Luxembourg

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Recent Articles

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    21/06/2024
    EU

    Publication of CRD6/CRR3: countdown to implementation of third country branch requirements

    On 19 June 2024, the final texts of the EU banking package known as CRD6 and CRR3 were published in the Official Journal of the European Union. As covered in our earlier update, CRD6 introduces a new, EU-wide requirement for certain “core banking services” to be provided in the EU through a third country branch or local subsidiary. The package also introduces significant new prudential supervision requirements for third country branches in the EU.In addition to implementing the final parts of the global Basel III standards for banks in the EU, the package includes a range of EU-specific...
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    21/06/2024
    EU

    ESAs propose improvements to the SFDR and suggests introducing categories and/or sustainability indicators

    BackgroundOn 18 June 2024, the three European Supervisory Authorities (EBA, EIOPA, and ESMA, collectively known as the ESAs) published an opinion (the Opinion) on the evaluation of the Sustainable Finance Disclosure Regulation (SFDR). This Opinion was initiated by the ESAs themselves and was addressed to the European Commission.Through two consumer testing exercises, the ESAs observed that the SFDR could be perceived as “complex and difficult to comprehend”. Furthermore, its practical use as a classification tool for financial products could potentially lead to greenwashing and mis-selling...
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    21/06/2024
    Luxembourg

    New tax measures announced by the Luxembourg Prime Minister

    On 11 June 2024, during his speech on the State of Nation, the Luxembourg Prime Minister Luc Frieden has announced a series of measures which include the following tax measures aiming to increase Luxembourg competitiveness:For corporations – To ensure that companies will continue to invest, develop themselves and contribute to job creation, it is envisaged to:Reduce of the corporate income tax rate from 17% to 16% as from 1 January 2025;Reduce the subscription tax for “Exchange Traded Funds” (ETFs) which are actively managed as from tax year 2025; andImprove of the tax framework...
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    21/06/2024
    Europe

    EU to create new anti-money laundering authority

    On 19 June 2024, the Regulation (EU) 2024/1620 of the European Parliament and of the Council of 31 May2024 establishing the Authority for Anti-Money Laundering and Countering the Financing of Terrorism Authority (AMLA) was published in the Official Journal. AMLA will coordinate EU efforts to combat money laundering (ML) and terrorist financing (TF), and the threats these criminal activities pose to the integrity of the EU’s economy and security. The AMLA has been established under the new European anti-money laundering (AML) and counter-financing terrorism (CFT) legislative package, and regulations...
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    20/06/2024
    International

    Overview of the EU-Australia Memorandum of Understanding on Critical and Strategic Minerals

    The European Union (“EU”) and Australia on 28 May 2024 signed a Memorandum of Understanding (“MOU”) to forge a partnership aimed at developing a secure, stable, ethical, and sustainable supply chain for critical and strategic minerals across their respective regions. This partnership aligns with the goals of the Paris Agreement and the ambition to transition to net zero economies by 2050, as well as a key objective of Australia’s ‘Critical Minerals Strategy 2023-2030’ (published in June 2023) to create diverse, resilient and sustainable supply chains through...
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    20/06/2024
    EU

    Update on the AML-CTF Package: publication in the Official Journal of the European Union (“OJEU”) on 19 June 2024

    The last three remaining texts of the AML-CTF Package (i.e. the AML Directive [1], the AMLA Regulation [2] and the AML Regulation [3]) have been published in the OJEU on 19 June 2024.For more background on the content of the AML-CTF Package, please refer to our eAlert dated 26 April 2024.The AML Regulation, which will be directly applicable in all EU Member States as from 10 July 2027, notably sets out new rules on:the extended scope of obliged entities subject to AML-CTF rules (such as cryptoassets’ service providers (“CASPs”), luxury goods traders and, as the case may be, professional...
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