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Map, Luxembourg Province - Belgium, Benelux, Europe, Former Yugoslavia

Introduction of the Luxembourg VAT group regime

By Bruno Gasparotto and Claire Schmitt On 13 April 2018, the Luxembourg Government introduced the bill of law n°7278 before the Parliament. This bill will implement the VAT group into Luxembourg VAT law with effect from 31 July 2018…

Luxembourg: Amendments to the GDPR

On 12 September 2017, the Luxembourg Parliament issued bill of law no. 7184 (the “Bill of Law”) in order to complement Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and the free movement of […]

Luxembourg: New IP tax box regime adopted

On 22 March 2018, the Luxembourg Parliament (Chambre des députés) adopted the new IP Box Law. The new IP Box Law replaces the previous IP Box regime which was repealed in 2016 with specific grandfathering provisions. In line with the recently adopted “BEPS compliant” IP Box regimes in Europe, the IP Box Law introduces a […]

New double tax treaty between France and Luxembourg

On 20 March 2018, the governments of France and Luxembourg signed a new double tax treaty (“New Treaty”) replacing the current treaty dated 1 April 1958 (“Old Treaty”). The main differences between the Old Treaty and the New Treaty may be summarised as follows…

Luxembourg: Harmonisation of cross-border distribution of investment funds

Reducing barriers for cross-border distribution of investment funds within the EU, thus reducing the costs of going cross-border, while deepening the single marketing procedure for investment funds is the proclaimed purpose of the two legislative proposals published by the EU Commission…

Finance: rules on professional secrecy relaxed

Through the law of 27 February 2018 implementing the EU regulation (UE) 2015/751 on interchange commissions for card-based payments, which amends various laws relating to the financial sector (and was published in the Luxembourg official gazette on March 1st 2018), the Luxembourg parliament has now relaxed the rules on professional secrecy for banks, investment firms, […]

Luxembourg: New anti-money laundering rules

On 14 February 2018, the law of 13 February 2018 implementing a substantial part of the 4th anti-money laundering directive (4th AML Directive) was published in the Official Journal of Luxembourg. The law will enter into force on 18 February 2018. It should be noted that through such new law…

Clarification of the scope of the UCITS and AIFMD depositary regimes

A significant number of so-called Part II UCIs may remain within the scope of the AIFMD depositary regime. Luxembourg’s Parliament (Chambre des Députés) has voted yesterday to amend the respective legislation to this effect. This amendment clarifies the scope of the UCITS- like and the AIFMD depositary regimes in Luxembourg for these funds…

Luxembourg: Permanent exemption from variation margin obligation for FX forwards?

By Daniel Petsch Earlier this week, the European Supervisory Authorities published draft amendments to EMIR-related regulatory technical standards that align the treatment of variation margin for FX forwards with the supervisory guidance applicable in other key jurisdictions. More specifically the draft amendments propose that the requirement to exchange VM for physically settled FX forwards shall only target […]

Beneficial ownership: new rules on the way in Luxembourg

The draft laws implementing AMLD 4 set out strict rules to allow for protection against improper access to the information on BOs. On 6 December 2017, the Luxembourg Parliament published two draft laws to implement new transparency measures provided by Directive 2015/849 on the prevention of the use of the financial system for the purposes […]

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