Newsletter March 2021

Asset management and investment funds

• Sustainable Finance Disclosure Regulation: EU and Luxembourg updates
• UCITS/AIFs: Supervision of costs and fees
• UCITS/certain types of AIFs: ESMA Guidelines on performance fees
• UCITS/UCIs/AIFs: Use of securities financing transactions
• Marketing of foreign UCIs to retail investors in Luxembourg
• Money market funds update
• CSSF position on transfer of investors' data

Administrative law

• Right of Members of Parliament to have access to documents
• Preemption right: Procedure under the Law ‘Pacte Logement’

Corporate, banking and finance

• Sustainable finance developments
• Further specifications to the AML Law
• New rules on corporate governance
• New Luxembourg framework for restrictive measures in financial matters
• Right to silence for individuals charged with market abuse offences
• Directive amending MiFID II in view of EU post-COVID 19 recovery
• Hard Brexit for financial services
• No financial assistance criminal offence for S.à r.ls

Employment and pensions law

• Telework
• Parental leave guaranteed when unemployed at the time of birth or adoption
• Working time – Rest period

EU law, competition and antitrust

• Luxembourg competition law update
• Regulating fair market behaviour in digital markets

ICT, IP, media and data protection

• GDPR - Transfers of personal data in the UCI world after Schrems II
• Luxembourg law recognises issuance of dematerialised securities in blockchains
• The impact of the Brexit deal on personal data transfers from the EU to the UK
• Focus on European Commission’s proposal for a Digital Services Act
• European Commission’s Action Plan on Intellectual Property
• The Data Governance Act - regulating access to data held by public authorities
• Regulating access to Open Data - free access to data held by public bodies
• ePrivacy Regulation: The return?

Tax

• VAT treatment of cross-border company cars
• Non-deductibility of interest and royalties due to “blacklisted countries”
• Luxembourg tax authorities’ guidance on interest deduction limitation rule
• Modernisation of Luxembourg VAT law
• The 2021 budget Law
• Exchange of Information in Tax Matters – CJUE joined Cases C-245/19 and C-246/19
• CRS: Amended lists of participating and reportable jurisdictions
• CbC reporting: Amended list of reportable jurisdictions
• Application of the EU Participation Exemption Regime to Gibraltar companies
• Tax treaties news