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- The Legal 500 United Kingdom Awards 2014
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Legal market overview
The global crackdown on bank secrecy and tax evasion has had a positive impact on Luxembourg, which is now proving itself as a centre of financial transparency. Its stronghold on the investment funds industry remains tight as investors seek to move funds onshore for greater regulation, aided by the recent enactment of the Alternative Investment Fund Managers Directive (AIFMD). The appealing tax environment is meanwhile attracting investors from BRIC countries; the Industrial and Commercial Bank of China (ICBC), Bank of China and most recently China Construction Bank have all chosen Luxembourg as their continental base.
Where clients go, law firms will follow. Hogan Lovells (Luxembourg) LLP is the latest new entrant, stepping into the market with two key partners from NautaDutilh, Jean-Michel Schmit and Pierre Reuter. Other notable lateral moves include Linklaters LLP’s former head of corporate Jean-Paul Spang to Kleyr | Grasso | Associes; Luther’s former head of funds Max Welbes joining MNKS; CMS’ former head of tax Diogo Duarte de Oliveira joining Stibbe; and Allen & Overy Luxembourg’s former head of IT Cyril Pierre-Beausse leaving to establish his own firm.
Search News and Articles
In view of the increasing gravity of the situation in Eastern Ukraine, the European Council has decided to reinforce the set of restrictive measures adopted on 30 and 31 July 2014 targeting cooperation and exchanges with the Russian Federation. 2014.09.18_luxembourg_newsflash
Luxembourg's Financial Sector Supervisory Authority According has published Circular 14/591 on July 22, addressed to all open-ended UCITS funds governed by the grand duchy's legislation of December 17, 2010, regarding the protection of investors in the event of a material change to an open-ended undertaking for collective investment. The CSSF says that according to well-established supervisory practice, in the event of such a material change to investors' interests in an open-ended fund under the 2010 law, the regulator requires that they be given sufficient time to take an informed decision, and that if they do not wish to accept the proposed change, they should be able to redeem or convert their shares or units free of charges.
In response to the downing of the Malaysian Airlines Flight MH17 in Donetsk and in view of the gravity of the overall situation, the Council of the European Union has adopted new restrictive measures targeting cooperation and exchanges with the Russian Federation. 2014.08.05_-_russian_sanctions_newsflash
Professionals of the financial sector have, in the past, regularly been confronted with search and seizure warrants in respect of electronic data in criminal matters where the professional's entire database has been seized for mining purposes. By a recent decision of the Luxembourg District Court, this questionable practice has now been challenged. 2014.07.14_-_search_and_seizure_warrants_in_criminal_matters
The Commission de Surveillance du Secteur Financier (CSSF) has today published guidance on the notification to it by non-EU AIFMs of their intention to market their EU and non-EU AIFs to professional investors in Luxembourg pursuant to article 42 of the AIFM Directive (AIFMD). Such guidance is in line with the approach being taken in other EU jurisdictions and is a necessary step to ensure compliance with the law when the transition period ends on 22 July next. newsflash_-_the_cssf_publishes_the_article_42_aifmd_information_form
After the publication of the new CSSF Circular 14/587 on UCITS depositaries last week, it is now the European legislator's turn to adopt new rules on UCITS depositaries. Indeed, the Council of the European Union has formally approved today the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to UCITS as regards depositary functions, remuneration policies and sanctions (the UCITS V Directive). full_newsflash_-_the_ucits_v_directive_is_adopted
Our quarterly tax update is dedicated to the main changes which have occurred over the last 3 months with regard to Luxembourg and international tax law. tax_update_-_july_2014
Luxembourg's Financial Sector Supervisory Authority has published on July 18 the latest update to its Frequently Asked Questions document on the grand duchy's law of July 12, 2013 implementing the European Union's Alternative Investment Fund Managers Directive and the European Commission's Level 2 regulation on implementation of the AIFMD.
Section 2 of CSSF Regulation No. 13-02 relating to the out-of-court resolution of complaints will enter into force on 1 July 2014, the other sections having already entered into force at the beginning of the year. complaint_handling_by_professionals_-_newsflash_-_27.06.2014
On 9 July 2014, the Luxembourg Parliament approved the bill of law on a sale and buy-back transaction of real estate assets to a wholly owned Special Purpose Vehicle ("SPV") by the Luxembourg State allowing the issuance of a Sukuk with a value of 200 million euros ($275 million). grand_duchy_of_luxembourg_issues_sukuk_-_newsflash_-_15.07.2014
On September 23, 2014, VEGAS LEX partner and head of the International Projects Group Yuriy Bortnikov spoke before an audience of major venture funds and IT companies including Facebook, LinkedIn and Survey Monkey in Palo Alto, California. His presentation Doing Business in Russia: Essential Legal Matters was devoted to the legal specifics of the Russian environment for business.
Hengeler Mueller advises arrangers and underwriters on financing of planned acquisition of Sigma-AldMerck, a leading company for high-tech products in the pharma, performance materials and life science sectors, and Sigma-Aldrich, also a leading life science and technology company, today announced that they have entered into a definitive agreement under which Merck will acquire Sigma-Aldrich for €13.1bn (converted). A USD 15.6bn bridge financing has been secured for the all-cash transaction. The final financing structure will comprise a combination of cash on Merck's balance sheet, bank loans and bonds. Deutsche Bank, J.P. Morgan and Société Générale acted as arrangers and underwriters in respect of the financing transaction. Closing is expected in mid-year 2015, subject to regulatory approvals, approval by a special shareholders' meeting of Sigma-Aldrich and other customary closing conditions.
AstapovLawyers is pleased to announce it has become an official legal partner of the Ukrainian Tennis Federation. AstapovLawyers will provide full legal support to the Federation including advice on on-going matters, drafting and negotiating contracts, employment, tax and corporate issues. AstapovLawyers has become the first law firm to act as an official legal partner of the Ukrainian Tennis Federation.
The plenary session of the PharmaStrategies-2015 conference focused on several key issues including a planned international pharmaceutical market information system for anti-monopoly regulators, changes in the federal law o n circulation of medicines and the application of the law on public procurement contracts system.
On September 29, 2014, the Government of the Russian Federation and RT-Invest Transport Systems signed a concession agreement on one of the largest investment projects in Russia to introduce a tolling system for vehic les heavier than 12 metric tons.
VEGAS LEX managing partner Alexander Sitnikov spoke at a conference sponsored by the Khanty-Mansiysk Non-State Pension Fund focused on Russia's pension system and relevant federal legislation earlier this month.
This Client Briefing has been prepared for the assistance of directors of investment funds listing "equity securities" as defined in Chapter I of the listing rules (the Listing Rules) of the Channel Islands Securities Exchange (the Exchange) under Chapter VII of the Listing Rules. This Briefing sets out certain of the continuing obligations which an issuer is required to observe once any of its securities have been admitted to listing. This Client Briefing should be read in conjunction with the ‘Channel Island Securities Exchange - Listing of Securities of Investment Funds' Briefing.- Ogier
Following the opening of our offices in Lugano in 2013, Walder Wyss has further expanded its operations with the opening of new offices in Basel. We warmly welcome our new team which consists of 12 experienced legal professionals and 9 staff members.
The Delhi High Court in case of DIT v Panalfa Autoelektrik Ltd: 49 taxmann.com 412 , held that export commission for arranging export sales could not be considered as consideration for providing managerial, consultancy or technical services, and therefore would not be taxable in India.
Boult Wade Tennant is delighted to announce the firm has maintained our top tier rankings in leading industry directory: The Legal 500 in both the patent and trade mark categories.