On August 22nd 2014 the ESMA issued an opinion on the application of guidelines issued by the Committee of European Securities Regulators in May 2010.

Evelyn Maher and Christoforos Soteriou lead you through the regulatory environment and update you on recent developments.

On July 23rd 2014 the European Commission wrote to ESMA regarding the definition of a financial instrument relating to foreign currency ("FX Contract").

Regulation (EU) 2025/2073 of 8 October 2025 amending Regulation (EU) 2015/848 on insolvency proceedings to replace its Annexes A and B was published in the EU Official Journal on 17 October 2025.

On February 21st 2013, the ECJ ruled that the domestic law which precludes the use of tax carried forward losses of a merged company by the surviving merging company in the case of a cross-border merger.

On 7 October 2022, Luxembourg Ministry of Finance issued a draft proposal (the "Draft Proposal") amending the current Regulation dated 6 February 2012 (Règlement ministériel du 6 février 2012)...

By circular letter n° 756bis dated March 16th 2015, the Luxembourg VAT authorities have confirmed that, as from May 1st 2015, the supply of e-books will be subject to the standard VAT rate of 17%.

With the globalisation of the economy, diversification of the risks linked to investments has taken a new dimension.

A discussion on the Court of Justice of the European Union ruling, that article 50 of Directive 2002/83/EC concerning life assurance is to be interpreted as meaning that a Member State's right to subject to an indirect insurance tax on life insurance premiums paid by the individual policyholder residing in this Member State overrides the Member State's taxing rights where the contract was concluded.

A number of provisions in the EuSEF and EuVECA Regulations empower the European Commission to adopt Level 2 measures.

On July 11th 2014 ESMA issued two consultation papers with the aim of drafting regulatory standards on the clearing obligations under Regulation (EU) No 648/2012 on OTC derivatives, central counterparties and trade repositories.

The European Commission proposes a new anti-money-laundering draft legislation package to strengthen the EU's anti-money laundering and countering terrorism financing rules...

The European Securities and Markets Authority issued a "Questions and Answers" document on the implementation of EMIR.

The proposed regulation (the "Regulation") on European Long-Term Investment Funds ("ELTIF") has been adopted by the European Parliament (the "EP") on March 10th 2015.

Draft law number 6543, relating to electronic archiving and amending the law of April 5th 1993 on the financial sector, as amended, was filed with the Luxembourg Parliament on February 13th 2013 and is expected to be implemented in the course of this year.

On February 26th 2015, the Economic and Monetary Affairs Committee of the European Parliament voted on the draft report on the proposed draft regulation on Money Market Funds.

The Court of Justice of the European Union has recently ruled that a company establishing a pension scheme as a separate legal entity may deduct the VAT it has incurred on services relating to the management and operation of the pension fund pursuant to article 17 of Directive 77/388/EEC.

The Luxembourg Tax Authorities have recently clarified the situation on taxation of income realised by Luxembourg partnerships..

On July 15th 2014, the OECD published its 2014 update of the Model Tax Convention. This update is the outcome of the work accomplished between 2010 and the end of 2013.

Draft laws 6501 and 6552 filed with the Luxembourg Parliament, provide for the approval of double tax treaties recently concluded by Luxembourg with Germany, Macedonia, Seychelles, Tajikistan, Laos, Sri Lanka, Czech Republic and Taiwan.