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
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”).
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.
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
On 14 February 2019 the European Parliament approved an European wide framework for the screening of foreign direct investments into the EU (the Regulation).
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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