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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Benchmark Regulation | Draft Law

Last July, Draft Law No. 7861 (the “Draft Law”) was published containing proposed amendments to the Law 17 April 2018 (the “Benchmark Law”) that had implemented Regulation (EU) 2016/1011 of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds amending Directives 2008/48/EU and 2014/17/EU […]

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Amendments to AIFM Regulation and UCITS Directive to integrate sustainability considerations

The proposed sustainability amendments to Directive 2010/43/EU (the “UCITS Directive”) and to Delegated Regulation (EU) 231/2013 (the “AIFM Regulation”) integrating sustainability considerations into the organisational, operating and risk management obligations of authorised alternative investment managers (“AIFMs” ) and UCITS management companies (“ManCos”) have been adopted and published in the Official Journal of the European Union […]

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Circular CSSF 21/778 | UCITS marketing notifications

On 28 July 2021, the CSSF issued Circular 21/778, regarding “Update of the Circular CSSF 11/509 in accordance with Directive (EU) 2019/1160” (the “Circular”); the Circular amends Circular CSSF 11/509 on “Notification procedures to be followed by a UCITS governed by Luxembourg Law to market its units in another Member State of the European Union […]

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Luxembourg 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 implement a new technical process whereby HTML forms will replace the traditional […]

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Latest 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 market (“Prospectus Regulation”), on 16 July 2021 […]

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ESMA released disclosure and investor protection guidance on SPAC’s

On 15 July 2021, ESMA issued a public statement (the “Statement”) providing guidance on prospectus disclosure and investor protection considerations in special purpose acquisition companies (“SPACs”). Background SPACs are shell companies with no business activity, which are created for the sole purpose of raising capital through an initial public offering (“IPO”) with the prospect of acquiring an […]

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Recent 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 published in the Luxembourg official journal […]

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CSSF |Changes in authorisation processes of new regulated funds and sub-funds

Change of Authorisation Process for new UCI and/or new sub-funds  In a communiqué of 30 July 2021, the CSSF announced the introduction of a new questionnaire named “Fund Pre-Inception Readiness Review” to be completed together with the application file relating to the authorisation process of new regulated funds and/or sub-funds to be added to existing regulated fund […]

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