The CSSF asks investment fund managers for weekly updates on financial data and governance arrangements
The CSSF informed investment fund managers that it will be collecting information on financial data and governance arrangements in relation to the activities of IFMs with the objective to continue ongoing supervision of the investment fund sector during the current period of market turbulence. IFMs shall provide the CSSF on a weekly basis with financial information, updates in relation to their business continuity plans as well as updates in relation to their cyber resilience.
Luxembourg capital impairment rules: to be (dissolved) or not to be (dissolved)?
The novel coronavirus pandemic and the measures taken to combat the outbreak have put many companies under significant financial pressure. In this newsletter we bring to your attention the Luxembourg capital impairment rules applicable to a public limited liability company (société anonyme/SA) and a corporate partnership limited by shares (société commandite par actions/SCA).
Like all businesses, law firms are facing the coronavirus crisis. Business continuity, in the clients’ interest, requires exemplary coordination and constant technological innovation, and therefore a successful digital transformation.
Luxembourg announces additional deadline extensions in direct tax matters
A new bill seeks to grant a one-year extension for claims whose collection is entrusted to the Luxembourg tax authorities (such as direct taxes and social security claims) that would otherwise expire by 31 December 2020. It also plans to prolong by a full year the privileged position for the Luxembourg tax authorities in the enforcement of their claims. At the same time, the bill extends several deadlines relating to tax litigation.