In this News Update, we discuss the amended Regulation on Sound Remuneration Policy Wft 2017, the consultation on the Act Implementing the Directive on Cross-Border Distribution of investment firms and UCITS, the ECB's new climate change centre, and the AFM's supervision agenda for 2021 and research agenda for 2020-2021. Finally, we highlight some other important financial regulatory publications. If you wish to stay informed, you can subscribe to the News Update Financial Regulatory. DNB – Amended regulation on Sound Remuneration Policy Wft...

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On January 19, 2021, the European Commission (the Commission) presented a Communication setting out a strategy to stimulate the openness, strength, and resilience of the European Union's economic and financial system. An important part of this Communication concerns EU sanctions, in particular: The implementation and enforcement of EU sanctions regimes. The EU's resilience to the effects of the extra-territorial application of unilateral sanctions and similar measures by third countries. The stated aim of the proposed actions is to further enhance the EU's strategic...

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This article is part of Portolano Cavallo’s monthly “INFORM@ Digital & IP” Newsletter. Click here to subscribe. | Increasing use of digital platforms to sell goods and services, according to the information available to the Commission, has led to inconsistent income reporting and significantly raised the risk of tax evasion. The Commission hopes to put in place via the Commission proposal (the “Commission Proposal” or “Proposal”) amending the directive regarding administrative cooperation in the field of taxation, also known as the DAC (Directive 2011/16/EU) a...

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The unprecedented economic downturn from the COVID-19 pandemic and widespread uncertainty are a few of the global themes that have characterised 2020, which are likely to continue in 2021. The impact of the global pandemic on the global economy has not only taken a toll on business and consumers but has also hit tax authorities where it hurts most - their pockets. Tax revenue collection shortfalls coupled with the implementation of emergency COVID-19 support measures have put severe strain on...

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As the world continues to battle the Covid-19 pandemic, small businesses are struggling to survive, affected by successive lockdowns. Despite significant government support, many are finding it hard to cover their fixed costs, including rent.  While some property owners have voluntarily lowered lease payments (Luxembourg City granted its tenants a rent-free period of a few months), others have been forced to accept significant discounts during the lockdown period. In two recent decisions, the Luxemburg Small Claims Court upheld (i) a lowering...

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On the 26th of January 2021 the National Labour Council (NAR) concluded a national interprofessional collective agreement on telehomework during the COVID-19 crisis, which provides a clear framework for the minimum arrangements to be made at company level. The new collective agreement applies to government-recommended or compulsory telehomework to prevent the spread of the coronavirus. The CBA is concluded for a fixed term until 31 December 2021 and is mainly aimed at forcing companies that do not yet have a...

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Most of the time, investors are focused on two V’s: value and volatility. However,  two other V's will continue to dominate the month ahead of the investment climate: virus and vaccine. At the end of January, it seemed like many high-income countries had begun seeing leveling-off after the holiday-inspired surge. Economic-cramping restrictions will remain in place for the next several weeks, and many consider deepening and/or broadening restrictions. The IMF boosted this year’s outlook and sees world growth at 5.5%,...

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