Newsletters & Newsflashes

As indicated in a previous newsflash, the Grand Ducal Regulation dated December 5 th 2017 (the GDRL) coordinating the amended law dated August 10 th 1915 on commercial companies (the Company Law) came into force on December 19 th 2017 completely modifying the numbering of the Company Law. The

On January 23 rd 2018 the CSSF published CSSF Circular 18/679 which amends CSSF Circular 08/337 (the “ CSSF Transparency Circular”) regarding the Luxembourg Law of January 11 th 2008 and the Grand-ducal Regulation of January 11 th 2008 on transparency obligations of issuers (as amended). There were

The CSSF has published Press Release 17/43 (the “ Press Release”) for the attention of issuers of securities subject to the Law of January 11 th 2008 on transparency requirements for issuers of securities, as amended. The CSSF wishes to highlight to those issuers and auditors preparing and auditing

A new EU securitisation framework came into being on January 17 th 2018 with the entry into force of the following Regulations: Regulation (EU) 2017/2402 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (the

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