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Archive 2015


Mr. Claude Kremer
Mr. Pierre Beissel
Mrs. Odile Renner

New monthly reporting to the CSSF(new CSSF Circular 15/627)
31/12/2015

The CSSF published yesterday Circular 15/627 issuing guidance concerning a “new monthly reporting to the CSSF – U 1.1 reporting”.

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Mr. Claude Kremer
Mrs. Michèle Eisenhuth

CSSF issues FAQ on UCITS eligibility and diversification rules
28/12/2015

Earlier this week the Commission de Surveillance du Secteur Financier (“CSSF”) has put online a document titled “Frequently Asked Questions concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment” (“UCI FAQ”).

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Mr. Vincent Wellens

European General Data Protection Regulation: 10 things You should know before the Christmas break
23/12/2015

While some people never stopped believing that the General Data Protection Regulation ("GDPR") would one day become a reality, others had started to despair as more and more time passed. Indeed, the European Commission's initial proposal dates back to 25 January 2012!  Finally, however, almost four years later, the European institutions have agreed on a final text.

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Mr. Bruno Gasparotto

New landmark CJEU case for the fund industry
21/12/2015

On 9 December 2015, the CJEU delivered its judgement in the case “Fiscale Eenheid X NV cs” C-595/13. The CJEU has decided that the management of property funds that are subject to specific state supervision shall benefit from the VAT exemption for fund management services and that the VAT exempt management does, however, not encompass the actual management of the real property.

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Mrs. Claire Léonelli

Luxembourg IP Tax Regime To Be Repealed
18/12/2015

Bill No 6900 frx the budget for 2016, presented on 14 October 2015 by the Luxembourg Minis/er of Finance Pierre Gramegna. is about 10 be adopted. II repeals the existing business.friendly tax regime encouraging the expJoitation of intellectual property rights ("/PRs ") as from 1 July 2016, with a transitional period beginning on 1 July 2016 and ending on 30 June 2021 .

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Mrs. Evelyn Maher

European Long-Term Investment Funds (ELTIF)
17/12/2015

On December 9th 2015 Regulation (EU) 2015/760 of the European Parliament and the Council of 29 April 2015 on European long-term investment funds (the “Regulation”) became directly applicable in each Member State of the European Union. The Regulation creates a new investment fund framework - the European Long-Term Investment Fund (“ELTIF”).

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Mr. Luc Courtois

Reserved Alternative Investment Funds (RAIFs) - Draft Law deposited with the Luxembourg Parliament
15/12/2015

On December 14th 2015 the draft law relating to the Reserved Alternative Investment Funds (the “RAIFs”) was deposited with the Luxembourg Parliament.

The Draft Law was approved by the Luxembourg Council of Government last November 27th 2015 and in principle it is expected that the Luxembourg parliament will approve it smoothly. The draft Law should enter into force on the second quarter of 2016.

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Mrs. Josée Weydert

Proposal for a New Regulation Repealing the Prospectus Directive
15/12/2015

On 30 November 2015, the European Commission published a proposal to replace the existing Prospectus Directive (Directive 2003/71/EC) with a regulation. The proposal for the new Prospectus Regulation forms part of the European Commission's plan to establish a Capital Markets Union by 2019. The proposed regulation covers the entire life-cycle of companies, from the start-up stage until maturity as frequent issuers on regulated markets, while striking a balance between eliminating unnecessary administrative burdens for issuers and ensuring investor protection through the provision of adequate information. According to the Commissioner for Capital Markets Union Jonathan Hill, the proposed Prospectus Regulation "will make the system simpler, cheaper and quicker".

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Mrs. Raquel Guevara

Tax Update December 2015
11/12/2015

The country’s 2016 state budget draft law, which is currently under discussion in the Luxembourg Parliament, includes a certain number of tax measures impacting the taxation of both businesses and individuals.

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Tax exempt kilometric allowance

Tax exempt kilometric allowance
11/12/2015

On 1 September 2015, the Luxembourg tax authorities replaced the Circular L.I.R. 104/1 of 10 March 2015 on the valuation of certain benefits granted by an employer to its employees (the “Existing Circular”) with a new circular (the “New Circular”), to be effective immediately, the sole purpose of which is to reduce the amount of the tax exempt kilometric allowance granted to employees using their private cars for professional travel from 0.40 EUR/kilometre to 0.30 EUR/kilometre.

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