The Court of Justice of the European Union struck hard at the beginning of the year.The international jurisdiction ruled that France cannot collect social levies on foreign-source capital income from cross-border workers. The regulations regarding the generalized social contribution (CSG) or the social debt repayment contribution (CRDS) have admittedly rolled through several twists and turns […]
In January 2015, a Conference wholly dedicated to Fintech companies was held in Luxembourg. The term “Fintech”, a contraction of “Financial” and “Technology”, has long aroused concern and distrust from Luxembourg financial players. However, the Luxembourg market has now been made aware of the undeniable importance of these start-ups specialized in financial technology, which have already […]
On May 22nd 2015, the Commission de Surveillance du Secteur Financier (“CSSF”) published Press Release 15/23 in relation to the law of 11 January 2008 on transparency requirements for issuers of securities (the “Transparency Law”). Issuers who have benefited from the exemption set out under Article 30(6) of the Transparency Law will be required to publish half-yearly financial […]
On March 11th 2015, the European Court of Justice (ECJ) published a judgment on Jean-Bernard Lafonta v Autorité des Marchés Financiers concerning the definition of inside information in Article 1(1) of the Market Abuse Directive (MAD). According to Article 1(1), “information shall be deemed to be of a precise nature if it indicates a set of […]
Following a public consultation that the Finance Ministry had promoted on the implementation in Italy of the Directive 2013/34/EU on annual and consolidated financial statements and related reports, the Italian Government has recently issued (May 2015) the Legislative Decree n. 171 draft containing modifications to the current legislation that will affect the domestic framework on […]
Following a public consultation that the Finance Ministry had promoted on the implementation in Italy of the Directive 2013/34/EU on annual and consolidated financial statements and related reports, the Italian Government has recently issued (May 2015) the Legislative Decree n. 171 draft containing modifications to the current legislation that will affect the domestic framework on […]
Directive 2013/34/EU of 26 June 2013 is aimed at amending Directive 2006/43/EC of the European Parliament and of the Council and repealing Council Directives 78/660/EEC and 83/349/EEC. Such Directive will oblige all member States to bring into force the laws, regulations and administrative provisions necessary to comply with this Directive by 20 July 2015. Directive […]
In a few words Two years after the European Commission’s proposal, the European Parliament approved the final text of the fourth AML Directive (“the Fourth AMLD”) on May 20th, 2015. Beyond the FATF recommendations and the European Commission’s initial proposal, the Fourth AMLD will oblige EU member states to keep central registers […]
Newsflash – New CSSF Circular 15/612 relating to Luxembourg AIFMs. In a few words On May 5th 2015 the CSSF issued CSSF Circular 15/612 (the “Circular”) on information to be submitted to the CSSF concerning non regulated AIFs and regulated AIFs established in a third country by AIFMs subject to the Luxembourg law […]
A 50 billion RMB quota has been granted to Luxembourg under the RQFII regime, which will further promote the internationalisation of RMB and reinforce Luxembourg’s role as a true offshore RMB centre. People’s Bank of China (PBoC) has announced yesterday that a 50 billion RMB quota has been granted to Luxembourg under the Renminbi […]
On February 18th 2015, the European Commission set the wheels in motion for a fully functioning Capital Markets Union, through the launch of its green paper Building a Capital Markets Union (the “Green Paper”). The goal is to build a true single market for capital for all 28 Member States by 2019. In the Green Paper the European […]
Indian Prime Minister’s three nation visit to Germany, France and Canada with the thrust on “Make in India” can easily be seen as a mood of this 12 month old Government. The growth in the GDP in 2014-15 and with IMF projecting India as overtaking China in growth rate in 2017-18, these is just the reflection of […]