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Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Arendt & Medernach

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Commercial cooperation amongst competitors: the Webtaxi decision of the Competition Council of 8 Jun

October 2018 - EU & Competition. Legal Developments by Arendt & Medernach.

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On 8 June, the Luxembourg Competition Council exempted an agreement between Benelux Taxis, Inter-Taxis and other tax companies who jointly use the Webtaxi reservation centre for taking bookings from customers

The fifth anti-money laundering and terrorist financing directive (AML 5) - Key aspects and changes

August 2018 - Finance. Legal Developments by Arendt & Medernach.

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On 19 April 2018, the European Parliament adopted the new directive on the prevention of the use of the financial system for the purposes of money laundering or terrorism financing.

5th AML Directive - Key aspects

August 2018 - Finance. Legal Developments by Arendt & Medernach.

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The 5th AML Directive was published in the Official Journal of the European Union on 19 June 2018, and will enter into force 20 days thereafter.

MiFID 2 and its distinctive Luxembourg features

August 2018 - Finance. Legal Developments by Arendt & Medernach.

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On 31 May 2018, the law on markets in financial instruments (the “2018 Law”) as well as the grand-ducal regulation relating to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits (the “Grand-Ducal Regulation”) were published in the Luxembourg official gazette.

New bills on ATAD implementation and MLI approval

August 2018 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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On 15 June 2018 the Luxembourg government approved 2 new bills of law: ATAD Bill and MLI Bill

Unrestricted VAT deduction for active holding companies

August 2018 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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On 5 July 2018, the Court of Justice of the European Union (“CJEU”) released a welcome decision in the Marle Participations case (C-320/17) concerning the deduction of input VAT by a holding company on costs incurred in relation to acquisitions and sales of shares in subsidiaries.

Tax update - The OECD releases the Base Erosion and Profit Shifting (BEPS) public discussion draft o

August 2018 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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On 3 July 2018, the OECD launched a consultation on the transfer pricing of financial transactions by publishing the first draft of a new chapter of the OECD Transfer Pricing Guidelines for Tax Administrations and Multinational Enterprises

VAT group legislation voted

August 2018 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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The bill of law n°7278 implementing the VAT group into Luxembourg law was voted on 26 July 2018 by the Chamber of Deputies.

Index increase

August 2018 - Employment. Legal Developments by Arendt & Medernach.

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In Luxembourg, wage indexation is an automatic mechanism for the adjustment of salaries to keep pace with evolving living costs. From 1 August 2018, the index applicable to employees' wages will climb.

New double tax treaty between France and Luxembourg: substantial impact on real estate investors

March 2018 - Real Estate & Property. Legal Developments by Arendt & Medernach.

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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”). Although the New Treaty is based on the 2017 OECD Model Tax Convention, it contains certain substantial derogations therefrom.

Luxembourg in space, one step ahead [video]

March 2018 - Projects, Energy & Natural Resources. Legal Developments by Arendt & Medernach.

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​​Discover Luxembourg's space adventure and the challenges the space industry will face in the next decade. Arendt & Medernach, the leading law firm in Luxembourg, continuously supported the space and satellite industries and have developed the firm’s expertise and experience in these domains. We are now really looking forward to helping other businesses on their journeys into space. Should you require more information, please contact Laurent Schummer, Bob Calmes and Blazej Gladysz.

 

Click here to see the video: https://youtu.be/sM_EPRLlVcQ

Cross-border distribution of investment funds: a proposal for harmonisation

March 2018 - Finance. Legal Developments by Arendt & Medernach.

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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 today, on 12 March 2018. According to the EU Commission proposal, the envisaged harmonisation of rules for cross-border distribution should occur through a new directive amending both the UCITS and AIFM Directives with regard to the cross-border distribution of collective investment funds, and through a new regulation on facilitating cross-border distribution of collective investment funds and amending the EuVECA Regulation (Regulation on European venture capital funds) and the EuSEF Regulation (Regulation on European social entrepreneurship funds).

Clarification of the scope of the UCITS and AIFMD depositary regimes

March 2018 - Finance. Legal Developments by Arendt & Medernach.

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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.

New anti-money laundering rules in Luxembourg

March 2018 - Crime. Legal Developments by Arendt & Medernach.

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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.

Outsourcing made easier: professional secrecy in the financial and insurance sector softened

March 2018 - Finance. Legal Developments by Arendt & Medernach.

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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, other regulated professionals of the financial sector, payment institutions, electronic money institutions and insurance undertakings (together the « financial institutions ») to facilitate outsourcing arrangements.

Permanent exemption from variation margin obligation for FX forwards?

March 2018 - Finance. Legal Developments by Arendt & Medernach.

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Earlier this week, the European Supervisory Authorities (ESAs) published draft amendments to EMIR-related regulatory technical standards (RTS) that align the treatment of variation margin (VM) 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 transactions between institutions (credit institutions and investment firms).

The amended EuVECA and EuSEF Regulations

January 2018 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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Regulation (EU) 2017/1991 amending regulations (EU) No 345/2013 on European Venture Capital Funds (EuVECAs) and (EU) No 346/2013 on European Social Entrepreneurship Funds (EuSEFs) (together, the “Regulations”) has been published today in the Official Journal of the European Union and will be applicable as of 1 March 2018.

MiFID II: are you ready?

January 2018 - Corporate & Commercial. Legal Developments by Arendt & Medernach.

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With less than 30 days to go before the new MiFID II regime will be rolled out, funds and management companies/AIFM are increasingly concerned as to how they will be impacted:

  • product governance
  • inducements and payment for research
  • increased client information requirements 
  • complex and non-complex products classification

Registers of beneficial ownership: new rules to be implemented soon

January 2018 - Finance. Legal Developments by Arendt & Medernach.

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The draft laws implementing AMLD 4 set out strict rules to allow for protection against improper access to the information on BOs.

Permanent exemption from variation margin obligation for FX forwards?

January 2018 - Finance. Legal Developments by Arendt & Medernach.

More articles by this firm.

Earlier this week, the European Supervisory Authorities (ESAs) published draft amendments to EMIR-related regulatory technical standards (RTS) that align the treatment of variation margin (VM) 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 transactions between institutions (credit institutions and investment firms).

New Circular Letter on stock option plans

January 2018 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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​As announced by the Luxembourg Finance Minister in his presentation of the 2018 budget bill, the government introduced certain amendments to the current tax regime of stock option plans. In particular, the valuation of freely negotiable options will be increased as of 1 January 2018 from 17.5% to 30% of the value of the underlying stock.

Loi modifiée du 10 août 1915 concernant les sociétés commerciales-version consolidée au 19 déc

January 2018 - Corporate & Commercial. Legal Developments by Arendt & Medernach.

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We would like to draw your attention to the release of an official coordinated version of the amended law of 10 August 1915 on commercial companies.

The law of 10 August 1915 has been entirely renumbered and the table of contents has also been reordered. The new version does not contain any substantial change. The new numbering is applicable as from 19 December 2017.

Back to 2017 - Forward to 2018

January 2018 - Corporate & Commercial. Legal Developments by Arendt & Medernach.

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2017 was a busy year, not least in respect of legal and regulatory changes that may impact your business. We are pleased to provide you with an overview of the major legal and regulatory developments under Luxembourg and EU law.

PRIIPs KID: are you ready?

November 2017 - Finance. Legal Developments by Arendt & Medernach.

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In less than 4 months the Priips-Kid regulation will come into force. The exercise of ensuring compliance with this regulation is not an easy one.

- What should the Kid include?

- What are the key questions to ask before building your Kid?

- What are the actions to take before building your Kid?

Monitoring of the use by an employee of a professional instant messaging tool for personal purposes

November 2017 - Employment. Legal Developments by Arendt & Medernach.

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Court decision in Bărbulescu v. Romania

On 5 September 2017, the Grand Chamber of the European Court of Human Rights (the “ECHR”) examined for the first time the issue of the monitoring of electronic communications of an employee by a private employer, within the framework of an action brought by Mr Bărbulescu, an engineer employed by a private company in Romania. Mr Bărbulescu had been dismissed for using for personal purposes, in breach of the provisions of the internal regulations of the company, a professional Yahoo Messenger account created at his employer’s request for the purpose of responding to customers’ enquiries.

Tax changes for 2018 disclosed in the new budget bill

November 2017 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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On 11 October 2017, and the last time before next year’s parliamentary elections, the current Luxembourg Finance Minister presented the budget law for 2018 to the Parliament (Chambre des Députés).

The main tax-related provisions of the Bill of Law N° 7200 (“Bill”) as laid out below in more detail include inter alia:

VAT in the GCC – Q&A updates from the UAE Ministry of Finance

October 2017 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.     

New Tax Procedures Law in the UAE

October 2017 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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On 31 July 2017, the President of the United Arab Emirates (the “UAE”) issued the new Tax Procedures Law (the “Law”). This Law contributes to build the UAE’s tax system, to regulate the administration and collection of taxes and most importantly, to clarify the respective rights and obligations between the Federal Tax Authority (the “FTA”) and the taxpayer.

Confirmation of the end of the VAT exemption regime for financial IGPs

October 2017 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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Following the Luxembourg case C-274/15, the series of cases relating to the scope of the cost-sharing VAT exemption also referred to as “Independent Group of Persons” (“IGP”) continues with the release today of three judgements by the Court of Justice of the EU (“CJUE”): Aviva (C-605/15), DNB Banka (C-326/15) and European Commission v Federal Republic of Germany (C-616/15).

Luxembourg law on the exploration and use of space resources entered into force

October 2017 - Corporate & Commercial. Legal Developments by Arendt & Medernach.

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The Luxembourg law on the exploration and use of space resources of 20 July 2017 entered into force on 2 August 2017 and placed Luxembourg among the most innovative space-oriented nations in the world.

UAE domestic VAT law released!

October 2017 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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On 27 August 2017, the United Arab Emirates (the "UAE") published the text of its domestic Value Added Tax (the "VAT") Law, shortly after releasing the text of its Excise Tax Law last week, and the Federal Tax Procedures Law earlier this month. It will be followed by implementing regulations, which will provide more detail on application of the VAT Law.

ICLG 4th edition - Corporate Immigration 2017

October 2017 - Employment. Legal Developments by Arendt & Medernach.

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As Luxembourg is gaining increasing success in international mobility and business immigration, the applicable legal framework has been recently adapted by introducing several new categories of residence permits in Luxembourg, including a residence permit for investors.

Posting of workers and its implications for posting companies - New law

October 2017 - Employment. Legal Developments by Arendt & Medernach.

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A revision of the Posting Directive became necessary after it proved that the Posting Directive contained numerous pitfalls in the past. In some cases it turned out that companies posting employees were only “letterbox companies” without any substance. In other cases, situations where concerned employees’ rights were being circumvented were unveiled.

New Tax Procedures Law in the UAE

August 2017 - Tax & Private Client. Legal Developments by Arendt & Medernach.

More articles by this firm.

On 31 July 2017, the President of the United Arab Emirates (the “UAE”) issued the new Tax Procedures Law (the “Law”). This Law contributes to build the UAE’s tax system, to regulate the administration and collection of taxes and most importantly, to clarify the respective rights and obligations between the Federal Tax Authority (the “FTA”) and the taxpayer.

New requirement for all issuers operating on the Luxembourg Stock Exchange

August 2017 - Corporate & Commercial. Legal Developments by Arendt & Medernach.

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On 10 August 2017 the Luxembourg Stock Exchange announced that all domestic and foreign issuers operating on the regulated market (Bourse de Luxembourg) or on the multilateral trading facility (Euro MTF) of the Luxembourg Stock Exchange must provide their legal entity identifier (“LEI”) codes to the Luxembourg Stock Exchange before 15 September 2017.

Luxembourg law on the exploration and use of space resources entered into force

August 2017 - Corporate & Commercial. Legal Developments by Arendt & Medernach.

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The Luxembourg law on the exploration and use of space resources of 20 July 2017 entered into force on 2 August 2017 and placed Luxembourg among the most innovative space-oriented nations in the world.

VAT in the GCC – Q&A updates from the UAE Ministry of Finance

August 2017 - Corporate & Commercial. Legal Developments by Arendt & Medernach.

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On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.

PRIIPs KID: The final pieces of the puzzle

August 2017 - Finance. Legal Developments by Arendt & Medernach.

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The pieces of the puzzle are finally falling into place. The long-awaited level 3 and 4 measures have been published earlier this week, half a year before the PRIIPs KID becomes compulsory.

MiFID II: Further guidance on product governance requirements

August 2017 - Intellectual Property. Legal Developments by Arendt & Medernach.

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Amongst the numerous topics covered by the Markets in Financial Instruments Directive II (MiFID II), the European Securities and Markets Authority (ESMA) has decided to provide further guidance on the requirements regarding product governance through its guidelines dated 2 June 2017 which focus on the target market assessment by manufacturers and distributors of financial products.     

Arendt & Medernach is again the “Luxembourg Tax Firm of the Year”

August 2017 - Corporate & Commercial. Legal Developments by Arendt & Medernach.

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The partners of Arendt & Medernach are pleased to announce that their firm has been awarded once again the prestigious “Luxembourg Tax Firm of the Year” title during the International Tax Review’s European Tax Awards ceremony held at the Savoy Hotel in London on 18 May.

Signature of the Multilateral instrument – reservations made by Luxembourg

August 2017 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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On 7 June 2017, the official ceremony for the signing of the multilateral instrument (“MLI”) took place bringing to a close a process initiated last year when a consensus was reached on the wording of the MLI on 24 November 2016 (see also our newsflash dated 2 December 2016, available on our website www.arendt.com section Publications/Newsflash).

Arendt & Medernach: Luxembourg Law Firm of the Year

August 2017 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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Luxembourg, May 2017 – Arendt & Medernach is proud to have been named “Luxembourg Law firm of the year” both by Chambers & Partners and IFLR (International Financial Law Review). The prestigious trophies were both received in April in London at the respective ceremonies of the Chambers Europe Awards 2017 and the IFLR European Awards 2017.

First VAT EU case law on the cost-sharing VAT exemption

August 2017 - Tax & Private Client. Legal Developments by Arendt & Medernach.

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The question of the scope of the cost-sharing VAT exemption, also referred to in the Council Directive 2006/112/EC of 28 November 2006 as amended ("EU VAT Directive") as “Independent Groups of Persons” or “IGPs”, is currently being debated at the Court of Justice of the EU (“CJEU”) in several cases.
Last Thursday marked the first milestone regarding this specific VAT exemption since the CJEU released its judgment in the case Commission v Luxembourg (C-274/15).

This case law is important as it will open a new area in the field of cost-sharing arrangements and a new discussion on the concept of VAT grouping.

​With the decision confirming that Luxembourg has failed to fulfil its obligations, the Luxembourg IGP regime will have to comply with the judgement without delay.

 

Please click on this link to read the full tax update.