As a reminder, on 1 January 2018, persons and entities advising on or selling a PRIIP(not benefiting from the grandfathering period like UCITS funds or AIFs issuing a UCITS KIID) to retail investors in the EU will be required to deliver a PRIIP KID to their retail investors before they invest in a PRIIP.
Completing the MiFID framework, the Commission Delegated Regulation (EU) 2017/1946 supplementing Directives 2004/39/EC and 2014/65/EU of the European Parliament and of the Council with regard to regulatory technical standards for an exhaustive list of information to be included by proposed acquirers in the notification of a proposed acquisition of a qualifying holding in an investment firm was published on 26 October 2017 (the “Delegated Regulation”).
A law aiming at reforming leave for family reasons and certain extraordinary paid leave was published in the official gazette (Mémorial A) on 18 December 2017 (the “Law”).
This Law will enter into force on 1 January 2018.
The changes can be summarised as follows:
The law of 10 August 1915 has been entirely renumbered and the table of contents has also been reordered. The new version does not contain any substantial change. The new numbering is applicable as from 19 December 2017.
On 20 December 2017, the Court of Justice of the European Union (CJEU) issued its judgment in joined cases Deister Holding AG (C-504/16) and Juhler Holding A/S (C-613/16) v Bundeszentralamt für Steuern. In this ground breaking judgment, the CJEU confirmed that the German anti-abuse provision for withholding tax relief for dividends paid by a German company to certain parent companies resident in another EU member state is too general.
In a decision handed down on August 9th 2017 (docket No. 38981C), the Higher Administrative Court (Tribunal administratif) ruled on the tax treatment of the reversal of an impairment provision on financial assets.
The legislator through the adoption of the law of 10 August 2016 which modernized the law of 10 August 1915 on commercial companies (the “Law”) has expressed its willingness to extend the sources of financing for the private limited liability companies (“SARL”).
The ruling of the Court of Justice of the European Union (CJEU) of 5 December 2017 on case C-42/17 "M.A.S. and M.B." is remarkable, as it went as far as placing the European Charter of Fundamental Rights and especially the European Convention on Human Rights as procedural guarantees in favour of VAT contributors.
This case originated from criminal proceedings in Italy concerning a form of VAT carousel fraud.
Répondant aux exigences internationales en matière de transparence des personnes morales portées par la 4èmedirective anti-blanchiment, le gouvernement Luxembourgeois vient de présenter, ce mercredi 6 décembre, un projet de loi 7217 instituant un registre des bénéficiaires effectifs (« BE ») au Luxembourg.
The draft laws implementing AMLD 4 set out strict rules to allow for protection against improper access to the information on BOs. On 6 December 2017, the Luxembourg Parliament published two draft laws to implement new transparency measures provided by Directive 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“AMLD 4”).
