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.
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
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.
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
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
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.
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,
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.
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.
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
