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Spotlights
CSSF Q&A UCIA Update: Clarifications of Central Administration
The CSSF confirms that "central administration" under Luxembourg fund laws is broader and distinct from the "UCI administration" defined in…
CSSF supervised funds: New procedure for prospectus changes applicable from 1 April 2025
Effective 1 April 2025, the CSSF introduces a mandatory e-Identification procedure for prospectus amendments of UCITS, Part II UCIs, SIFs,…
Upcoming Changes to the CSSF Electronic Visa Stamp Procedure
The CSSF will introduce a new version of the electronic visa stamp for UCITS, Part II UCIs, SICARs, and SIFs to enhance security and…
AED 2024 AML/CFT new questionnaire for unregulated AIFs
The Luxembourg Registration Duties, Estates and VAT Authority ("AED"), as the supervisory authority for other financial institutions under…
New CSSF simplified procedure for the creation of new share class(es)
The CSSF has introduced a simplified procedure for creating new share classes that do not require a prospectus update, streamlining the…
ESMA Q&A update: Key clarifications on AIFMD delegation and safekeeping rules
ESMA's latest Q&A clarifies that AIFMs cannot delegate portfolio or risk management to non-supervised third-country entities and remain…
CSSF releases FAQ clarifying AML/CFT asset due diligence requirements
The CSSF has issued new clarifications simplifying compliance for certain asset classes, particularly those with reduced money laundering…
CSSF 2024 Questionnaire on Financial Crime :Key Information on AML_CFT and Deadlines
2024 Annual AML/CFT questionnaire for CSSF supervised entities will be launched on 24 February 2025 with final submission of responses to…
Update on ELTIF authorization: Enhanced questionnaire following new EU regulations
On October 25, 2024, the CSSF announced an update to the ELTIF application questionnaire, now mandatory for new applications, aligning it…
Recommendations for responsible private funding of Litigation: European Parliament resolution 2022/2130(INL)
The European Parliament calls for greater transparency and regulation of third-party litigation funding (TPLF) in the EU. The resolution…
Reform of arbitration law in Luxembourg
The wide-ranging reform undertaken by the Luxembourg law-maker proposes a coherent regime of rules designed to promote efficient…
European Court of Justice issues clarification on Luxembourg Business Registers and fundamental rights of beneficial owners
Luxembourg’s district court (Tribunal d'arrondissement de et à Luxembourg) submitted two references for a preliminary ruling to the…
Examining the effects of the Law of 15 July 2021 on Luxembourg’s new Code of Civil Procedure
The Law of 15 July 2021 brought significant updates to Luxembourg's civil and commercial justice system. This article explores critical…
European supervisory authorities publish evaluation report on EU Securitisation Regulation
The ESAs recommend clarifying SECR scope, easing transparency rules, streamlining STS criteria, and enhancing supervisory convergence to…
CSSF issues new guidance on DORA regulation: Reminders and preparedness advice
The CSSF has issued important reminders and practical advice for Financial Entities in preparation for the application of DORA which enter…
Taxonomy: EU Commission publishes FAQ to clarify the content of the disclosures delegated regulation under Article 8
The European Commission published on 6 October 2022 the updated version of the FAQ clarifying the content of the Commission Delegated…
Update of the law of 5 August 2005 on financial collateral arrangements
The Luxembourg Parliament updated the Luxembourg Collateral Law on 7 July 2022 with some precisions and amendments according to the…
LuxSE Euro MTF FastLane admission procedure
Specific types of securities issued by eligible issuers may now benefit from the FastLane Admission for the listing without having to get…
Luxembourg SPF residence certificate: Key tax updates
Luxembourg's updated guidance on SPF residence certificates offers key insights into compliance with the tax regime for family wealth management companies.
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CSSF Updates AML/CFT blacklist with 4 countries
The CSSF Updates AML/CFT blacklist and add 4 countries following the publication of the new Financial Action Task Force (FAFT) publication on October 25, 2024.
New EU Commission study on areas most at risk of corruption
Following the new EU Commission study published on 4 November 2024 discover how corruption infiltrates six high-risk EU sectors, from healthcare to sports, threatening essential services and public trust across borders.
New RCS Filing Requirements: Mandatory Luxembourg National Identification Numbers for Natural Persons
Starting 12 November 2024, the Luxembourg Business Registers (LBR) will require entities registered in the Luxembourg Trade and Companies Register (RCS) to submit the Luxembourg National Identification Number (LNIN) for all associated natural persons, with a transition period for updates and confidentiality ensured for personal details.
EU updates AML/CFT blacklist and adds five countries
The European Commission has updated its list of countries with deficiencies in their anti-money laundering and counter-terrorist financing regimes. The list, aimed at safeguarding the EU's financial system and internal market, has added the Democratic Republic of the Congo, Gibraltar, Mozambique, Tanzania, and the United Arab Emirates, while deleting Nicaragua, Pakistan, and Zimbabwe.
New law simplifies administrative dissolution for empty shell companies in Luxembourg
The procedure for administrative dissolution without liquidation for a company requires it to have committed a criminal or commercial violation, have no employees and no assets, and be initiated by the Public Prosecutor. If the conditions are met, the company will be dissolved within six months and can be appealed within a one-month window. Exceptions include regulated investment funds and RAIFs, while non-supervised funds may still be eligible if they meet the conditions.
Luxembourg Tax Reform 2024: Bill No. 8414 cuts corporate tax, exempts ETFs, adjusts income tax brackets, and offers new benefits for skilled foreign workers.
Bill No. 8414, introduced in July 2024, lowers corporate taxes, revises personal tax brackets, exempts certain ETFs, and introduces new tax benefits for skilled foreign workers to boost Luxembourg’s competitiveness.
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Clarifying intellectual property ownership: An insight from the Administrative Tribunal decision of 26 July 2023
The Administrative Tribunal emphasized that taxpayers cannot use the economic ownership principle to contradict clear documentation, highlighting that the licensing agreement did not represent a definitive transfer of the IP rights.
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Luxembourg IP Box Tribunal’s insight on licensing and article 50bis LITL exemptions
The key factor determining whether payments qualify as royalties for the purpose of Luxembourg IP box rules is the direct link they have to the utilisation of the corresponding intellectual property rights, regardless of frequency or recurrence.
0 Comments3 Minutes
Assessing shareholding value: Implications of the Luxembourg Administrative Court’s ruling on value impairment and taxation
Value impairment should be assessed based on facts and circumstances that existed before the close of the accounting year, even if they were only revealed later but prior to the establishment of the balance sheet.
0 Comments2 Minutes
Spotlights
CSSF Q&A UCIA Update: Clarifications of Central Administration
The CSSF confirms that "central administration" under Luxembourg fund laws is broader and distinct from the "UCI administration" defined in…
European supervisory authorities publish evaluation report on EU Securitisation Regulation
The ESAs recommend clarifying SECR scope, easing transparency rules, streamlining STS criteria, and enhancing supervisory convergence to…
CSSF supervised funds: New procedure for prospectus changes applicable from 1 April 2025
Effective 1 April 2025, the CSSF introduces a mandatory e-Identification procedure for prospectus amendments of UCITS, Part II UCIs, SIFs,…
Upcoming Changes to the CSSF Electronic Visa Stamp Procedure
The CSSF will introduce a new version of the electronic visa stamp for UCITS, Part II UCIs, SICARs, and SIFs to enhance security and…
AED 2024 AML/CFT new questionnaire for unregulated AIFs
The Luxembourg Registration Duties, Estates and VAT Authority ("AED"), as the supervisory authority for other financial institutions under…
New CSSF simplified procedure for the creation of new share class(es)
The CSSF has introduced a simplified procedure for creating new share classes that do not require a prospectus update, streamlining the…
ESMA Q&A update: Key clarifications on AIFMD delegation and safekeeping rules
ESMA's latest Q&A clarifies that AIFMs cannot delegate portfolio or risk management to non-supervised third-country entities and remain…
CSSF issues new guidance on DORA regulation: Reminders and preparedness advice
The CSSF has issued important reminders and practical advice for Financial Entities in preparation for the application of DORA which enter…
CSSF releases FAQ clarifying AML/CFT asset due diligence requirements
The CSSF has issued new clarifications simplifying compliance for certain asset classes, particularly those with reduced money laundering…
CSSF 2024 Questionnaire on Financial Crime :Key Information on AML_CFT and Deadlines
2024 Annual AML/CFT questionnaire for CSSF supervised entities will be launched on 24 February 2025 with final submission of responses to…
CSSF Updates AML/CFT blacklist with 4 countries
The CSSF Updates AML/CFT blacklist and add 4 countries following the publication of the new Financial Action Task Force (FAFT) publication…
New EU Commission study on areas most at risk of corruption
Following the new EU Commission study published on 4 November 2024 discover how corruption infiltrates six high-risk EU sectors, from…
Update on ELTIF authorization: Enhanced questionnaire following new EU regulations
On October 25, 2024, the CSSF announced an update to the ELTIF application questionnaire, now mandatory for new applications, aligning it…
CSSF Circular 24/863: Integration of ESMA Guidelines on ESG Fund Naming Practices
The CSSF has announced its adoption of the ESMA Guidelines on the use of ESG or sustainability-related terms in fund names, aiming to align…
New RCS Filing Requirements: Mandatory Luxembourg National Identification Numbers for Natural Persons
Starting 12 November 2024, the Luxembourg Business Registers (LBR) will require entities registered in the Luxembourg Trade and Companies…
Luxembourg Circular n° 821 introduces new digital forms for UCI, SIF, and RAIF subscription tax filings
Luxembourg's Circular n° 821 introduces new digital forms for quarterly subscription tax returns, featuring automatic currency conversion,…
Updates on the ELTIF 2.0 regime and regulatory developments
The ELTIF 2.0 regime introduces enhanced flexibility and expanded investment opportunities for long-term investors, with new regulatory…
Luxembourg SPF residence certificate: Key tax updates
Luxembourg's updated guidance on SPF residence certificates offers key insights into compliance with the tax regime for family wealth…
Availability of CSSF FAQ on submission of closing documents and financial information in English
The CSSF's updated FAQ on UCITS, released on 30 November 2023, clarifies the handling of "ancillary liquid assets," detailing their…
Update of CSSF FAQ on UCITS Law
The CSSF's updated FAQ on UCITS, released on 30 November 2023, clarifies the handling of "ancillary liquid assets," detailing their…
FATF’s positive assessment of Luxembourg’s AML/CFT measures: Enduring commitment advised
The Financial Action Task Force (FATF) commended Luxembourg for its strong anti-money laundering and counter-terrorism financing (AML/CFT)…
Law of 21 July 2023: Modernizing Luxembourg’s Investment Fund toolbox and its impact on RAIF, SIF, SICAR, AIFM & UCI
Luxembourg has modernized its investment fund laws with the enactment of the law of 21 July 2023, effective from 28 July 2023. This…
ESMA launches consultation paper on draft regulatory technical standards (RTS) under the revised ELTIF Regulation
ESMA published a consultation paper on 23 May 2023, outlining draft Regulatory Technical Standards under the revised ELTIF Regulation. The…
CSSF extends submission deadline for SFDR pre-contractual disclosure data collection
The CSSF has recently announced an extension for the initial SFDR data collection exercise on pre-contractual disclosures. Financial Market…
CSSF updates its FAQ for investments in virtual assets: Impact on AIFs
The CSSF updates its FAQ for investments in virtual assets through funds aimed at professional investors, emphasizing risk assessment and…
Latest EU Regulations update: Navigating Sustainability-Related Disclosures and Investments in 2023
As sustainable investing and disclosures continue to gain momentum, the European Union (EU) is taking significant steps to ensure that…
Luxembourg Fund Law Reforms: Key proposed changes to RAIF, SIF, SICAR, AIFM, and UCI Laws
The proposed amendments to the fund laws aim to enhance and update the country's fund-related regulations, while also strengthening the…
SFDR CSSF FAQ Updates: Fund Names, Sustainable Investments & EPM Techniques
The SFDR requires FMPs to provide transparent information on the sustainability of their financial products. The CSSF has recently released…
CSSF Notification regarding the amended SFDR RTS
CSSF informs FMPs of amended SFDR RTS effective 20 February 2023, requiring precontractual & periodic transparency obligations for fossil…
EU updates AML/CFT blacklist and adds five countries
The European Commission has updated its list of countries with deficiencies in their anti-money laundering and counter-terrorist financing…
CSSF introduces new notification template for critical ICT outsourcing
In-Scope Entities must adhere to the guidelines outlined in Circular CSSF 22/806 and implement the new template by 20th February 2023.…
New law simplifies administrative dissolution for empty shell companies in Luxembourg
The procedure for administrative dissolution without liquidation for a company requires it to have committed a criminal or commercial…
CSSF communication on notification templates
Alternative investment fund managers aiming at a registration and/or an authorisation with the CSSF as well as the extension of their…
CSSF launches data collection exercise for IFMs on sustainability-related disclosures under SFDR
The CSSF has launched a data collection exercise for SFDR compliance by IFMs, requiring completion of a dedicated questionnaire via a new…
CSSF study on the AML/CFT controls applied in terms of preventing tax offences
Following the "UCI On-Site inspections", the CSSF concluded that the mitigation measures put in place regarding the tax offences were…
CSSF Standardised Model Prospectus for UCITS
Launch of a CSSF standardised model prospectus to support the examination of the prospectus to facilitate the drafting of a conventional…
CSSF clarification on the use of electronic money institutions and payment institutions by AIFs
AIFs having a professional depositary of assets other than financial instruments appointed as their single depositary and having designated…
Provisional agreement relating to ELTIF II
On 19 October 2022, the negotiators from the Council and the European Parliament reached a provisional agreement on a revision of the…
The end of the unrestricted access to the Luxembourg register of beneficial owners – ECJ joined cases C‑37/20 and C‑601/20
Following a decision of the European Court of Justice, access to the Luxembourg register of beneficial owners by the general public was…
Cross border distribution of funds – CSSF FAQ guidance on marketing communications
The CSSF published the CBDF FAQ on 20 September 2022 to clarify the supervisory expectations of the CSSF regarding the application of the…
Taxonomy: EU Commission publishes FAQ to clarify the content of the disclosures delegated regulation under Article 8
The European Commission published on 6 October 2022 the updated version of the FAQ clarifying the content of the Commission Delegated…
AML/CFT supervision of unregulated alternative investment funds (excluding RAIFs) by the AED
The Luxembourg Registration Duty, Estate and VAT Authority clarified that all unregulated AIFs under its supervision should appoint a…
Update of the law of 5 August 2005 on financial collateral arrangements
The Luxembourg Parliament updated the Luxembourg Collateral Law on 7 July 2022 with some precisions and amendments according to the…
LuxSE Euro MTF FastLane admission procedure
Specific types of securities issued by eligible issuers may now benefit from the FastLane Admission for the listing without having to get…
CSSF update of FAQ market entry form for investment funds and IFMs
The CSSF updated on 4 October 2022 its FAQ regarding the AML/CFT market entry form for investment funds and IFMs. The FAQ aims to assist…
CSSF fast-track procedure for visa-stamping regarding SFDR RTS
A fast-track procedure relating to the visa stamp of the issuing documents is now available concerning articles 8 and 9 regulated funds, in…
New reporting obligations for RAIFs and unregulated AIFs – Update of the CRS FAQ by the Luxembourg tax administration
RAIFs and unregulated AIFs (e.g. SCSp and SCS) are now considered reportable financial institutions since they can no longer benefit from…
Security tokens now admitted on Luxembourg exchange’s Securities Official List
The Luxembourg Stock Exchange has announced that security tokens have been eligible for admission to its Securities Official List since the…
Mandatory reporting for the real estate income levy for Luxembourg RAIFs, SIFs and Part II UCIs
Investment funds subject to the levy must declare all income from real estate subject to the real estate levy, received or realised during…
