Elvinger Hoss Prussen

The e-Privacy Directive was transposed into Luxembourg law by the Luxembourg e-Privacy Law, amended several times since then. 21 Article 4 relating to the confidentiality of communications provides that “any service provider or operator guarantees the confidentiality of communications carried out by means of a network of public communications and electronic communications services available to […]

Sustainable Finance update (asset management) – 1) European Commission answers ESAs’ questions on the interpretation of SFDR and 2) ESAs publish a consultation paper on the review of the SFDR RTS 1. European Commission answers to ESAs’ questions on the interpretation of SFDR On 5 April 2023, the European Commission published its response to eight questions on […]

1. Overview of crowdfunding and its manifestations in Luxembourg Rather than opting for a traditional financing through banks for example, the idea of crowdfunding is to democratise the financing of a project by allowing many diverse and varied players to participate in it, for amounts that can be either modest or high. Particularly appreciated by […]

Following an initial proposal on gender balance on company boards submitted by the European Commission ten years ago and numerous positions by EU institutions setting gender equality as a priority within the Union expressed since then, Directive 2022/2381 on improving the gender balance among directors of listed companies and related measures was adopted on 23 […]

The European Commission published its Proposal for a Regulation of the European Parliament and of the Council establishing a common framework for media services in the internal market (“EU Media Freedom Act“) and amending Directive 2010/13/EU (the revised Audiovisual Media Services Directive), and the Commission’s non-binding recommendation on internal safeguards for editorial independence and ownership […]

Elvinger Hoss Prussen triggered a landmark preliminary ruling on 22 November 2022, in which the Court of Justice of the European Union (“CJEU“) has declared the 5th AML Directive (“5AMLD“) invalid insofar as it imposes a public access regime for national UBO registers. What is the context and our involvement? Read more

In a judgment (in French only) of 23 December 2022, the Constitutional Court declared that “Article 1762-6, paragraph 4, of the Civil Code, as introduced by the Law of 3 February 2018 on commercial leases (…) in that it does not allow an economic operator who has taken a lease of commercial premises to sublet it at a […]

The Regulation on foreign subsidies distorting the internal market (“FSR“), a new EU tool aimed at preventing foreign subsidies from distorting competition in the internal market, was adopted on 28 November 2022. What is it about? Read more

On 13 December 2022, the European Commission issued a first draft adequacy decision (available here) on a potential upcoming EU-US Data Privacy Framework. This is a new  step forward in the European Union and United States efforts to address the concerns raised by the Court of Justice of the European Union (CJEU) in its Schrems II decision […]

In October 2015, the European Commission found that a tax ruling granted by Luxembourg to Fiat Chrysler Finance Europe (“FFT”) in 2012 (“Ruling“), validating certain transfer pricing methodologies to assess the annual taxable profit of FFT, constituted State aid and ordered Luxembourg to recover from FFT the unlawful and incompatible aid. In 2019, the General […]

EU-US Data Transfers: New Executive order finally to provide clarity and durability Introduction Since the invalidation of the EU-US Privacy Shield by the Court of Justice of the European Union (the “CJEU”), the long-term lawfulness of cross-border transfers of personal data from the European Union to the United States remain uncertain. Private and public players must therefore […]

On 24 November 2022, Luxembourg enacted a new law on competition (“Law”), aiming to overhaul the current competition legislation and transpose into Luxembourg law Directive (EU) 2019/1 to empower the competition authorities of the Member States to be more effective enforcers and to ensure the proper functioning of the internal market (“Directive”). The Law repeals […]

What happened? On 6 October 2022, the Administrative Committee of the Unified Patent Court (UPC) announced via the publishing of an implementation roadmap that the entry into force of the UPC Agreement was expected for 1 April 2023. Indeed, Germany has finally1 scheduled the ratification of the UPC Agreement for the week of 19 December 2022. The UPC Agreement, […]

The long-awaited final text of the so-called “SFDR RTS”1  was published in the Official journal of the European Union. The SFDR RTS specify the details of the content and presentation of the information in relation to the principle of “do no significant harm”, the content, methodologies and presentation of information in relation to the principle adverse impact indicators […]

TheLuxembourg Tax Authority updated for the third time the circular issued on 8 January 2021 (“Circular”) providing additional clarification on certain aspects of the interest deduction limitation rule (“IDLR”) laid down in Article 168bis of the Luxembourg income tax law (“LITL”). To gain insight into the previous updates, please refer to our article of  14 September 2021. The […]

Further to our newsflash of 29 July 2022 in connection with the CSSF’s communication of 27 July 2022 in relation to SFDR and the upcoming entry into force of the SFDR RTS on 1 January 2023, the CSSF issued a further communication on 6 September 2022 informing that the confirmation letter (the “Confirmation Letter“) that will have to accompany […]

On 25 May 2022, exactly 4 years after entry into force of the General Data Protection Regulation (“GDPR”), the European Commission released new guidance on Standard Contractual Clauses (“SCCs”). Earlier in 2021, the Commission adopted a new set of SCCs aiming at providing greater flexibility for cross-border data transfer of personal data from the European Economic Area to […]

In the last weeks and months, the European Commission and the European supervisory authorities have published guidance in order to clarify certain concepts concerning the application of SFDR and the Taxonomy Regulation. These include the SFDR RTS (adopted by the European Common on 6 April 2022 but not yet published in the OJEU) which should become applicable […]

This brochure contains the amended Law of 17 December 2010 on undertakings for collective investment (“UCI”) in French and English. Download PDF here

On 24 July 2002, the Law of 20 July 2022 (published in Mémorial A 371, with corrigendum published in Mémorial A 402) entered into force. In particular, the Law of 20 July 2022 has amended a number of provisions of the Law of 5 August 2005 on financial collateral arrangements, as amended from time to […]

Currently, Luxembourg is the only EU Member State without a national merger control regime. In essence, merger control rules aim to review ex ante the impact of projected business combinations on the competitive structure of a given market with a view to intervening preventively with respect to transactions which would likely reduce competition among rival firms and/or […]

On 22 April 2022, the CSSF issued a new Circular CSSF 22/807 updating Circular CSSF 12/552 on central administration, internal governance and risk management, as amended (“Circular CSSF 12/552”). Scope of application and timeline Circular CSSF 12/552, as amended by Circular CSSF 22/807, is applicable to credit institutions, including their branches. It also applies to Luxembourg branches […]

The Luxembourg Competition Council (“Council”) recently published a sector enquiry report onthe pharmacy market. In this report, the Council identifies a number of problems and potential solutions to address them. Insufficient market coverage The Council found that contrary to the neighbouring countries, the density of pharmacies in Luxembourg is very low. According to data gathered for the report, 25 […]

Since February 2022, the EU has adopted six packages of sanctions in response to Russia’s invasion of Ukraine. The EU has also adopted sanctions against Belarus in response to its involvement. These sanctions are in addition to those already applying to Russia since 2014 and to Belarus since 2006. Regarding Russia, the EU has imposed different […]

On Wednesday 15 June 2022, the Bill of law 8000A, transposing certain measures provided by the tripartite agreement signed on 31 March 2022 by and between the Government and the social partners UEL, the LCGB and the CGFP, (the “Tripartite Agreement”) has been voted and should come into force soon  after its publication (the “Law”). […]

On 16 May 2022, the CSSF issued Circular 22/811 concerning the authorisation and organisation of entities acting as UCI administrators (“Circular”), which rewrites and repeals Chapter D of IML Circular 91/75 setting out the rules concerning the central administration of Luxembourg undertakings for collective investment (“UCIs”). As announced in the CSSF’s Press Release 22/10, the objective of the Circular is […]

What’s new? On 1 June 2022, the new Vertical Block Exemption Regulation (“VBER“) as well as the revised Guidelines on vertical restraints (“Guidelines“) entered into force. They were adopted following a thorough review of the 2010 texts. The revised framework provides up-to-date rules and guidance allowing companies to self-assess the compatibility of supply and distribution agreements […]

On 12 May 2022, the European Data Protection Board (the “EDPB”) published its Guidelines 04/2022 on the calculation of administrative fines (the “Draft Guidelines”) under Regulation (EU) 2016/679 of 27 April 2016 on the protection of natural persons with regard to the processing of personal data (the “GDPR”). The Draft Guidelines provide for a harmonised […]

Gary Cwyie gives his 2022 forecast on developments in data transfers and articificial intelligence, regulations and more. Covid-19 shook the world as never before and affected the global economy. As social distancing became the new normal, the importance of connectivity, remote working and online transactions became more important. With 2022 around the corner and the […]

Sustainable Finance: SFDR with SFDR RTS (April 2022), Taxonomy Regulation and amended AIFM, UCITS and MiFID II legislation The Sustainable Finance Disclosure Regulation (“SFDR“), i.e. the Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector together with: The SFDR Regulatory Technical Standards published by the EU Commission, i.e. the Commission Delegated Regulation of […]

This brochure contains the amended Law of 23 July 2016 on reserved alternative investment funds (« RAIF ») in French and English. Cette brochure contient la loi modifiée du 23 juillet 2016 relative aux fonds d’investissement alternatifs réservés (« FIAR ») en français et en anglais. The RAIF has substantially the same characteristics (and flexibilities) as a SIF-AIF, […]

This brochure provides an overview of the main features of Luxembourg partnerships in the asset industry. More specifically it covers: •    Partnerships in the Luxembourg toolbox •    Marketing and listing •    Main legal features of the SCS and SCSP •    Particularities of Luxembourg partnerships vis-à-vis other partnerships •    Taxation Read more

We are pleased to announce the publication of the latest update of the English translation of the legislation relating to commercial companies authored by Partner Philippe Hoss, who published the first translation of the Luxembourg company law in the 1990s and has ensured its regular update since then. Via the link below you can access […]

What happened? On 1st April 2022, Luxembourg enacted the law 1 aiming at transposing into Luxembourg law the Directive 2019/790 on copyright and related rights in the Digital Single Market (“New Copyright Directive”) adopted on 17 April 20192. This new law modifies the three following laws: the Law of 18 April 2001 on authors’ rights, related rights and databases, as […]

CSSF applies and integrates ESMA guidelines on marketing communications for UCITS and AIFs in its administrative and regulatory practices On 30 January 2022, the CSSF published Circular 22/795 concerning the application of ESMA guidelines on marketing communications (“ESMA Guidelines”) under Regulation (EU) 2019/1156 on the cross-border distribution of funds (“CBDF Regulation”), which were published on 2 August 2021. CSSF […]

Following up on recent government announcements, the Bill of law 7924 was voted on 16 December 2021, amending the Law of 17 July 2020 on measures to combat Covid-19 (“Law”) and came into force from Friday 17 December 2021. One of the main changes for employers relates to the implementation of a compulsory Covid-Check regime […]

On 9 February the Luxembourg Parliament voted into law the Bill of law No. 7825 (the “Bill”) amending the Law of 22 March 2004 on securitisation (the “Securitisation Law”) and certain other laws. The Luxembourg legislator wishes to offer new opportunities for market participants to accomplish securitisation transactions within a new framework with clear conditions and combining […]

What’s new? Access to the activity of covered bond issuance is now open to any Luxembourg credit institution, within a strict framework set out in the Luxembourg Law of 8 December 2021 (“Law ” – available in French), which transposes Directive (EU) 2019/2162 of 27 November 2019 on the issue of covered bonds and covered bond public […]

What happened? In February 2017, the well-known football club Associazione Calcio Milan SpA (“AC Milan”) filed an application to register its emblem as an international trademark designating the EU for many goods including goods in Class 16 (paper, cardboard, stationery items, writing materials, etc.). Defending its German word trademark “Milan” registered in 1988 for goods […]

Elvinger Hoss and Prussen contributed the Luxembourg section of this EU multi-jurisdictional brochure prepared under the direction of Covington. It outlines the context of the regulation of AI in the Luxembourg financial sector and summarises the rules that are currently applicable. Continue reading For any questions, please contact: Gary Cywie, Partner [email protected] Thomas Göricke, Counsel [email protected] Anaïs […]

Vous trouverez ci-dessous une version à jour de la loi du 10 août 1915 concernant les sociétés commerciales dans sa version en vigueur au 24 décembre 2021. Ce document reprend également des extraits de la loi du 19 décembre 2002 concernant le registre de commerce et des sociétés ainsi que la comptabilité et les comptes […]

On 22 December 2021, the European Commission published a Directive proposal setting out rules aimed at tackling the abusive use of so-called shell companies (the “Proposal”), to be implemented into Member States’ national law by 30 June 2023 and become effective from 1 January 2024. In a nutshell, the Proposal targets EU Member State entities […]

Below you will find an updated version of the law of August 10, 1915 on commercial companies in the version in force on December 24, 2021. This document also contains extracts from the law of December 19, 2002 concerning the trade and company register as well as the accounting and annual accounts of companies, the […]

Telework continues to be an effective tool in mitigating the spread of the Covid-19 virus. Luxembourg and its neighbouring countries have agreed to extend bilateral special agreements concerning telework of cross-border worker in order to avoid any implications on the applicable tax and social security regime. Special tax arrangements are extended until 31 March 2022 […]

Following up on recent government announcements, the Bill of law No. 7924 was voted on 16 December 2021, amending the Law of 17 July 2020 on measures to combat Covid-19 (the “Law”) and comes into force from Friday 17 December 2021. One of the main changes for employers relates to the implementation of a compulsory […]

On 29 November 2021, the CSSF provided guidance to the industry with respect to virtual assets, by publishing a Communiqué (the “Statement”) and frequently asked questions for undertakings for collective investments (FAQ – Virtual assets (UCIs ) (the “FAQ”).1 Key takeaway points of the Statement The CSSF identifies three main areas on which professionals wishing to get involved […]

1. Post-Brexit UK regime Following the end of the Brexit transition period, the United Kingdom has retained the General Data Protection Regulation (Regulation 2016/679 ) (“EU GDPR“) as part of its national laws, as the “UK GDPR“, under the Data Protection, Privacy and Electronic Communications (Amendments etc) (EU Exit) Regulations 2019 (SI 2019/419) (as amended) (“Regulations“). […]

On 3 November 2021, the CSSF has announced in its Press Release 21/26 that it has published updated versions of (i) its FAQs on the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (“FAQs on UCI Law ”), and (ii) its FAQs on Regulation (EU) 2017/1131 on money market funds (“FAQs on MMF Regulation ”). […]

On 22 October 2021, the European Supervisory Authorities or ESAs (EBA, EIOPA and ESMA)  presented the European Commission with their Final Report on the draft Regulatory Technical Standards (RTS) regarding taxonomy-related pre-contractual and periodic disclosures under SFDR, as amended by the Taxonomy Regulation (Taxonomy RTS). The additional disclosure requirements in the Taxonomy RTS only concern […]

On Friday 1 October 2021, the National Institute of Statistics and Economic Studies (“STATEC”) confirmed that the annual inflation rate of the national consumer price index reached 2.7% in September 2021, meaning that the triggering threshold of 2.5% for automatic wage indexation has been exceeded. Subject to final confirmation and the detailed results of the […]

Until now, all credit institutions, professionals of the financial sector (“PFS”), payment institutions and electronic money institutions subject to CSSF Circulars 12/552, 17/656 and 20/758 respectively, had to apply for the CSSF’s prior authorisation in the case of material IT outsourcing. The Circular eases this regime by introducing a notification procedure, by which the CSSF […]

In a judgment  dated 15 June 2021 further to a request for preliminary ruling, the Court of Justice of the European Union (“CJEU”) confirmed that a national supervisory authority concerned (“SAC”)1, which is not the lead supervisory authority (“LSA”)2, may exercise its power to initiate or engage in legal proceedings in relation to an instance of cross-border […]

The Law of 1 June 2021, which entered into force on the same date, introduced a new subparagraph to Article 57 of the Law of 5 April 1993 on the financial sector. Article 57 provides for an obligation for credit institutions and professionals of the financial sector to obtain the authorisation from the Commission de Surveillance […]

Regulation (EU) 2019/1156 (“CB Regulation“) and Directive (UE) 2019/1160 (“CB Directive“) on cross-border distribution became applicable on 2 August 2021. On the same date, ESMA published the Guidelines on marketing communications under the CB Regulation (“Marketing Communications Guidelines“). The CB Directive was implemented in Luxembourg by means of the Law of 21 July 2021 . The CB Directive notably includes: a pre-marketing […]

What happened? On 16 March 2021 a new bill of law (no 7791) was submitted to Parliament by the Luxembourg Government aiming to rectify a clerical error in a criminal law provision of the Luxembourg law of 10 August 1915 on commercial companies (the “1915 Law”) relating to the prohibition of unlawful financial assistance. The error […]

Investment firms offer a variety of services and vary by their size, business model, risk profile and complexity. Considering that their activities and risk profiles were not always properly captured by the prudential framework resulting from the CRR/CRD IV regime, applicable to both credit institutions and investment firms, a new prudential regime comprising the Investment […]

On 12 July 2021, the Luxembourg regulator of the financial sector, the CSSF, published its Circular 21/777   implementing the ESMA’ guidelines on outsourcing to cloud service providers (ESMA50-164-4285, “ESMA Guidelines”). The CSSF considers that CSSF Circular 17/654 on cloud outsourcing, as amended (the “Cloud Circular”) (applicable inter alia to credit institutions, investment firms, professionals of the financial sector […]

The Law of 14 September 2018 on a transparent and open administration (“the Law“), gives any person the right to obtain access to a document held by the administration provided that the requested document relates to the exercise of an administrative activity. However, the Law does not define the notion of “administrative activity”. The dispute between […]

1.    Deferred application date of the draft SFDR RTS In a letter dated 8 July 2021 addressed to the Council and the European Parliament, the European Commission stated that it will defer the application date of the draft regulatory technical standards (RTS) under the SFDR by six months from 1 January 2022 to 1 […]

Luxembourg law recognises issuance of dematerialised securities in blockchains Artificial Intelligence: the Commission’s Regulation Proposal and AI strategy in Luxembourg The Data Governance Act – regulating access to data held by public authorities The impact of the Brexit deal on personal data transfers from the EU to the UK GDPR – Adequacy decisions for the […]

The development of the digital economy and e-commerce continuously enhances the number of online transactions and the risk of fraud related to the use of credit card data online. In relation to the storage of credit card data, the European Data Protection Board (the “EDPB”) has adopted a stringent recommendation on the topic of the […]

On 15 April 2021, the Commission Nationale pour la Protection des Données (“CNPD”), the Luxembourg Data Protection Authority, published new guidelines on the geolocation of company vehicles made available to employees (the “Guidelines”). The use of company vehicles and their subsequent geolocation involves the processing of personal data. Therefore, the CNPD raises certain data protection questions and risks for the privacy of employees […]

What happened? On 31 March 2021, the European Data Protection Board (the EDPB) and the European Data Protection Supervisor (the EDPS, together the Authorities) adopted a joint opinion on the European Commission’s proposal to create a Digital Green Certificate (the Proposal), also known as the Digital Green Pass. The objective of the Digital Green Certificate is to allow individuals vaccinated against COVID-19 to move […]

Introduction Artificial Intelligence (“AI”) is developing rapidly. AI-based systems and technologies are expected to bring far-reaching social and economic benefits for individuals as well as for companies and other players in many industries such as healthcare, farming, education, energy, logistics, justice, climate change mitigation etc.1 AI may, however, also entail a number of potential risks and […]

It’s already the third anniversary of the GDPR! Here are 10 questions that controllers should consider when self-assessing their compliance. Most of these questions are relevant for processors too! 1. Have you set up and maintained a record/register of processing activities? 2. Are you identifying, on an ongoing basis, lawful bases for all the processing […]

What’s new? In a Communication of 26 Mars 2021, the European Commission published new guidance on the application of the referral mechanism set out in Article 22 of the EU Merger Regulation (“EUMR”). Its new approach supports the referral of certain merger cases to it by national competition authorities (“NCAs”) not having initial jurisdiction over the transaction in certain circumstances. […]

In a recent judgment (case C-481/19, Consob), the Court of Justice of the European Union (“CJEU”) has recognised for the first time that individuals subject to an administrative investigation for insider dealing cannot be penalised for refusing to provide answers to the competent authority when their answers might establish their liability for an offence punishable by administrative […]

Posted – 04.03.2021 On 10 February 2021, the Council of the European Union published a press release  according to which the Member States’ representatives at the Council (Committee of Permanent Representatives or “Coreper”) have agreed to grant a negotiating mandate to the Council for the revised rules on the protection of privacy and confidentiality in the use of […]

Posted – 04.03.2021 Part 3. The deployment of SAWAPs access points for 5G networks in light of the European Electronic Communications Code This article is the third of a series of publications, which focuses on specific 5G topics. Register here to follow our series of articles on the theme of 5G In our previous publications we presented an […]

Posted – 10.03.2021 What’s new with personal data transfers to the UK On 19 February 2021, the European Commission released two draft adequacy decisions, which, if adopted, will allow personal data transfers from the EU to the UK as if such transfers took place in the EU. One draft decision covers data transfers under the GDPR […]

Posted – 12.03.2021 On 10 February 2021, the Luxembourg Government published draft legislation aiming at transposing into Luxembourg law the Directive on copyright and related rights in the Digital Single Market 1 (the “New Copyright Directive”) adopted on 17 April 2019. The Luxembourg Government has launched a public consultation until 2 April 2021 allowing the stakeholders to express their […]

Posted – 17.03.2021 On 5 March 2021, Luxembourg adopted a Law relating to certain implementation methods in relation to the EU “Platform to Business” Regulation of 20 June 20191 (the “P2B Regulation”, applicable since 12 July 2020). The P2B Regulation aims to ensure the fair and transparent treatment of business users2 and corporate website users3 by online intermediation service […]

We are pleased to present the updated version of our brochure “ESG – Sustainable Finance”. This brochure contains the Disclosure Regulation, i.e. Regulation (EU) 2019/2088 of 27 November 2019 on sustainability‐related disclosures in the financial services sector in consolidation with: The Draft RTS Disclosure Regulation published by the European Supervisory Authorities (“ESAs”) on 2 February 2021 […]

What happened? On 21 January 2021, the Luxembourg Parliament adopted the Law of 22 January 2021 modifying the Law of 5 April 1993 on the financial sector and the Law of 6 April 2013 on dematerialised securities (the “Law of 2021”). . The Law of 2021 aims at modernising the existing legal framework for dematerialised […]

What happened? On 9 February 2021, the Chamber of Deputies voted a law that implements Directive (EU) 2018/1808  of 14 November 2018 into Luxembourg law. Within the framework of the Digital Single Market Strategy for Europe, that Directive, entered into force on 18 December 2018, amended Directive 2010/13/EU on the provision of audiovisual media services (the “Audiovisual Media Services […]

Why a Data Governance Act? On 25 November 2020 the European Commission published a Proposal for a Regulation on European data governance1(the “Data Governance Act”), part of a set of measures related to the European data strategy that aims at making the EU a leader in a data-driven society. Noting that public authorities are collecting a vast […]

On 25 November 2020, the European Commission (“Commission”) published its Action Plan on Intellectual Property1(“Action Plan”) which proposes to implement specific intellectual property (“IP”) policies with the particular objective of modernising the European Union (“EU”) framework in this field and helping small and medium enterprises (“SMEs”) benefit from their inventions and creations, especially in times […]

Current legal framework… The Luxembourg Government’s Open Data strategy addresses the following situation: “The public sector gathers and stores large quantities of data that could be of interest to individuals and businesses, but the data is not often accessible to the public. Yet unimpeded access to such data constitutes one of the fundamental principles of […]

The Law of 13 January 2019, which established the Luxembourg register of beneficial owners in accordance with EU anti-money laundering directives, has to be complied with by Luxembourg legal entities since a bit more than year. This first period of application revealed many practical questions. Guidance by relevant authorities addresses some but not all of […]

Bulletin Droit & Banque n°67, ALJB, 2020   Table of Contents: Executive Summary I) DLT and the issuance of tokenised securities A) General considerations on DLT and legal terminology A brief introduction to blockchain technology a) DLT b) coins and tokens Terminology and classification from a legal perspective a)            the instruments i) the “traditional” classification […]

Since 1 January 2021 economic relations between the EU and the UK are governed by the Trade and Cooperation Agreement (“TCA“) agreed on 24 December 2020 between the EU and the UK as a third country (see link here ). The UK voted to leave the EU in June 2016 and officially left the EU on 31 January 2020. […]

On 24 December 2020, the European Union (“EU“) and the United Kingdom (“UK“) finally struck a deal over Brexit. They notably reached a Trade and Cooperation Agreement (“TCA“). In respect of personal data protection, this Trade and Cooperation Agreement provides for a temporary period during which transfers made to the UK will not be considered […]

In April 2020, we issued an article about the legal principles and CNPD recommendations in relation to processing by employers of health data in the context of the COVID-19 outbreak. On 21 December 2020, the Commission Nationale pour la Protection des Données (“CNPD”) updated its recommendations1. The main updates are as follows. First, the CNPD acknowledges that the return […]

(Luxembourg, December 2020) New register for beneficial owners of fiduciary arrangements and express trusts complementary to the register of beneficial owners for legal entities. On 17 July 2020, the Law of 10 July 2020 creating a register of fiducies and trusts (“RFT Law “) entered into force. It transposes Article 31 of Directive (EU) 2015/849 as amended […]

(Luxembourg, December 2020) On 2 July 2020, the CSSF published two important documents in relation to the provision of cross-border services by third-country firms: CSSF Regulation 20-02   which lists the first third countries with equivalent supervision regimes for MiFID II services performed to per se professional clients or eligible counterparties in Luxembourg; and CSSF Circular 20/743 which amends […]

(Luxembourg, December 2020) On 10 July 2020, the Luxembourg Parliament (Chambre des Députés) adopted a new law relating to professional payment guarantees (the “Law”). The Law introduces a special regime for personal guarantees granted in a professional context (the “Professional Guarantee”) among parties who wish to benefit from greater contractual freedom in determining the features […]

(Luxembourg, June, 2020) This article was first published in Bulletin Droit & Banque, n°64, ALJB, June 2019, pp. 35-36. Read full article here. Article by Elisabeth Omes.  

(Luxembourg, July 2020) This article was first published in Bulletin Droit & Banque, n°66, ALJB, July 2020, pp. 17-18. Read article here Article by Elisabeth Omes.

(Luxembourg, November, 2020) In our previous publication we presented an overview of the 5G technology and the related opportunities in our society. This publication focuses on the concrete deployment of 5G in Luxembourg and more particularly the allocation of a dedicated part of the electromagnetic spectrum. 5G: How does it work? 5G technology requires the use of […]

(Luxembourg, November, 2020) What is the context of this Strategy? On July 16 July 2020, the CJEU issued its ruling related to the “Schrems II” case (C-311/18) (the “Schrems II Ruling”) invalidating the EU-US Privacy Shield Framework but also affecting the manner in which EU Standard Contractual Clauses may have to be implemented in the […]

(Luxembourg, November, 2020) What happened? On 10 November 2020, the European Data Protection Board (“EDPB”) adopted two sets of recommendations on the transfer of personal data from the European Union (“EU”) to third countries further to the Court of Justice of the European Union (“CJEU”) ruling in the Schrems II case1: Recommendations 01/2020 on measures that supplement […]

(Luxembourg, October, 2020) In the area of ESG and sustainable finance, investment fund managers need to start preparing for the application of the ESG Disclosure Regulation1 (“Disclosure Regulation”). As from 10 March 2021, they will be required to publish ESG-related information on their website. They will also need to ensure that ESG information is provided (i) […]

(Luxembourg, April 2020) Read Article here Article by Nathalie Prüm-Carré and Serge Marx

(Luxembourg, October, 2020) Since the UK’s withdrawal from the EU on 31 January 2020, in accordance with the Withdrawal Agreement concluded between the UK and the EU to ensure an orderly departure and legal certainty, EU law continues to apply to and in the UK in important areas during the transition period ending 31 December 2020. […]

(Luxembourg, October, 2020) New EU platform-to-business rules aimed at enhancing transparency of online platforms for business users are now applicable. Implementation of certain procedural aspects in Luxembourg is pending. An enforcement role is given to the Competition Council. Regulation (EU) 2019/1150 of 20 June 2019 on promoting fairness and transparency for business users of online […]

(Luxembourg, October, 2020) On 2 July 2020, the Court of Justice of the European Union (“CJEU”) ruled in the case C-231/19 (Blackrock Investment Management (UK) limited v. Commissioners for her Majesty’s Revenue and Customs) that a single supply of management services used to manage both special investment funds and other funds, could not be VAT […]

(Luxembourg, October, 2020) On 14 October 2020, Luxembourg’s Minister of Finance, Pierre Gramegna, tabled before the Parliament the draft budget law for the year 2021 (the “Draft Budget Law”). The Draft Budget Law proposes amendments which, according to the Government, aim at restoring tax justice at the level of Luxembourg tax residents. In this context, […]

(Luxembourg, October, 2020) Following the opinion approved unanimously by its members, issued on 11 September 2020 by the Conseil économique et social (“CES”), the social partners LCGB, OGBL and UEL signed a new agreement on 20 October 2020 on teleworking (“Agreement”), which will come into force once it has been declared “d’obligation générale” by Grand-Ducal regulation, which is […]