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Luxembourg in Space, One Step Ahead [video]
Arendt & Medernach, March 2018

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 journeys into space...

Permanent exemption from variation margin obligation for FX forwards?
Arendt & Medernach, December 2017

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 only target transactions between institutions (credit institutions and investment firms)...

Registers of beneficial ownership: new rules to be implemented
Arendt & Medernach, December 2017

The draft laws implementing AMLD 4 set out strict rules to allow for protection against improper access to the information on BOs. On 6 December 2017, the Luxembourg Parliament published two draft laws to implement new transparency measures provided by Directive 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“AMLD 4”)...

MiFID II: are you ready?
Arendt & Medernach, December 2017

With less than 30 days to go before the new MiFID II regime will be rolled out, funds and management companies/AIFM are increasingly concerned as to how they will be impacted: product governance inducements and payment for research increased client information requirements complex and non-complex products classification How will you be impacted by the new regime? We can help you to get ready!   At Arendt, we have built up significant expertise in assisting clients

Tax Changes for 2018 Disclosed in the New Budget Bill
Arendt & Medernach, October 2017

Earlier this year, and the last time before next year’s parliamentary elections, the current Luxembourg Finance Minister presented the budget law for 2018 to the Parliament (Chambre des Députés)...

Monitoring of the use by an Employee of a Professional Instant Messaging Service for Personal Purposes
Arendt & Medernach, October 2017

In the court Decision earlier this year for Barbulescu vs Romania, the Grand Chamber of the European Court of Human Rights (the “ECHR”) examined for the first time the issue of the monitoring of electronic communications of an employee by a private employer, within the framework of an action brought by Mr Barbulescu, an engineer employed by a private company in Romania...

PRIIPs KID: are you ready?
Arendt & Medernach, October 2017

In less than 4 months the Priips-Kid regulation will come into force. The exercise of ensuring compliance with this regulation is not an easy one...

Confirmation of the end of the VAT exemption regime for financial IGPs
Arendt & Medernach, September 2017

Following the Luxembourg case C-274/15, the series of cases relating to the scope of the cost-sharing VAT exemption also referred to as “Independent Group of Persons” (“IGP”) continues with the release today of three judgements by the Court of Justice of the EU (“CJUE”): Aviva (C-605/15), DNB Banka (C-326/15) and European Commission v Federal Republic of Germany (C-616/15)...

UAE domestic VAT law released
Arendt & Medernach, August 2017

On 27 August 2017, the United Arab Emirates (the "UAE") published the text of its domestic Value Added Tax (the "VAT") Law, shortly after releasing the text of its Excise Tax Law last week, and the Federal Tax Procedures Law earlier this month. It will be followed by implementing regulations, which will provide more detail on application of the VAT Law.The UAE Government is still planning to introduce VAT on 1 January 2018...

New Tax Procedures Law in the UAE
Arendt & Medernach, August 2017

Earlier this year, the President of the United Arab Emirates (the “UAE”) issued the new Tax Procedures Law (the “Law”). This Law contributes to build the UAE’s tax system, to regulate the administration and collection of taxes and most importantly, to clarify the respective rights and obligations between the Federal Tax Authority (the “FTA”) and the taxpayer...

Luxembourg Law on the Exploration and use of Space Resources Entered into Force
Arendt & Medernach, August 2017

The Luxembourg law on the exploration and use of space resources entered into force on 2 August 2017 and placed Luxembourg among the most innovative space-oriented nations in the world. The new law provides a legal framework for the “new space” activities. It aims at the further development of the constantly growing Luxembourg space industry employing already more than 700 highly skilled workers...

VAT in the GCC, Q&A updates from the UAE Ministry of Finance
Arendt & Medernach, July 2017

On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.Following on the awareness workshops launched by the MOF, such update provides some clarification on substantive and procedural aspects pertaining to the implication and implementation of VAT...

Is your pricing still arm's length? [VIDEO]
Arendt & Medernach, July 2017

What you need to know about Transfer Pricing in a 30-minute video entitled ''''Is your pricing still arms length?''''.     Transfer pricing - Is your pricing still arms length? #TAX from Arendt & Medernach on Vimeo.This video was realised during our Tax seminar, held on 29 March 2017.Should you require more information, please contact our partners in Tax Law: Thierry Lesage, Alain Goebel, Jan Neugebauer and Mehdi Fernane-Jallier...

PRIIPs KID: The Final Pieces of the Puzzle
Arendt & Medernach, July 2017

The pieces of the puzzle are finally falling into place. The long-awaited level 3 and 4 measures have been published earlier this week, half a year before the PRIIPs KID becomes compulsory.On 4 July 2017 the European Supervisory Authorities (ESAs) published a Questions and Answers document related to the PRIIPs KID which reverts to questions linked with the presentation, content and review of the KID, including the methodologies underpinning the risk, reward and costs information...

Aid Schemes for Research, Development and Innovation - Reform Entered into Force
Arendt & Medernach, July 2017

Earlier this year, the Grand-Duchy of Luxembourg published the new law on the renewal of aid schemes for research, development and innovation (hereafter, the “RDI”) and on the missions of the national Agency for the promotion of innovation and research. This law amends the Law on the promotion of research, development and innovation.This reformed law aims at exploiting in Luxembourg all the potential offered by the EU rules related to State aid to RDI...

PRIIPs KID: A further piece to the puzzle
Arendt & Medernach, June 2017

The European Parliament and the Council of the EU have issued statements of non-objection to the revised draft RTS under the PRIIPs Regulation which were endorsed last month by the European Commission. Finally, the long-awaited level 2 measures have been agreed on and further guidance on level 3 as well as level 4 by the ESAs and the European Commission is expected in the near future...

MiFID II: Further guidance on product governance requirements
Arendt & Medernach, June 2017

Amongst the numerous topics covered by the Markets in Financial Instruments Directive II (MiFID II), the European Securities and Markets Authority (ESMA) has decided to provide further guidance on the requirements regarding product governance through its guidelines dated 2 June 2017 which focus on the target market assessment by manufacturers and distributors of financial products...

Signature of the Multilateral Instrument - Reservations Made by Luxembourg
Arendt & Medernach, June 2017

As expected, Luxembourg has adopted a restrictive approach of the provisions provided for under the MLI and has sought to limit the scope and impacts of this new layer of international legislation to the minimum standards required.    However, the new PPT and the impact on structures and the application of tax treaties need to be carefully monitored in the furture for new and existing structures...

First VAT EU case law on the cost-sharing VAT exemption
Arendt & Medernach, May 2017

The question of the scope of the cost-sharing VAT exemption, also referred to in the Council Directive 2006/112/EC of 28 November 2006 as amended ("EU VAT Directive") as "Independent Groups of Persons" or "IGPs", is currently being debated at the Court of Justice of the EU ("CJEU") in several cases. Last Thursday marked the first milestone regarding this specific VAT exemption since the CJEU released its judgment in the case Commission v Luxembourg (C-274/15)...

Recent developments in Luxembourg’s immigration regulations: new opportunities for investors and global companies
Arendt & Medernach, March 2017

On 8 February 2017, the Luxembourg Parliament voted a new law on immigration (hereafter the “Law”) which aims at increasing Luxembourg’s attractiveness as a host country for foreign talents. The main innovation of the Law is to implement a new category of residence permit in Luxembourg for investors. Immigration represents a major pillar of Luxembourg’s economy which has always relied on foreign labour and investments...

Ratification of the Luxembourg - Ukraine Double Tax Treaty and its Protocol
Arendt & Medernach, March 2017

The Convention between Ukraine and Luxembourg for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital and its Protocol have been ratified by the Government of Ukraine. Background On 6 September 1997 Luxembourg and Ukraine signed a first treaty ("Treaty"), which has been amended by a protocol signed on 30 September 2016 ("Protocol"). Both have been ratified by Luxembourg, on 1 August 2001 and 23 December 2016 respectively...

PRIIPs KID: Amended Delegated Regulation Adopted by the European Commission
Arendt & Medernach, March 2017

On 8 March 2017, the European Commission adopted a Commission Delegated Regulation, including Annexes (PRIIPs RTS), supplementing the Regulation on key information documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs Regulation). The PRIIPs RTS provide for regulatory technical standards regarding the presentation, content, review and revision of KIDs and the conditions for fulfilling the requirement to provide KIDs...



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