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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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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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