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European Law


"No-deal" Brexit scenario: overview and implications for UK AIFMs operating in Luxembourg
17/08/2020

Many UK firms currently carry on cross-border services in Luxembourg in reliance on an EU financial services passport (e.g. under the Alternative Investment Fund Managers Directive ("AIFM Directive") or the Markets in Financial Instruments Directive ("MIFID")).

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New mandatory automatic exchange of information rules for Digital Platforms “DAC7”

New mandatory automatic exchange of information rules for Digital Platforms “DAC7”
24/07/2020

On 15 July 2020, the EU Commission published a directive proposal (the “DAC7 Proposal”), amending, for the 6th time, Directive 2011/16/EU on administrative cooperation (the “DAC”) in the field of taxation.

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Brexit uncertainty forces UK FCA to re-open the TPR

Brexit uncertainty forces UK FCA to re-open the TPR
23/07/2020

In light of the ongoing Brexit discussions, the UK Financial Conduct Authority (FCA) has decided to re-open the temporary permissions regime (TPR) as from 30 September 2020.

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Optional deferral of the EU Mandatory Disclosure Directive reporting obligations

Optional deferral of the EU Mandatory Disclosure Directive reporting obligations
25/06/2020

On 24 June 2020, the Council of the European Union (the Council) adopted an amendment to the Mandatory Disclosure Directive ((Directive (EU) 2018/855) the Directive) allowing EU Member States an option to defer by up to six months the time limits for the filing and exchange of the reportable arrangements.

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CJ rules Luxembourg  fiscal unity regime infringes EU law (B & others)

CJ rules Luxembourg fiscal unity regime infringes EU law (B & others)
16/06/2020

On 14 May 2020, the CJ delivered its judgment in case B and Others v Administration des contributions directes (C-749/18). The Court concluded that the Luxembourg fiscal unity regime, which still now separates vertical and horizontal fiscal unities, is contrary to the freedom of establishment.

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CJEU rules that free samples of OTC medicinal products can be provided to pharmacists

CJEU rules that free samples of OTC medicinal products can be provided to pharmacists
15/06/2020

On 11 June 2020, the Court of Justice of the European Union (CJEU) confirmed that it is prohibited to distribute free samples of prescription-only medicines to pharmacists but clarified – against the Advocate General's opinion of 20 January 2020 – that the prohibition does not extend to over-the-counter (OTC) products. 

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Mergers: European Commission opens in-depth investigation into Air Canada's proposed acquisition of Transat Air

Mergers: European Commission opens in-depth investigation into Air Canada's proposed acquisition of Transat Air
02/06/2020

On 25 May 2020, the European Commission decided to open an in-depth investigation under the EU Merger Regulation into the acquisition of Transat by Air Canada.

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The modification of a vertical tax consolidation group into a horizontal tax consolidation group does not end the tax consolidation regime

The modification of a vertical tax consolidation group into a horizontal tax consolidation group does not end the tax consolidation regime
19/05/2020

On 14 May 2020, the Court of Justice of the European Union (“CJEU”) ruled on the Luxembourg tax consolidation regime and took a very positive decision for the Luxembourg corporate taxpayers.

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European Commission requests Luxembourg to amend its tax rules on foreign securitisation enterprises & its ATAD law on EU securitisation vehicles

European Commission requests Luxembourg to amend its tax rules on foreign securitisation enterprises & its ATAD law on EU securitisation vehicles
18/05/2020

Yesterday (15 May), the European Commission sent 2 letters of formal notice to Luxembourg relating to securitisation, one objecting to more heavy tax of foreign securitisation enterprises and another one asking Luxembourg to remove the ATAD interest rules “carve out” for EU regulated securitisation vehicles.

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Have competition authorities adopted any official position concerning the impact of the COVID-19 crisis on the enforcement of competition law?

Have competition authorities adopted any official position concerning the impact of the COVID-19 crisis on the enforcement of competition law?
11/05/2020

On 23 March 2020, the European Competition Network (ECN), of which the European Commission and the national competition authorities of all EU Member States are members, published a Joint Statement   on the application of competition law during the COVID-19 crisis. 

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