On 5 December 2019, the CSSF published a communication summarizing results of an AML/CFT questionnaire as well as an AML/CFT conference concerning registered AIFMs and Self-Managed Non-AIFs which took place on 3 December 2019 (the "Communication").
On 3 July 2018, the OECD launched a consultation on the transfer pricing of financial transactions by publishing the first draft of a new chapter of the OECD Transfer Pricing Guidelines for Tax Administrations and Multinational Enterprises.
As regards IT outsourcing of material activities by credit institutions, investment firms and professionals performing lending operations under Circular CSSF 12/552 (as amended) and IT outsourcing by electronic money institutions, payment institutions and professionals of the financial sector ("PFS") other than investment firms, under Circular CSSF 17/656, the CSSF has published on 16 December 2019 a new form for authorisation requests.
Following the adoption of the modified Interpretative Note to the Financial Action Task Force (“FATF”) Recommendation 15 on New Technologies, the Commission de Surveillance du Secteur Financier (the “CSSF”) has published a press release
On 30 January 2020, the Court of Justice of the European Union (“CJEU”) issued its judgement in the case of Köln Aktienfonds Deka (“KA Deka”). The CJEU answered two preliminary questions from the Dutch Supreme Court on the compatibility with EU law of differences in the Dutch dividend withholding tax regime, depending on whether the recipient is a non-resident UCITS or a Dutch resident UCITS qualifying as a so-called “fiscal investment fund” (fiscale beleggingsinstelling, “FBI”).
On 31 January 2020, the Commission de Surveillance du Secteur Financier (“CSSF”) has published a press release in which it indicates that the CSSF’s individual decisions granting the 12-month transitional regime to United Kingdom (“UK”) entities
Today, the Luxembourg financial supervisory authority (the CSSF) released a communication on Brexit1 which follows up on previous communications issued by the CSSF regarding the transitional regime under the laws of 8 April 2019 on Brexit, as well as the mandatory notifications process.
At midnight tonight Luxembourg time, the United Kingdom will leave the European Union. For business in the EU and the UK, nothing will change during 2020.
The Luxembourg Stock Exchange’s new rules and regulations (the “R&Rs”) enter into force today, 31 January 2020, and will certainly be warmly welcomed by issuers and their listing agents/legal advisors. The new R&Rs can be consulted here.
Article 7 of Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (the "Securitisation Regulation") imposes strict disclosure requirements on originators, sponsors and securitisation special purpose entities ("SSPEs") of securitisations.
