19 th 2018, the European Parliament announced it had adopted the new directive which will amend the 4 th AML Directive on the prevention of the use of the financial system for the purposes of money laundering or terrorism financing. This new directive ( the 5 th AML Directive) is part of

The Luxembourg Law of April 17 th 2018 on indices used as benchmarks (“ Luxembourg Benchmark Law”) was adopted in order to implement Regulation (EU) No. 2016/1011 of 8 June 2016 on indices used as benchmarks (" Benchmarks Regulation" or “ BMR”), which came into effect on January 1 st 2018. This

On April 19 th, the law of April 17 th 2018 on key information documents for packaged retail investment and insurance products (formerly draft Law 7199) (the “ Law”) was published in the Official Journal of Luxembourg. The law implements provisions of Regulation (EU) No. 1286/2014 (the “ Regulation”

A draft law n°7184 establishing the National Commission for Data Protection and implementing the General Data Protection Regulation ( GDPR) was published on September 12, 2017 (the “ Draft Law”). Proposals for amendments by the group of government delegates have been made on March 8, 2018 a.o. with

On March 28 th 2018 the European Securities and Markets Authority (“ ESMA”) updated its Questions and Answers on Prospectuses (“ Q&A”) to include one new question and answer on profit forecasts, specifically how it can be determined whether a profit forecast has been made. ESMA firstly reiterates

Further to the conclusions reached by the Council of the European Union on December 5 th 2017 on the European Union list of non-cooperative countries and territories for tax purposes (hereafter the “ EU List”), the director of the Luxembourg direct tax authorities (hereafter the “ ACD”) has issued a