Latest Newsletters & Newsflashes
Oct 12, 2021European Commission’s response to questions on the interpretation of SFDR
On 14 July 2021, the European Commission (EC) responded to the letter of 7 January 2021 addressed to it by the European Supervisory Authorities (ESAs) in relation to the application of Regulation (EU) 2019/2088 on sustainability - related disclosures in the financial services sector ( “ SFDR”). The
Oct 01, 2021Draft law on the right to disconnect
On 28 September 2021, the Luxembourg Minister of Labour filed a draft law n°7890 (hereafter the “ Draft Law”) with the Luxembourg Parliament ( Chambre des Députés) aimed at introducing into the Luxembourg Labour Code the obligation for each company to define precisely the rules governing the right
Oct 01, 2021Payments services and e-money | New delegated regulation
On 28 September 2021, the Commission Delegated Regulation (EU) 2021/1722 of 18 June 2021 (the “ Regulation”), supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council (the “ Payment Services Directive”, “ PSD2”) with regard to regulatory technical standards specifying the
Sep 27, 2021CSSF Circular 21/782 | Adoption of the EBA revised guidelines on money laundering and terrorist financing risk factors
Background On 24 September 2021, the CSSF issued a new Circular 21/782 regarding the adoption of the revised guidelines by the European Banking Authority (“EBA”), on money laundering and terrorist financing risk factors (the “ Circular”). This Circular replaces CSSF Circular 17/661. Purpose The
Sep 20, 2021Decisions of the Lower Administrative Court on the supervision of SPFs
On 15 September 2021, the Lower Administrative Court issued four decisions on the lack of competence of the Luxembourg Direct Tax Authorities (hereinafter “ ACD”) to supervise family asset management companies (hereinafter “ SPFs”). According to the law of 11 May 2007 on the creation of SPFs
Sep 15, 2021Circular on the treatment of tax loss carry forwards for municipal business tax purposes
Context On 10 August 2021, the Luxembourg Tax Administration issued an administrative circular ICC No.31 (the “ Circular”) providing further clarifications in respect of the treatment of loss carryforwards in the field of municipal business tax (“ MBT”). Background Paragraph 9bis of the Municipal
Sep 15, 2021Extension of teleworking for Belgian, French and German cross-border workers in the context of the Covid-19 pandemic
The Luxembourg Government has once again reached agreements on an “exceptional measure” with the Belgian, French and German Governments regarding the taxation of Belgian, French and German cross-border commuters normally working in Luxembourg and now teleworking from their homes. As a result, as of
Sep 06, 2021Law of 21 July 2021 transposing the cross-border directive and updating CSSF procedures
On 21 July 2021, the law transposing Directive (UE) 2019/1160 with regard to cross-border distribution of collective investment undertakings (the “ CBD”) and amending: the law of 17 December 2010 regarding undertakings for collective investment (the “ UCI Law”) and the law of 12 July 2013 related to
Sep 02, 2021Recent publication of Luxembourg laws regarding the financial sector
Modernisation of the licensing process in the financial and insurance sectors On 26 July 2021, the Luxembourg law of 21 July 2021 which empowers the CSSF or the Commissariat aux Assurances, as applicable, to grant or withdraw a licence to a regulated entity, instead of the Minister of Finance, was
Sep 01, 2021End of submission of extension request for funds in non-judicial liquidation
On 31 August 2021, the Commission de Surveillance du Secteur Financier (the “ CSSF”) published a communication update in relation to the requirement to submit liquidation extension request for funds in non-judicial liquidation (the “ Communication”), whereby it informs the market that, effective
Sep 01, 2021Luxembourg Business Register (LBR) | New RCS filing formalities
The LBR has recently issued a public notice specifying new rules relating to the filing process of documents with the Luxembourg Trade and Companies Register (the “ RCS”). These new rules aim to enhance digitalisation, thereby easing the document-filing process with the RCS. The new procedure will
Sep 01, 2021Latest updates on ESMA Q&A on Prospectus Regulation
Since our last newsletter, ESMA has twice updated its Questions and Answers (" Q&As") relating to Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated
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