14/10/2021| BSP Webinar – LuxFLAG Sustainable Investment Week 2021

“Unveiling the details of sustainable finance regulation: where do we stand, what to expect, and how to comply? BSP is glad to invite you to the webinar “Unveiling the details of sustainable finance regulation: where do we stand, what to expect, and how to comply?” we have organised together with LuxFLAG on Thursday, 14th October at 9:00 AM.  […]

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Bonn & Schmitt – Press Release

The Partners of BONN & SCHMITT are pleased to announce the arrival on 1st October of Mr. Erwin SOTIRI, Attorney at Law, as a new Partner and Mr. Ruben MENDES, Attorney at Law, as an Associate (former law firm JURISCONSUL). Mr. SOTIRI has a professional experience of 18 years in the fields of new technology, […]

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Hot topics in luxembourg investment funds

According to the latest statistics released by the CSSF, the total net assets for regulated funds in Luxembourg amounted to more than EUR5 trillion as at 31 January 2021, representing an increase of some 5% compared to the same period in 2020. The recent Openlux attacks on Luxembourg show that, as a small country, Luxembourg […]

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The personal tax liability of the manager is not a fatality

The first degree administrative court of Luxembourg recently issued a judgment (number 43190) that is likely to reassure diligent managers and directors of commercial companies. In the judgement, a member of the board of directors (‘Mr. X’) of a Luxembourg public limited company (société anonyme) received a tax guarantee assessment issued by the Luxembourg direct […]

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IR Global – Meet the Members – BENELUX

September 2021

For international businesses looking to gain a foothold in Europe, the Benelux countries – Belgium, the Netherlands and Luxembourg – provide the perfect place to establish operations, with comprehensive infrastructure, […]

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Performance Fees | ESMA Updates UCITS and AIFMD Q&A

Since the publication of our last newsletter in March 2021, the European Securities and Markets Authority (“ESMA”) has updated its Questions and Answers on Application of the UCITS Directive (the “UCITS Q&A”) and its Questions and Answers on Application of the AIFMD (the “AIFMD Q&A”) (together the “Q&As”), on 30 March and 28 May. The purpose of […]

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ESG New European Commission package of measures

On the 21 April 2021, the European Commission released a package of measures to help improve the flow of money towards sustainable activities across the European Union, in line with the European Commission Sustainable Finance Action Plan which had already implemented the Taxonomy Regulation, the Climate Benchmarks Regulation and the Sustainable Finance Disclosure Regulation (“SFDR“). The 2021 package of measures aims […]

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CSSF updated Q&A | Application of MIFID II

On 10 June 2021, the Commission de Surveillance du Secteur Financier (the “CSSF”) published an updated version of its Frequently Asked Questions concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment schemes (the “UCITS FAQ”) and an updated version of its Frequently Asked Questions concerning the Luxembourg Law of 12 July […]

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Money Market Funds | CSSF Communiqué – Reporting Instructions

According to Article 37 of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (“MMFR”), the manager of a money market fund (“MMF”) must report certain information to the competent authority of the MMF.On 4 May 2021, the CSSF published a “user guide concerning reporting […]

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AML/CFT | EBA Opinion on the risks affecting the European Union’s Financial Sector

On 3 March 2021, the European Banking Authority (EBA) issued its third Opinion on the risks of money laundering and terrorist financing affecting the European Union’s Financial Sector (the “Opinion”). Both the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) were also closely involved in the process. Art. 6(5) of Directive […]

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Newsflash | Holding meetings in companies

EXTENSION While the coronavirus pandemic situation continues to have an impact on the sound governance of companies and other legal entities, the Luxembourg legislator decided to extend the possibility for the companies to hold their general meetings and other necessary meetings without physical presence. These measures were initially provided by the Grand-Ducal Regulation of 20 […]

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Circular CSSF 21/771 | Application of ESMA’s guidelines on disclosure requirements under the Prospectus Regulation

On 20 April 2021, the Luxembourg CSSF published Circular 21/771 (the “Circular”) on the application of the guidelines of the European Securities and Markets Authority (ESMA) on disclosure requirements under Regulation (EU) 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on […]

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