Adoption of the Delegated Act Supplementing Article 8 of the Taxonomy Regulation

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EC: Supplementing Article 8 of the Taxonomy Regulation On 6 July 2021, the European Commission adopted the Delegated Act (the “DA”) supplementing Article 8 of the Taxonomy Regulation for review by the European Parliament and Council. The Delegated Act provides for specific details on the content and presentation of information that both financial and non-financial undertakings are …

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New ESG Disclosure Obligation for Financial Market Participants Effective From 30 June 2021

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New ESG Disclosure Obligation for Financial Market Participants Effective From 30 June 2021   The European ESG Disclosure Regulation (Regulation (EU) 2019/2088) has been in force since 10 March 2021. The aim of the Disclosure Regulation is, among other things, to establish comprehensive transparency obligations on specific sustainability aspects for all financial market participants. According to the legal definition …

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ESMA GUIDANCE FOR FUNDS’ MARKETING COMMUNICATIONS – -NEW OBLIGATIONS FOR AIFMS AND UCITS MANCOS

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ESMA GUIDANCE FOR FUNDS’ MARKETING COMMUNICATIONS[1] – New obligations for AIFMs and UCITS MancoS The European Securities and Markets Authority (ESMA) drafted a consultation paper on guidelines on marketing communications. ESMA invited feedback from interested stakeholders on the proposed guidelines by 8 February 2021 and will consider this feedback with a view to issue final …

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DAC 6: Luxembourg Is Extending Reporting Deadline/Situation for Germany Remains Uncertain

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  On 27 July 2020, Luxembourg has published a law amending the reporting deadline regarding cross-border tax arrangements in Mémorial A No. 638. Therefore, the following reporting deadlines apply in Luxembourg:   If the first step of an arrangement was implemented between 25 June 2018 and 30 June 2020, reporting can be made by 28 February 2021. If the first step of …

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Changes to FATCA and CRS Laws – Nil Reports Will Be Mandatory

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The Luxembourg Law of 18 June 2020 provides for the following amendments to the FATCA Law (Luxembourg Law of 24 July 2015) and the CRS Law (Luxembourg Law of 18 December 2015):   Mandatory nil reporting:   The CRS Law and the FATCA Law now expressly provide that from 1 January 2021, Luxembourg financial institutions will be …

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DAC 6: German Federal Minister of Finance Comments on Extension of Deadline – Luxembourg Submits Draft Law

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On 19 June 2020, we informed you about the decision of the European Council to allow EU Member States to extend the reporting period for cross-border tax arrangements as defined in the DAC 6 Directive by up to six months. The following extensions of the reporting deadline have been proposed:   If the first step of an …

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UPDATE : European Union postpones deadline for “DAC 6”

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Commission proposes postponement of taxation rules due to Coronavirus crisis On 14 May 2020, we already informed about a proposal by the European Commission to postpone the original deadline for DAC 6 notification due to the restrictions during the COVID-19 pandemic. The Luxembourg Ministry of Finance endorsed this proposal in a publication of 4 June …

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Luxembourg Parliament passes DAC 6 law

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News radar: On 21 March 2020, the Luxembourg Parliament discussed and voted in favor of the bill implementing the DAC 6 Regulation in national law which was last amended by bill no 749510. The amended and now implemented bill (bill no 74959) extends the exemptions from the reporting obligations to expert-comptables, auditors, and lawyers and also …

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Commercial Court submits regulations regarding Register of Beneficial Owners to ECJ for interpretation

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AIQUNITED is providing information on a decision of the Luxemburg Commercial Court to submit questions in relation to Art. 15, Section 1 of the RBO Law to the European Court of Justice (“ECJ”). Art. 15 of the RBO Law restricts access to the Register of Beneficial Owners (the “RBO”) to public authorities, notaries and financial …

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