Newsletters & Newsflashes

In a precedent newsflash dated November 16 th 2017, we informed you about a press release issued by the Luxembourg Commission de Surveillance du Secteur Financier ( CSSF) whereby CSSF informed investors and other market participants that ESMA had issued a statement on ICOs setting out risks of so

On March 12 th 2018, in the context of the Capital Markets Union action plan, the European Commission issued legislative proposals to amend the existing legal framework for the cross-border distribution of investment funds in the EU. These proposals contain a directive and a regulation (the “

In a recently published consultation document entitled “ Preventing Abuse of Residence by Investment Schemes to circumvent the CRS”, the Organisation for Economic Co-operation and Development (hereafter “ OECD”) was seeking input on how to reduce the risk of using “ residence by investment” (“ RBI”)

On March 1 st 2018, a law was published to modify, inter alia, the law of 17 December 2010 on undertakings for collective investment (the “ 2010 Law”). Luxembourg Parliament voted to clarify the depositary regime for funds subject to Part II of the 2010 Law (“ Part II-UCIs”). It is worth recalling

Private equity investments channelled via Luxembourg investment vehicles (“ Luxco”) typically generate tax-exempt income (dividends, capital gains) to the investors and are generally funded by way of debt, for example taking the form of convertible preferred equity certificates (“ CPECs”) or

The Luxembourg Income Tax Code assesses Luxembourg taxpayers differently, depending upon whether they realise business income or income from private financial wealth management. In case of business income, any capital gain will be taxable, as a matter of principle, contrary to capital gains realized

The law of February 13 th 2018 (“ AMLD Law”) which entered into force on February 18 th 2018 has now implemented most of the outstanding provisions of the 4 th Anti-Money Laundering Directive (“ 4th AML Directive”) into Luxembourg Law. This law introduces amendments to the Luxembourg Law of November

WHAT? By definition, a cryptocurrency or virtual currency ( VC) is a digital or virtual representation of value using cryptography to secure its transactions. Contrarily to centralised electronic money and traditional/fiat currencies ( central banking system), cryptocurrencies use decentralized

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 Beneficial Ownership Registers |

On December 8 th 2017, the Luxembourg tax authorities issued the new circular L.G.-A. No. 61 (replacing the previous Circular dated February 12 th 2015, please see our previous newsletter dated March 2 nd 2015) which aims to cover the procedure applicable to the request of tax residency certificates

As a reminder, as from January 1 st 2018, all entities advising on or selling a packaged retail and insurance-based investment product ( PRIIP) to retail investors in the European Union are required to deliver a PRIIP compliant KID to their retail investors before any investment. Regarding the

The CSSF’s updated UCITS FAQ and the CSSF press release 18/02 dated January 5 th 2018 relate to the deletion of section 1.4 of the UCITs FAQ which stated that “ Non-UCITS ETFs are eligible investments for UCITS if they effectively comply with all criteria of Articles 2(2) and 41(1)(e) of the Law