The Investment Management News Updates: an overview in which our Investment Management Team highlights recent developments.

Loyens & Loeff publications

Bill stricter remuneration for the financial sector (the Netherlands)

On 5 July 2019, the Minister of Finance opened a new internet consultation on the draft bill for the Act on Further Remuneration Measures in the Financial Sector (Wet nadere beloningsmaatregelen financiële sector). This internet consultation follows an earlier internet consultation on the same subject in the summer of 2018. The proposed measures are intended to prevent perverse incentives associated with remuneration in the financial sector and to promote public support for and confidence in the financial sector as a whole. Click here to read this update

How to deal with fund management in Luxembourg? (Luxembourg)

What does it take to set up a fund in Luxembourg? This guide compiles general information on the legal and regulatory frameworks when establishing a fund. Click here to read this update

Brexit: CSSF informs UK entities of actions to be taken in anticipation of a hard Brexit (Luxembourg)

The CSSF issued two press releases reminding firms authorised in the United Kingdom as well as undertakings for collective investment (UCIs) and/or their managers established in the United Kingdom of the consequences of a hard Brexit and requiring them to notify the CSSF and/or apply for appropriate authorisation if they intend to continue their activities in Luxembourg after a hard Brexit. Click here to read this update

Free flow of non-personal data and GDPR

The new Regulation 2018/1807 on the free flow of non-personal data in the EU is applicable since 28 May 2019. The main goal pursued by Regulation 2018/1807 is to boost the data economy by facilitating the cross-border exchange of data. Below, we will shed some light on the interaction between this new Regulation and the GDPR. Click here to read this update

Data Protection & Privacy Updates

For updates on the GDPR, please visit the webpage of the Loyens & Loeff Data Protection and Privacy Team.

Legislative dates for your diary

04.06.2019 Application date: Commission Delegated Regulation (EU) 2019/758 of 31 January 2019 supplementing Directive (EU) 2015/849 of the European Parliament and of the Council with regard to regulatory technical standards for the minimum action and the type of additional measures credit and financial institutions must take to mitigate money laundering and terrorist financing risk in certain third countries, Click here

25.06.2019 AFM consultation deadline: AFM vraagt ondernemingen te reageren op Principes voor informatiebeveiliging (in Dutch only), Click here

29.06.2019 ESMA consultation deadline: on draft ELTIF technichal standards, Click here

01.07.2019 Dutch legislative consultation deadline: Implementatiebesluit registratie uiteindelijk belanghebbenden van vennootschappen en andere juridische entiteiten, Click here

10.07.2019 Entry into force: Besluit van 25 juni 2019 tot vaststelling van het tijdstip van inwerkingtreding van artikel II, onderdelen A, tweede subonderdeel, en B, van de Wijzigingswet financiële markten 2016 (in Dutch only), Click here

21.07.2019 Application date: Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (Prospectus Regulation), Click here

29.07.2019 ESMA consultation deadline: on short-termism in financial markets, Click here

16.09.2019 DNB consultation deadline: Consultatie Leidraad Wwft en Sw, Click here

30.09.2020 Application date: ESMA Guidelines on LST in UCITS and AIFs, Click here

11.12.2019 Application date: Commission Delegated Regulation (EU) 2019/820 of 4 February 2019 supplementing Regulation (EU) No 345/2013 of the European Parliament and of the Council with regard to conflicts of interest in the area of European venture capital funds, Click here


EU Anti-Tax Avoidance Directive – Status of Dutch and Luxembourg implementation

On 2 July 2019, the Dutch government published a legislative proposal implementing rules to counter hybrid mismatches, as required by the EU Anti-Tax Avoidance Directive (ATAD2). These rules may have an impact on investment (fund) structures that contain hybrid elements such as hybrid entities or instruments. Most of the rules should be implemented by 31 December 2019, except for the ‘reverse hybrid rules’ which must be implemented at the latest by 31 December 2021. On the basis of the latter, tax transparent investment funds (such as limited partnerships) might become subject to corporate income tax if the majority of the investors treats such fund as an opaque entity for tax purposes. The impact of these new rules should be examined on a case-by-case basis. Click here to read more.

A similar bill of law implementing ATAD2 in Luxembourg was published on 9 August 2019. Click here to read more.

2020 Dutch Budget

On 17 September 2019, the Dutch government submitted its budget to parliament. The budget includes a proposal to introduce a conditional withholding tax on interest and royalty payments to related entities in low-taxed or EU blacklisted jurisdictions (LTJ), hybrid entities and flow-through entities in cases of abuse, as of 1 January 2021. These new rules might affect investment (fund) structures involving interest payments to LTJ or hybrid entities, in which case the impact of these rules should be examined.

Other relevant proposed changes in the budget proposals are:

  • Changes to the anticipated reduction of the main corporate income tax rate, which will remain at 25% in 2020 and will be lowered to 21.7% in 2021.
  • An amendment to the substance requirements to apply the dividend withholding tax exemption.

Furthermore, real estate transfer tax for commercial real estate will increase from 6% to 7% as from 2021. Click here to read more.

EU Mandatory Disclosure - Status of Dutch and Luxembourg implementation

On 12 July 2019, the Dutch government published a legislative proposal implementing the EU directive on Mandatory Disclosure (DAC 6). The legislative proposal introduces mandatory disclosure rules based on which qualifying intermediaries and – under certain circumstances – taxpayers must report certain cross-border arrangements to the relevant tax authorities. Click here to read more. On 9 August 2019, the Luxembourg government published a legislative proposal to implement DAC 6. Click here to read more.


As of 1 September 2019 Loyens & Loeff is a member of DUFAS (Dutch fund and asset management association), see also the DUFAS website