Technical Committee’s Update 2013 – 04

Luxembourg 28 May 2013: Financial times allegations of an investigation brought by the European Securities and Markets Authority (ESMA) on the CSSF’s handling of the “Petercam case” (a Luxembourg fund that violated its investment rules with heavy losses for its investors). 29 May 2013: signature of OECD Multilateral Convention on Mutual Assistance in Tax Matters…

Technical Committee’s Update 2013 – 03

Luxembourg Law of 6 April 2013 on dematerialized securities (‘titres dematerialisés’) published on Mémorial A of 15 April 2013.   International European Union 25 April 2013 The ECJ decision in Jyske Bank Gibraltar Limited v Administración del Estado (Case C-212/11) established that EU law does not prevent Spanish legislation from requiring banks that operate in…

Technical Committee’s Update 2013 – 02

Luxembourg 10 April 2013: Formal announcement that Luxembourg shall apply the Directive 2003/48/EC on taxation of savings income in the form of interest payments by way of the automatic exchange of information (like 25 out of the 27 EU member states) as of 1st January 2015. Law of 29 March 2013 on administrative cooperation on…

Technical Committee’s Update 2013 – 01

Luxembourg Law of 21 December 2012 on Family Offices (published in the Mémorial on 28 December 2012) Budget Law 2013 bringing about increases in personal as well as corporate income tax, notably minimum tax (published in the Mémorial on 28 December 2012 effective 1st January 2013) CSSF Règlement 12-02 of 14 December 2012 introducing new…