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European Law


Luxembourg Brexit Laws: 15 September 2019 final deadline for UK based managers to notify the CSSF

Luxembourg Brexit Laws: 15 September 2019 final deadline for UK based managers to notify the CSSF
22/08/2019

On 8 April 2019, Luxembourg adopted two laws ("Brexit Laws") on measures to be taken in relation to the financial sector in the event of a hard Brexit, i.e., a withdrawal of the United Kingdom from the European Union in the absence of any negotiated agreement.

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Disclosure of cross-border arrangements by intermediaries: DAC 6 implementation in Luxembourg

Disclosure of cross-border arrangements by intermediaries: DAC 6 implementation in Luxembourg
16/08/2019

On 8 August 2019, the Luxembourg government filed Bill of law No 7465 (''DAC 6 Bill'') implementing the provisions of the Council Directive (EU) 2018/822 (the “Directive”), commonly called DAC 6

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Luxembourg implementation of the EU Directive setting new transparency rules for intermediaries

Luxembourg implementation of the EU Directive setting new transparency rules for intermediaries
13/08/2019

On 8 August 2019, a draft law implementing the Council Directive (EU) 2018/822 of 25 May 2018 as regards mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements (“DAC 6”) was submitted by the government to the Luxembourg parliament.

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New European Regulation on the Control of Foreign Investments

New European Regulation on the Control of Foreign Investments
08/08/2019

In order to help Europe defend its strategic interests and preserve European security and public order, Regulation 2019/452 of 19 March 2019, which came into force on 10 April 2019, sets a framework for foreign direct investment in the Union

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The portal for Brexit notifications is live!

The portal for Brexit notifications is live!
02/08/2019

As from today, UK managers, firms and investment funds wishing to pursue their activities in Luxembourg, in the event a no-deal Brexit occurs on 31 October 2019, are invited to notify the Luxembourg regulator 

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Brexit: Mandatory notifications to the Luxembourg regulator for firms, UCIs and their managers established in the UK

Brexit: Mandatory notifications to the Luxembourg regulator for firms, UCIs and their managers established in the UK
16/07/2019

In the event of a so-called “Hard Brexit”, these firms and entities will be considered as “third-country entities” meaning they will lose the benefit from passporting rights and therefore be exposed to sanctions if they pursue regulated activities in Luxembourg without a proper authorisation.

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Commitments MasterCard and Visa accepted by European Commission

Commitments MasterCard and Visa accepted by European Commission
14/06/2019

The European Commission (the Commission) accepted commitments offered by MasterCard and Visa that would reduce inter-regional multilateral interchange fees by an average of 40% on 29 April 2019,

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Luxembourg Rules on Exchange of Information upon Request: A New Chapter

Luxembourg Rules on Exchange of Information upon Request: A New Chapter
07/06/2019

On 14 March 2019, less than one month after the law of 25 November 2014 on exchange of information upon request (the “2014 Law”) was amended in order to bring it line with EU law, the Administrative Court of Luxembourg referred three interesting questions to the Court of Justice of the European Union (“CJEU”) in relation to the said law.

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European Court of Justice Confirms the Validity of the CETA Dispute Resolution Mechanism

European Court of Justice Confirms the Validity of the CETA Dispute Resolution Mechanism
07/05/2019

On 30 April 2019, the ECJ confirmed that the investment court system (ICS) created by the free trade agreement between the EU and Canada (CETA) is in line with EU law. This decision paves the way for further ratifications of CETA by EU member states.

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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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