New double tax treaty between France and Luxembourg: substantial impact on real estate investors
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]
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 …
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Cross-border distribution of investment funds: a proposal for harmonisation
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 …
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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.
New anti-money laundering rules in Luxembourg
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
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 …
Permanent exemption from variation margin obligation for FX forwards?
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 …
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How To Prevent Workplace Fraud
Aziz Rahman examines the scale of fraud in business andexplains how it can be prevented, identified and reported.
Politically Exposed Persons And The Legal Restrictions They Face
Aziz Rahman and Ben Ticehurst consider the Novartis scandaland the business restrictions on those holding high office.
Corporate Liability And The Individual
With much still to be decided regarding the prosecution ofindividuals over the financial scandals at Rolls-Royce and Tesco, Aziz Rahmanexamines how the fate of investigated companies can differ to that of those whoworked for them.