Published in March 2024
Companies that are required to comply (“reporting companies”) must file their initial reports by the following deadlines: Existing companies: Reporting companies created or registered to do business in the United States before January 1st, 2024 must file by January 1st, 2025…
Published in February 2024
As the European Union intensifies its cybersecurity framework, Luxembourg is on the verge of integrating the NIS2 directive (published on 16 January 2023 by the European Commission) EU member states must adopt and publish national legislation. This directive signifies a leap towards a unified high-level cybersecurity posture across the EU, emphasizing the importance of preparedness and resilience against cyber threats…
Published in January 2024
On 10 January 2024, Regulation (EU) 2023/606 of the European Parliament and of the Council of 15 March 2023, amending the original ELTIF Regulation (EU) 2015/760 (the « amended ELTIF Regulation ») entered into force…
Published in November 2023
A recent ruling (TA 45910) (PDF, 1.5MB) by Luxembourg’s Lower Administrative Court (Tribunal administratif) on April 18, 2023, has ignited discussions around the constitutionality of Luxembourg’s minimum net wealth tax, especially concerning its application to holding companies compared to other entities in Luxembourg...
Published in October 2023
With the adoption of the DAC8 Directive on October 17, 2023, the European Union marks a critical step in financial regulation, specifically regarding the exchange of tax information.
This recent directive, aimed at reinforcing transaction reporting obligations for crypto-asset service providers, also impacts other standards, such as DAC2 (Common Reporting Standard – CRS) and DAC6.
Following last year’s OECD initiative to increase tax transparency around crypto assets (see our October 2022 newsletter), DAC8 materializes these new directives...
Published in July 2023
The Act Modernizing Luxembourg Fund Product Laws and AIFM Act has been officially published. This act, passed by the Luxembourg Parliament on 11 July 2023 as bill of law n°8183, introduces amendments to five existing laws related to alternative investment funds (AIFs) and alternative investment fund managers (AIFMs). These laws include the UCI Act, SICAR Act, SIF Act, RAIF Act (collectively referred to as the « Fund Product Laws »), and the AIFM Act…
Published in June 2023
The European Commission has presented a new package of measures aimed at developing and strengthening the foundations of the EU’s sustainable finance framework. The objective of the package is to ensure that this framework continues to support businesses and the financial sector, while encouraging private financing of transition projects and technologies. Specifically, the Commission is expanding the EU taxonomy with additional activities and proposing new rules for Environmental, Social, and Governance (ESG) rating agencies…
Published in June 2023
Luxembourg, renowned for its strong financial sector and commitment to international tax cooperation, has recently enacted the DAC 7 Law. The new legislation establishes the framework for the Automatic Exchange of Information (AEoI) by digital platform operators, ensuring greater transparency and tax compliance in the digital economy. This landmark move reinforces Luxembourg’s position as a leader in embracing digitalization while upholding global tax standards…
Published in May 2023
The Commission de Surveillance du Secteur Financier (CSSF) has announced an extension of the deadline for submitting digital data as part of the data collection exercise to monitor compliance with Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR). This decision aims to provide financial market participants with additional time to comply with the new requirements…
Published in April 2023
On 24 March 2023, the Commission de Surveillance du Secteur Financier (CSSF) released a press release requesting specific financial market participants (FMPs) to participate in a mandatory data collection exercise concerning pre-contractual product disclosure information under Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector as amended (SFDR) and Regulation (EU) 2020/852 on the establishment of a framework to facilitate sustainable investment, as amended (Taxonomy Regulation)…