News & Articles

04/12/23

Unconstitutionality of the minimum net wealth tax of EUR 4,815

04/12/23

Frequent ESG disclosure issues under the EU Sustainable Finance framework explained

The European Securities and Markets Authority (ESMA) issued three notes on 22 November 2023 to explain key concepts that apply across the EU Sustainab…

04/12/23

US fund managers – insourcing functions related to Luxembourg holding structures

When US fund managers tap into the European investor market, they frequently offer prospective European investors the option to commit to a Luxembourg…

29/11/23

Luxembourg implements the modernisation of its fund toolbox

On 11 July 2023, the Luxembourg legislator has adopted the bill of Law N°8183 (the Bill) introduced by the Ministry of Finance on 27 March 2023 amendi…

28/11/23

BSP with Banque Internationale à Luxembourg on the financing of the bk Group

BSP acted as lead counsel to Banque Internationale à Luxembourg as agent, security agent and lender on a financing provided to the German bk Group AG…

24/11/23

Tax – Luxembourg minimum net wealth tax provisions unconstitutional

20/11/23

European Parliament adopts final version of the Data Act

On 9 November 2023, the European Parliament formally and overwhelmingly adopted, by a majority of 481 votes in favour, 31 votes against and 71 abstent…

16/11/23

AIFMD II: Political agreement is out!

The EU Commission, the Parliament and the Council reached an agreement on AIFMD II in July this year and since then the asset management industry has …

15/11/23

Final text of political agreement on AIFMD II has been published

After two years, including several months of technical trilogues, the final text of the political agreement on the amendment of AIFMD (the AIFMD II) i…

15/11/23

BSP advised Banque Internationale à Luxembourg (BIL) and Banque et Caisse d'Epargne de l'Etat (BCEE)

BSP with Banque Internationale à Luxembourg and Banque et Caisse d'Epargne de l'Etat, Luxembourg on their Luxembourg law USD 120,000,000 multicurrenc…

14/11/23

AIFMD 2 - a fine-tuning of the AIFMD framework and targeted harmonisation with the UCITS framework

The text of the political agreement on the review of the alternative investment fund managers directive has been published. The political agreement am…

10/11/23

New guidance on remuneration requirements based on MiFID II

On 13 October 2023, the CSSF released a circular on remuneration requirements under Directive 2014/65 on markets in financial instruments (“MiFID II”)…

07/11/23

Luxembourg: Insolvency law reform

On 1 November 2023, the Luxembourg law dated 7 August 2023, issued from Draft Bill No. 6539A on business preservation and modernization of the insolve…

06/11/23

The Council adopts the EU Green Bonds Regulation

On 23 October 2023, the Council of the European Union (the Council) adopted in first reading the regulation on European green bonds standards (the EU …

02/11/23

Law of 7 August 2023 on non-profit associations and foundations (as consolidated on 23 September 2023)

The rationale behind adopting this law was to update and streamline the 1928 law applicable to non-profit associations and foundations (Non-Profit Org…

02/11/23

Payment services and financial data access

In 2022, the European Commission evaluated the application and impact of the second payment services directive1 (“PSD II”), the conclusions of which r…

31/10/23

ASBL et fondations : entrée en vigueur de la réforme de la loi de 1928

Il aura fallu pas moins de 14 ans afin de réformer une loi qui datait de près de 100 ans, ce qui n’est pas sans rappeler la réforme de la loi sur les …

26/10/23

EC Proposal for a Transfer Pricing Directive

On 12 September 2023, the European Commission (“EC”) introduced a proposal for a Directive on transfer pricing (the “TP Directive”).

25/10/23

Date of the 2024 social elections confirmed

Every five years, Luxembourg’s employers are required to hold elections for their staff delegations, provided that they had at least 15 employees in t…

23/10/23

New Luxembourg Draft Law on business concentrations

The parliamentary process leading to the introduction of a new law on business concentrations (Draft Law No. 8296) (the “Draft Concentration Control L…