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")).
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.
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.
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.
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.
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.
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.
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.
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.
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.
