Latest Newsletters & Newsflashes
Jul 18, 2023Newsflash | Bill PL8051 - Institutionalizing Temporary Criminal Procedural Measures
In a nutshell: the PL8051 bill represents a significant step towards institutionalizing the temporary measures implemented during the Covid-19 crisis and modernising the interaction with the courts. By integrating these measures into the Code of Criminal Procedure, Luxembourg aims to ensure the
Jul 14, 2023Newsflash | AG Kokott concludes an independent director’s activity does not constitute an economic activity subject to VAT
On 13 July 2023, Advocate General (“ AG”) Kokott delivered her opinion on the VAT treatment applicable to the services of an independent company director in the case C-288/22 TP v. Administration de l’Enregistrement des Domaines et de la TVA. The case concerned a member of the board of directors
Jul 10, 2023Implementation of DAC 7 into Luxembourg Law
On 16 May 2023, the Luxembourg Parliament ( Chambre des Députés) adopted a law (the “ DAC 7 Law”) implementing Council Directive (EU) 2021/514 of 22 March 2021 amending Directive 2011/16/EU on administrative cooperation in the field of taxation (“ DAC 7”), effective as of 1 June 2023 (save for the
Jul 10, 2023Draft law No. 8207: new reporting obligations for payment service providers to prevent VAT fraud
On 5 May 2023, a draft law No. 8207 on the transparency of online payments (the “ Draft Law”) has been submitted to the Luxembourg Parliament ( Chambre des Députés). The purpose of the Law is to introduce a new electronic system to fight against VAT fraud. The Law transposes Directive (EU) 2020/284
Jul 07, 2023Decision of the Higher Administrative Court on the obligation of the tax authorities to respect the adversarial principle
In a judgment of 15 June 2023, the Higher Administrative Court upheld a judgment of the Lower Administrative Court, which had annulled tax returns issued against a taxpayer on the grounds that the tax authorities had failed to respect the taxpayer's rights of defence arising from the adversarial
Jul 07, 2023MiFID II and MiFIR | ESMA guidelines and FAQ
ESMA Guidelines on MiFID II product governance requirements On 27 March 2023, ESMA published its final report on guidelines on Directive 2014/65/EU of 15 May 2014 on markets of financial instruments (“ MiFID II”), regarding product governance requirements (the " Guidelines"). The objectives of the
Jul 07, 2023SFDR data collection for Luxembourg investment funds | update
On 30 June 2023, the CSSF published a press release on the SFDR data collection exercise for investment fund managers (“ IFMs”) and institutions for occupational retirement provision (“ IORPs”), on periodic reporting in relation to Regulation (EU) 2019/2088 on sustainability reporting in the
Jul 07, 2023General Court of the EU reaffirms primary substantive right of access to documents
On 22 March 2023, in its judgment T-72/20 Satabank v. European Central Bank, the General Court of the EU (the “ General Court”) annulled a decision of the European Central Bank (the “ ECB”) rejecting access to a file requested by Satabank plc (the “ Bank”). At the time the complaint was lodged
Jul 07, 2023Crowdfunding Regulation | New ESMA Q&A
On 26 May 2023, ESMA updated its Questions and Answers (" Q&As") in relation to Regulation (EU) 2020/1503 of 7 October 2020 on European crowdfunding service providers for business (the “ Crowdfunding Regulation”). Three new questions and answers have been added to the Q&As. In this latest update
Jul 07, 2023UCIs and virtual assets | CSSF FAQ
On 6 April 2023, the CSSF updated their frequently ask questions (“ FAQ”) on virtual assets addressed to undertakings for collective investment (“ UCIs”), (the “ FAQ”). This update involved the modification of the existing Question 2 and the addition of a new Question 3A. The update of Question 2
Jul 07, 2023CSSF SFDR FAQ | Addressing fund name considerations and efficient portfolio management techniques
Key SFDR clarifications on fund names (Question 7) and efficient portfolio management (Question 8) The sustainable finance disclosure regulation (“ SFDR”) has introduced a new era of transparency and sustainability in the financial industry. The CSSF has recently provided important clarifications
Jul 07, 2023DLT | Most recent developments
ESMA Q&A Updates On 27 March 2023, ESMA updated its questions and answers on the implementation of Regulation (EU) 2022/858 of 30 May 2022 on a pilot regime for market infrastructures based on distributed ledger technology (" DLT Regulation") (the “ DLT Pilot Regime Q&A”). With this update, ESMA
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