UPDATE: Modernization of Luxembourg Fund Laws – entry into force on 28 July 2023 The Bill of law No. 8183 of 24 March 2023 which provides for the modernization of five Luxembourg fund laws (“Bill of Law”), has been adopted by the Luxembourg Parliament on 11 July 2023 and has been published in the Luxembourg …
ESMA Opinion on Undue Costs CSSF SAQ and How They Result in Additional Documentation Requirements for AIFMs On 17 May 2023, ESMA published its Opinion on undue costs of UCITS and AIFs (the “Opinion”).[1] The Opinion is the result of a common supervisory action (CSA) with national competent authorities (NCAs) launched by ESMA in January …
Update as of 23 December 2022. Adoption of the Luxembourg Draft Law on the 2023 Budget On 12 October 2022, the Luxembourg Minister of Finance, Yuriko Backes, submitted to the Chamber of Deputies a draft law on Luxembourg’s state budget for 2023, the “Budget.”[1] The Budget contains few measures for the year ahead, most of …
Update as of 23 December 2022. Adoption of the Luxembourg Draft Law on the 2023 Budget Read More »
Unrestricted Access to Transparency Register Violates EU Law The Court of Justice of the European Union ruled on 22 November 2022 that unrestricted access to information on the beneficial owners of companies under Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention …
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ATAD III Knocking on Luxembourg’s Door: The Directive Proposal for Reporting Requirements Applicable to Shell Companies On 22 December 2021, the European Commission published a proposal for a Directive introducing rules against the use of shell companies in the European Union (Directive 2021/0434, hereafter the “Proposal”). The Proposal is also known in practice as …
ATAD III The Directive Proposal for Reporting Requirements Applicable to Shell Companies Read More »
FINAL REPORT ON TAXONOMY-RELATED PRODUCT DISCLOSURE RTS published by joint committee on sustainable finance[1] On 22 October 2021, the Joint Committee on sustainable finance issued its final report on taxonomy-related product disclosures. The report contains in particular draft regulatory technical standards (draft RTS) for the various disclosure obligations mandated by the SFDR and the Taxonomy …
Precedence of the German Investment Tax Act Over the German Foreign Tax Act Under the ATAD Implementation Act Background On 25 June 2021, the German Federal Council (Bundesrat) approved the Act on the Implementation of the Anti-Tax Avoidance Directive, which had already been published in the Federal Law Gazette (Bundesgesetzblatt) on 30 June 2021. The …
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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 …
Adoption of the Delegated Act Supplementing Article 8 of the Taxonomy Regulation Read More »
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 …
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 …
