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European Law


BREXIT: Luxembourg takes additional steps to mitigate Brexit effects

BREXIT: Luxembourg takes additional steps to mitigate Brexit effects
22/03/2019

Yesterday, a second draft law was released aiming at mitigating Brexit effects for the investment fund sector. It follows the first draft law on Brexit, which introduced among others a grand-fathering period of up to 21 months during which UK management companies of Luxembourg

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Brexit: the Luxembourg emergency legislation

Brexit: the Luxembourg emergency legislation
18/03/2019

On 31 January 2019, the bill of law n°7401 (the “Bill”) was issued on measures to be taken in relation to the financial sector in case of the withdrawal of the United Kingdom (“UK”) and North Ireland from the European Union (“EU”) (“Brexit”).

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Brexit : Delegation and UK temporary regimes

Brexit : Delegation and UK temporary regimes
01/03/2019

On 25 January 2019, the CSSF published a Press Release 19/05 on the delegation of investment management/portfolio management and/or risk management activities to undertakings in the United Kingdom ("UK") and the temporary permissions regime in the UK.

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Brexit: New Luxembourg Bill of Law

Brexit: New Luxembourg Bill of Law
01/03/2019

On 31 January 2019, the Luxembourg Government submitted Bill 7401 to the Luxembourg Parliament regarding measures to be taken in relation to the Luxembourg financial sector in the case of the UK leaving the EU without a withdrawal agreement

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European Parliament approves framework for screening of foreign direct investments into the EU

European Parliament approves framework for screening of foreign direct investments into the EU
27/02/2019

On 14 February 2019 the European Parliament approved an European wide framework for the screening of foreign direct investments into the EU (the Regulation).

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General Court annuls the decision of the EU Commission on the Belgian excess profit regime

General Court annuls the decision of the EU Commission on the Belgian excess profit regime
25/02/2019

Since June 2013, the EU Commission has been investigating the tax ruling practices of several EU Member States with a view to detect potential State aid concerns. Apart from the investigation in the McDonalds case, the EU Commission consistently concluded that illegal State aid was present

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Draft Law to transpose EU Directive on long-term shareholder engagement into Luxembourg national Law

Draft Law to transpose EU Directive on long-term shareholder engagement into Luxembourg national Law
03/02/2019

On January 11th 2019, the Council of the Government (Le Conseil de gouvernement) discussed a draft law (the “Draft Law”) which has as its purpose the transposition into Luxembourg law of Directive (EU) 2017/828 of 17 May 2017 as regards the encouragement of long-term shareholder engagement (the “Shareholder Engagement Directive”).

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 New draft law aiming at mitigating Brexit effects and safeguarding the interests of the Luxembourg financial and insurance sectors

New draft law aiming at mitigating Brexit effects and safeguarding the interests of the Luxembourg financial and insurance sectors
01/02/2019

Today, a draft law was released which aims at ensuring that even in case of a hard Brexit, UK entities of the financial and insurance sectors with Luxembourg activities will still be able to perform some activities in Luxembourg 

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Consequences of a no-deal Brexit on personal data transfers to the UK

Consequences of a no-deal Brexit on personal data transfers to the UK
31/01/2019

On 15 January 2019, the House of Commons of the United Kingdom voted against the Withdrawal Agreement negotiated between the UK government and the European Union in the context of Brexit.

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CJEU Denies SPC for Medical Devices Incorporating an Ancillary Active Ingredient

CJEU Denies SPC for Medical Devices Incorporating an Ancillary Active Ingredient
09/01/2019

The Court of Justice of the European Union (CJEU) recently ruled that, unlike medicinal products, medical devices incorporating an ancillary drug substance cannot benefit from supplementary protection certificate (SPC) protection. 

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