Latest Newsletters & Newsflashes
Jul 11, 2024CSRD I Draft law n°8370: transposing Directive (EU) 2022/2464 on Corporate Sustainability Reporting
Summary Draft Law n° 8370 (the “Draft Law”) was introduced on 29 March 2024 before the Luxembourg Parliament to transpose the Corporate Sustainability Reporting Directive (CSRD) and the Commission Delegated Directive (EU) 2023/2775 into national legislation. This new framework will replace the
Jul 11, 2024Modernisation of the accounting law | Opinion of the Luxembourg Bar
Background As reported in our previous newsletter article , a draft law to modernise the Luxembourg accounting legislation (the “ Draft Law”) was submitted to the Luxembourg Parliament ( Chambre des Députés ) in July 2023. This Draft Law No. 8286 intends to clarify and consolidate general accounting
Jul 11, 2024CSDD I EU takes bold step: new directive mandates corporate accountability for sustainability and human rights
On 5 July 2024, the Directive 2024/2859 on Corporate Sustainability Due Diligence (CSDDD) (the "Directive") was published in the Official Journal of the European Union. This new law requires companies to ensure their activities are sustainable and respect human rights across their entire value chain
Jul 10, 2024AML/CFT | The EU Comprehensive Package: essential takeaways
On 19 June 2024, the European Parliament and Council published the new anti-money laundering and countering the financing of terrorism (“ AML/CFT ”) package – an extensive reformative legislative package – that consists of three main legal texts: Regulation (EU) 2024/1624 of 31 May 2024 aimed at
Jul 10, 2024EU Listing Act | Key highlights of what has been approved by the European Parliament
Introduction On 24 April 2024, the European Parliament adopted a package of new measures which are commonly referred to as the " Listing Act" which aims to further develop the Capital Markets Union and which consists of three interconnected legislative proposals: an amending regulation amending
Jul 10, 2024UCITS | UK publishes OFR regulation confirming equivalence of EEA UCITS
Introduction On 14 May 2024, the UK Government released official Regulations confirming its equivalence decisions regarding EEA states under the UK's Overseas Funds Regime (OFR). An explanatory memorandum, providing further clarification, accompanied the Regulations The Regulations take effect on 16
Jul 10, 2024UCITS | ESMA call for evidence on the review of the Commission Directive 2007/16/ec on UCITS Eligible Assets
On 7 May 2024, ESMA published a call for evidence on the review of the Commission Directive 2007/16/EC on UCITS Eligible Assets (the “ UCITS EAD”). Background Under Directive 2009/65/EC of 13 July 2009 (the “ UCITS Directive”), a UCITS fund is permitted to invest only in specific asset classes
Jul 10, 2024AIFM / UCITS | ESMA on performance fees
ESMA updates its Q&A on costs and fees ESMA published on 8 and 24 May 2024 further responses to questions on the application of performance fees, expanding their Q&A on costs and fees . The Q&A concern the application of a minimum performance reference period to additional reference indicators and
Jul 10, 2024CSSF Circular 24/856 | Investor protection in the event of NAV calculation error and non-compliance with investment rules
Published on 28 March 2024 this circular enters into effect on 1 January 2025 and replaces CSSF Circular 02/77. CSSF Circular 24/856 aims at extending and codifying the rules applicable to Luxembourg investment funds in the event of a NAV calculation error, an investment breach or other errors that
Jul 10, 2024ECJ Case Law I VAT - Adient Case - Notion of fixed establishment
Key takeaways On 13 June 2024, the European Court of Justice (“ ECJ”) issued its ruling in case C-533/22 ( Adient case) pertaining to whether an affiliated undertaking may be regarded as a fixed establishment of another foreign group company for VAT purposes. Facts of the case Adient group is a
Jul 10, 2024FASTER | Council of the European Union reaches political agreement
Background As a reminder, on 19 June 2023, the European Commission released a proposal for a Council Directive on Faster and Safer Relief of Excess Withholding Taxes (“ FASTER Proposal”) laying down rules on the issuance of a digital tax residence certificate by EU Member States and the procedure to
Jul 10, 2024BSP Newsletter | July 2024
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