Newsletters & Newsflashes

Directive (EU) 2015/2366 on payment services (“ PSD2”) entered into force on January 12 th 2016 and should have been transposed by all Member States, including Luxembourg, by January 13 th 2018. PSD2 repeals Directive 2007/64/EC on payment services in the internal market (“ PSD1”) and introduces

The Luxembourg Stock Exchange (“ LxSE”) has published Edition 01/2018 of the Rules and Regulations of the LxSE (the “ R&Rs”) which replaces version 07/2016 that entered into force on January 1 st 2016. The LxSE has also, very helpfully, published questions and answers regarding the amendments to the

Since our article on the questions and answers of the European Securities and Markets Authority (“ ESMA”) regarding Markets in Financial Instruments Directive (recast) – Directive 2014/65/EU (“ MiFID II”) and Markets in Financial Instruments Regulation – Regulation 600/2014 (“ MiFIR”) in our May

Comme indiqué lors d’une précédente lettre d’information, le Règlement grand-ducal du 5 décembre 2017 (le RGDL) portant coordination de la loi modifiée du 10 août 1915 concernant les sociétés commerciales (la LSC) est entré en vigueur le 19 décembre 2017 modifiant de la sorte totalement la

On January 3 rd 2018 the majority of the provisions of Directive 2014/65/EU on markets in financial instruments (“ MiFID II”) and Regulation (EU) No. 600/2014 on markets in financial instruments (“ MiFIR”) became applicable. MiFIR (with the exception of Article 37 thereof which shall apply from

The Luxembourg tax administration issued a new circular L.I.R. 104/2 dated November 29 th 2017 replacing the previous circular dated December 20 th 2012 regarding the tax treatment of warrants and stock-options allocated to employees. The new circular changes the lump sum valuation method of

On December 19 th 2017, the Minister of Finance of Luxembourg presented a draft bill to Parliament to amend the law of November 25 th 2014, as regards the procedure applicable to the exchange of information on request (the “ Draft Law”). The purpose of the Draft Law is to give full effect to the

On December 15 th 2017, the Law concerning the budget of State revenue and expenditure for the financial year 2018 (the “ Budget Law”) was passed. Listed below are the main measures of the Budget Law, which took effect on January 1 st 2018, in relation to (i) natural persons and (ii) companies. For

On December 20 th 2017, the Court of Justice of the European Union (“ ECJ”) rendered its judgment in the joined cases of Deister Holding AG (Case C-504/16) and Juhler Holding A/S (Case C-613/16) v. Federal Central Tax Office of Germany ( Bundeszentralamt für Steuern) concerning the refusal to exempt

The Grand-ducal Regulation of December 21 st 2017 relating to the fees to be levied by the CSSF (the “ New Grand-ducal Regulation”) entered into force on January 1 st 2018 and repealed the Grand-ducal Regulation of October 28 th 2013. The New Grand-ducal Regulation (in the same way as its

Context As you may know from a previous newsflash on the subject dated October 16 th 2017, a draft Grand Ducal Regulation aimed at consolidating the Luxembourg law of August 10 th 1915 on commercial companies, as amended from time to time (the 1915 Law) was filed. What happened? On December 15 th

On December 12 th 2017 the European Supervisory Authorities (“ ESAs”) published draft regulatory technical standards amending Regulation (EU) 2016/2251 supplementing Regulation (EU) No. 648/2012 (“ EMIR”) with regard to regulatory technical standards on risk-mitigation techniques for OTC derivative