BCC TAX & LEGAL NEWSLETTER 2021 #1

Dear Friend of the Chamber,

All good wishes for 2021!

The objectives of the British Chamber of Commerce for Luxembourg are to follow and influence developments in the economic and business world in Luxembourg affecting members’ interests, and so contribute to making Luxembourg an attractive place to do business. The Tax and Legal groups of the BCC address key issues in their sectors to corporate and individual members through a number of events, and seek to raise awareness and influence decision makers as to the issues of concern to the BCC membership.

The purpose of the BCC Tax and Legal Newsletters is to provide additional regular bimonthly updates of key Tax and Legal developments in Luxembourg that may be relevant to your business. The present newsletters issued by member firms of the Tax and Legal groups cover the period from November-December 2020. If you deem that another person within your organisation should receive this email, please let us know. If you wish to unsubscribe please contact the BCC Secretariat by email to info@bcc.lu.

Legal newsletters:

Allen & Overy:

• New rules on the posting of employees applicable as of 22 December 2020
• ESMA Guidelines in respect of performance fees in UCITS and certain types of AIF’s
• Breaking news on the Luxembourg third country firms regime

BSP:

• UK temporary Permissions Regime (TPR) Communication by the UK FCA regarding TPR
• COVID-19 | New rules until the year end
• Systematic Risk Committee issues Recommendation to the CSSF with Respect to LTV Ratios of Property

 Clifford Chance Luxembourg:

• CSSF communication: transparency requirements and fast track procedure for SFDR
• The impact of Brexit on Personal Data Flows to the UK
• Updated Coronavirus Measures concerning holding of meetings in companies and other entities

ELVINGER HOSS PRUSSEN, société anonyme:

• New rules on corporate governance for banks and investment firms
• Brexit: European Union Trademarks – Situation as from 1 January 2021
• The impact of the Brexit deal on personal data transfers from the EU to the UK

Linklaters:

• CSSF press release 20/26: Brexit and its impact on the Luxembourg asset management industry
• Amendments to EMIR margin rules – fourth time lucky?
• Brexit: Communication by the UK Financial Conduct Authority (FCA) to Luxembourg-based entities regarding the UK Temporary Permission Regime (TPR).

Loyens & Loeff Luxembourg S.a.r.l:

• Luxembourg Financial intelligence Unit – 2019 Annual Report
• Post-Brexit recognition of English insolvency judgements in Luxembourg and its effects on European restructurings
• Brexit: Luxembourg regulator clarifies actions to be taken in view of the end of the transitional period on 31 December 2020

MOLITOR loyens & Loeff Luxembourg:

• The 7th key step interpreting insurance contracts – what do you need to know?
• Dear insurance professionals of Luxembourg: how are you coping with the coronavirus health crisis?
• Are fines imposed by the National Data Protection Commission for breach of Data Protection Regulations insurable

NautaDutilh Avocats Luxembourg S.a.r.l.

• State Aid: Measures available to weather the storm
• New measures to fight the pandemic and potential impact for Luxembourg employers
• Adoption of New Secondment Act

PwC Legal:

• Newsflash: Extension until 30 June 2021 of the measures for holding general meetings and decisions of the management bodies remotely

WILDGEN S.A.:

• CSSF Publication of Regulation N° 20-09 on the Equivalence of the United Kingdom for the Purpose of the MiFIR Third Country National Regime
• CSSF circular 20/758 relating to central administration, internal governance and risk management
• CSSF issues Press Release 20/26 – Provisions on Fund Management and Distribution

Tax Newsletters:

Covid-19 – New aid measures & deadline extension for tax returns:

• KPMG
• Deloitte
• EY
• Atoz

Luxembourg 2021 Budget Law:

• KPMG
• Deloitte

Application of the Luxembourg participation exemption to Gibraltar entities:

• Deloitte
• EY
• Atoz

Protocol to the Luxembourg-Russia tax treaty:

• KPMG
• Deloitte

VAT Corner:

• KPMG – Brexit and VAT

Atoz:

• Atoz insights – November 2020

EY:

• Year-end tax considerations for 2020 and the start of 2021

Please note: External links are selected when the BCC newsletter is sent. However, the BCC is not responsible for the content of external websites. The inclusion of a link to an external website by the BCC should not be understood to be an endorsement of that website or the site’s owners, products or services.

Best regards,

BCC Secretariat