Legal news

Whistleblowing in the Luxembourg financial sector and the new European Directive on the protection of whistleblowers – 6 June 2019

Currently, whistleblowing in this country is still regulated on a sectorial basis. The financial sector is the most advanced on the issue, with laws transposing a certain number of European Directives dealing with whistleblowing in various areas (the fight against money laundering, market abuse, investment services, professional and financial sector codes of conduct). For banks and financial sector professionals, whistleblowing is considered part of the internal governance mechanism. Its rules are defined by a regulatory authority that requires the setting up of a system for the communication and handling of alerts  which respects the confidentiality of the informer’s identity and ...
June 6th, 2019| Legal news
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CSSF Publishes English-language Version of Circular 18/698 for Luxembourg Investment Fund Managers

CSSF published an English-language version of Circular 18/698 applicable to the authorisation and organisation of investment fund managers incorporated under Luxembourg law. It includes provisions on the delegation of certain functions by the investment fund managers (i.e. UCITS management companies and AIFMs), provisions on the appointment of investment advisers and specific provisions on the fight against money laundering and terrorist financing applicable to investment fund managers and entities carrying out the activity of registrar agent. The new CSSF Circular replaces CSSF Circular 12/546.  Make sure to update your framework and processes to comply with Circular 18/698.
May 12th, 2019| Legal news
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The consequences of a “Hard Brexit” on personal data

It would still appear to this day that the United Kingdom is leaving the European Union on 29 March 2019. In the absence of an agreement ratified by both parties, the United Kingdom will become a third country to the European Union on 30 March 2019, with the consequence that European regulations will cease to apply and in particular the General Data Protection Regulation (GDPR). One question remains open: how to organise the transfer of personal data from the EU (and particularly Luxembourg) to the United Kingdom? Data transfers to the United Kingdom will no longer be able to be ...
March 10th, 2019| Legal news
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Luxembourg publishes the Grand-Ducal Regulation on the Beneficial Owner Register – 19 February 2019

The Grand-Ducal Regulation of 15 February 2019 on the procedures for registration, payment of administrative fees and access to information in the Beneficial Owner Register was published in the Official Journal of the Grand Duchy of Luxembourg (Mémorial A n°73) on 19 February 2019. The regulation was adopted in accordance with the Law of 13 January 2019 establishing a Beneficial Owner Register (Registre des bénéficiaires effectifs or "RBE") and provides in particular for the payment of administrative fees and a pricing schedule for applications for registration, amendment, extracts and certificates. The law and the Grand-Ducal Regulation will come into effect ...
February 20th, 2019| Legal news
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PAPERJAM article by Maîtres LE SQUEREN and CUCHE – At what age can one form a company? – 1 February 2019

DSM Partner Renaud LE SQUEREN, and Associate Héloïse CUCHE published an article in Paperjam Law & Employment explaining Luxembourg labour law with respect to an individual’s forming a company. To read the article, click here.
February 1st, 2019| Legal news
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Data Protection Day: GDPR in numbers – 28 January 2019

In honour of Data Protection Day in 2019, a commemoration which falls every 28th of January, the European Data Protection Board, established by the General Data Protection Regulation (the “GDPR”) pubished an infographic sheet entitled “GDPR in Numbers“. The sheet provides graphics on GDPR compliance and enforcement statistics since its entry into force on 25 May 2018. To view the sheet, click 190125_gdpr_infographics_v4.
January 28th, 2019| Legal news
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Safe data flows – European Commission adopts adequacy decision on Japan – 23 January 2019

The adequacy decision on Japan was both adopted by the European Commission and entered into force on 23 January 2019, thus creating the world’s largest area of safe data flows. To guarantee that data transferred from the European Union to Japan enjoy protection guaranties in conformity with European standards, Japan put in place place additional safeguards, including: A set of rules to reduce several differences between the two data protection systems (the "Supplementary Rules"); Safeguards concerning the access of Japanese public authorities to personal data for criminal law enforcement and national security purposes; and A complaint-handling mechanism. This decision also ...
January 23rd, 2019| Legal news
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Luxembourg Passes Beneficial Owner Register Law – 13 January 2019

The Law of 13 January 2019 establishing a Beneficial Owner Register (Registre des bénéficiaires effectifs or “RBE”), and transposing Article 30 of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “4th AML Directive”), as amended by Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 (the “5th AML Directive”) (the “RBE Law”), was published on 15 January 2019. The RBE Law will enter into effect on 1 ...
January 18th, 2019| Legal news
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“VAT Group” Regime Introduction into Luxembourg

On 26 July 2018, the Luxembourg Parliament voted into law Bill No. 7278 (the "Bill") introducing a special VAT regime in Luxembourg, the "VAT group regime" which is now enshrined in Article 60ter, paragraph 1, of the Luxembourg Law on the Value Added Tax (the "VATL"). No notable amendments were made to the Bill, thus the majority of the Bill’s provisions were adopted. Context and Origin of the VAT Group Regime The Bill’s main purpose was to implement a VAT consolidation regime. Prior to the introduction of the VAT group regime, there existed a regime that exonerated autonomous groups of ...
September 25th, 2018| Legal news
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GDPR – A New Definition of Consent

GDPR - A New Definition of Consent
June 4th, 2018| Legal news
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