On 29 March 2019, ESMA clarified benchmark disclosure obligations for UCITS in an updated version of its Q&A on the application of the UCITS Directive.
NautaDutilh Avocats Luxembourg is an exclusive contributor to The Legal 500 Banking & Finance 2nd Edition Country Comparative Guide
On 27 March 2019, the CSSF issued a new Circular 19/714 (the “Circular”) in order to update its guidelines on the use of cloud computing infrastructure, as presented in its initial circular (the “Cloud Circular”) 17/654.
In anticipation of the United Kingdom leaving the European Union (or simply “Brexit” as it is more commonly referred to) without an agreement in place (the so-called “Hard Brexit” scenario), the Luxembourg legislator has taken swift action to facilitate a smooth transition
The Cayman Islands and Luxembourg are two of the world’s leading investment funds jurisdictions. As fund structures develop it is increasingly common to see structures that include Cayman Islands and Luxembourg vehicles.
The 4th EU AML Directive1, as amended by the 5th EU AML Directive2, requires each Member State of the EU inter alia to establish registers of beneficial owners (“RBO”) in respect of corporate and other legal entities incorporated within its territory.
On 26 February 2019 the Grand Chamber of the Court of Justice of the European Union (“CJEU”) rendered 2 important judgments regarding the non-application of the Parent Subsidiary Directive1 (“PSD”) and the Interest and Royalties Directive2 (“IRD”) in case of fraud or abuse, even in the absence of any domestic anti-abuse legislation.
On 15 February 2019, a Grand Ducal Regulation on the registration requirements, administrative fees and access to information in the Luxembourg register of beneficial owners (the "REBECO Regulation") was adopted. The REBECO Regulation will enter into force on 1 March 2019.
(Some) clarifications regarding the Register of BOs: publication of the Grand-Ducal Regulation of 15 February 2019 on the modalities for registration, payment of the administrative fees and on the access to the information registered with the register of beneficial owners
On 14 February 2019, the Luxembourg parliament approved the bill of law to ratify the Multilateral Instrument (“MLI”) and introduce it into domestic law.
