On 11 May 2022, the European Commission published a Directive proposal to tackle the tax bias in favour of debt funding. The proposal includes both a notional deduction on growth in equity and an additional limitation on interest deduction for corporate income tax (CIT) purposes – “DEBRA proposal”. The DEBRA proposal applies to all taxpayers, which are subject to CIT in one or more member states, save for certain financial undertakings. The proposed date of entry into effect is 1...

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On 12 May 2022, the CSSF published Circular 22/810 on the procedures to be followed by Luxembourg-based undertakings for collective investment in transferable securities (UCITS) and investment fund managers in order to notify pre-marketing or cross-border marketing of units or the discontinuation of such activities. The circular follows the introduction of an additional notification procedure for the discontinuation of cross-border marketing of sub-funds of UCITS and alternative investment funds (AIFs) and new requirements for alternative investment fund managers (AIFMs)...

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With the renewed threat of the UK Government legislating domestically to undermine the Northern Ireland Protocol of the EU-UK Withdrawal Agreement, the EU and the UK Government accused each other of “showing flexibility” and undermining the province’s economic and political cohesion.  In their first talks since the Sinn Féin’s win in the Northern Ireland Assembly elections and Tuesday’s Queen’s Speech which didn’t include the rumoured legislation on Northern Ireland, European Commission Vice-President Maroš Šefčovič warned over his continued “serious concern...

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The modern workplace is made up of diverse groups of people from a variety of backgrounds who possess an eclectic mix of skills and interests. Gone are the days when everyone in an office tended to look and sound the same. Today, you will find a variety of people sharing a workspace, each with their own unique blend of experiences and beliefs. In response to this new landscape, the archetype of the “modern employee” has evolved significantly. There are...

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Key insights Don’t gloss over the Federal Trade Commission’s updated Safeguards Rule just because you’re not a bank or credit union. Under GLBA, “financial institutions” is defined in broad context — and it can impact organizations across many industries. Check your data handling practices ahead of the December deadline, to help keep customer information confidential and secure and get in compliance. Protecting customers’ personal information isn’t just good business, it’s often a requirement. Now, an updated rule may mean some...

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