NFTs, Metaverse and their regulation

What are they and how are they regulated ? There has been a large coverage in the media about NFT and Metaverse during the last year which also continues this year.  Indeed the “tokenmania” that has taken roots within the gaming and art industries seem to expand now to financial products and consequently trigger national […]

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Virtual general meetings during Covid-19 crisis

Companies and other legal entities update The coronavirus epidemic took hostage the course of life in many countries around the world, which found themselves in successive confinements since 2020. It had however the merit of spurring technological progress and facilitating the endorsement of solutions that would have otherwise taken much longer. In Luxembourg, the legislator […]

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CSSF guidance on virtual assets

Recent developments in the financial sector On 29 November 2021, the Commission de surveillance du Secteur Financier (the “CSSF”) published a Communiqué entitled “CSSF guidance on virtual assets” as well as an FAQ on “Virtual Assets” which were recently updated on 4 January 2022. These two initiatives are a follow up to a previous CSSF […]

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Newsflash | Proposed changes to the Luxembourg financial collateral law

Draft law proposing amendments to the Luxembourg financial collateral law On 20 December 2021, a draft law No. 7933 (the “Draft Law“) was lodged with the Luxembourg Chamber of Deputies. While the main aim of the Draft Law is to implement Regulation (EU) 2021/23 of 16 December 2020 on a framework for the recovery and […]

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CovidCheck for businesses as of 15 January 2022

3G system mandatory at the workplace from 15 January 2022 The COVID-19 Bill n°7924 introduced in the Chamber of Deputies on 4th December 2021 and voted on 16th December 2021 implement the mandatory “3G” (vaccinated/recovery/tested) system at the workplace from 15, January, 2022 until 28, February, 2022.  To access their workplace, employees will need to […]

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BSP Announces New Partner Promotions

BSP is pleased to announce the promotion of four new partners, effective 1st January 2022. The partnership now consists of 16 partners, 9 women and 7 men. Gaëlle Felly: She regularly advises a wide range of banking, private equity and corporate clients from a direct and indirect tax perspective. Over the last 15 years she […]

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Virtual Asset Service Providers

and their registration obligation with the CSSF Recently the Commission de Surveillance du Secteur Financier (the “CSSF”) has published a “Communiqué” on virtual assets and virtual asset service providers that has drawn the attention of businesses in connection with virtual assets. On 15 January 2020, the Commission de Surveillance du Secteur Financier (the “CSSF”) published a […]

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Invoice requirements applicable to intra-Community triangular transactions

On 8 April 2021, the Supreme Administrative Court (Verwaltungsgerichtshof) of Austria submitted several questions to the European Court of Justice (the “ECJ”) for a preliminary ruling in connection with invoicing requirements under the EU VAT rules for intra-Community triangular transactions (case C-247/21). Background In principle, in situations involving two supplies of goods between three VAT-registered […]

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Decisions 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 (hereinafter the “SPF Law”), SPFs are exempted from corporate income […]

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Draft law 7872 amending the inter-administrative and judicial cooperation law

On 17 August 2021, the Luxembourg government introduced a draft law amending among others the amended law of 19 December 2008 on inter-administrative and judicial cooperation and the reinforcement of the means of the direct tax authorities (Administration des contributions directes) (the “ACD“), the indirect tax authorities (Administration de l’enregistrement, des domaines et de la […]

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Performance fees declaration

On 22 September 2021, the Commission de Surveillance du Secteur Financier (“CSSF”) published (the “Communication”) on its website inviting investment fund managers (“IFMs”) to proceed with a declaration regarding performance fees (the “Declaration”). The Communication has been issued in the context of CSSF Circular 20/764 (the “Circular”) which integrated into the CSSF administrative practices and regulatory approach […]

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