Dear Friend of the Chamber,

Happy New Year and good wishes for 2022!

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 2021. 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:

• Simplified CSSF procedure: authorisation of material IT outsourcings replaced by prior notification
• CovidCheck will soon be mandatory for employees at the employer’s premises
• Taxonomy Regulation disclosures: Luxembourg guidance for funds and asset managers

BSP | Bonn Steichen & Partners:

• CSSF Circular 21/785: new notification regime for material IT outsourcing
• ESA’s final report on sustainability – related disclosures – 22 October 2021
• Holding meetings in companies

Clifford Chance:

• Luxembourg opens covered bonds issuances to universal banks and implements covered bonds directive
• Forthcoming changes in the Luxembourg legislation governing securitisation vehicles

DSM Avocats à la Cour:

• New electronic invoicing obligations
• The transfer of personal data between the European Economic Area and South Korea
• Holding of virtual meetings for companies and other legal persons possible through 31 December 2022

Linklaters:

• EU plans to change AIFMD, UCITS and ELTIF regimes
• CovidCheck at the workplace
• Further extension of Covid-19 measures for companies 

Loyens & Loeff Luxembourg S.à r.l:   

• The non-performing loans directive is now live
• CSSF announces enforcement priorities for 2021 annual reports published by issuers subject to the Transparency Law
• 2020 Annual Report of the Luxembourg Financial Intelligence Unit (CRF): Key findings

Maples Group:

• AIFMD 2.0: European Commission Publishes Legislative Proposals:
• Introducing UCITS VI: Legislative Proposals to Amend UCITS Regime 
• ICLG Environmental, Social & Governance Law 2022: Luxembourg

Molitor Avocats à la Cour SARL:

• CovidCheck at work: open sesame?
• Covid 19 & Annual General Meeting

NautaDutilh Avocats Luxembourg S.à r.l.:

• Extension of the possibility to organise virtual board and shareholder meetings until 31 December 2022 and of the suspension of the one-month deadline to declare bankruptcy until 30 June 2022
• CSSF communiqués of 29 November and 2 December 2021 – prepare for a green holiday season

PWC Legal:

• Commission’s proposal for a Regulation amending the ELTIF Regulation

Simmons & Simmons Luxembourg LLP:

• ELTIFs – the European Commission proposes Amendments
• The CSSF issues further guidance on virtual assets
• ESG – Taxonomy Disclosures : Luxembourg Fast-Track Procedure

Wildgen:

• European Commission’s Review of the ELTIF Regulation
• Capital Markets Union: Commission Adopts Package of Measures to Ensure Better Data Access and Revamped Investment Rules under MiFIR
• Proposed establishment of an European Single Access Point (ESAP)

Tax Newsletters:

2022 Tax Changes – What you need to know

• KPMG

New EU Directives – Pillar Two and Shell Entities:

• KPMG
• Atoz – The Poisoned Christmas gift of the European Commission
• Atoz – Overview and the big picture for investment funds

Covid 19  – Tax aspects:

• PwC – Homeworking and taxation
• Deloitte

VAT Corner:

• Mandatory B2G invoicing in Luxembourg by 2022

Atoz:

• Insignts – November 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