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Luxembourg > Law firm and leading lawyer rankings
- Legal market overview
- Banking, finance and capital markets
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Legal market overview
Notwithstanding the country’s small size, and aided by an innovative and business-friendly regulator, Luxembourg’s economy remains among the most competitive and stable in the world, as underscored by the Global Competitiveness Report recently issued by the World Economic Forum, which ranks the country 20th worldwide. The investment funds and banking industries account for around one-third of the country’s GDP, with approximately 70% of the world’s Undertakings for Collective Investments in Transferable Securities (UCITS) registered there. Luxembourg has also successfully leveraged its position at the vanguard of the UCITS industry to establish itself as a prominent player on the alternative investment funds side. In this respect, the Grand Duchy became one of the first countries to transpose the Alternative Investment Fund Managers Directive (AIFMD) into domestic law and has also been pushing the envelope with regards to establishing new fund structures such as the recent establishment of the Reserved Alternative Investment Fund (RAIF) and the European Long-Term Investment Fund (ELTIF).
In addition to funds work, law firms in the market are regularly involved in major cross-border M&A deals, where mandates are frequently structured using a Luxembourg investment vehicle to facilitate the deal.
Independent domestic firms including Arendt & Medernach and Elvinger Hoss Prussen compete at the top of the rankings with international firms Allen & Overy Luxembourg, Clifford Chance and Linklaters and several Benelux firms – including Stibbe, Loyens & Loeff and NautaDutilh – which are prominent in numerous practice areas.
Firms in the spotlight
Tiberghien Deynecourt is a firm of choice for institutional and private clients seeking sophisticated, high-value legal and tax advice in Luxembourg. The firm’s recognised practice groups include tax, investment funds and asset management, corporate and M&A, commercial and real estate, estate planning, dispute resolution and insolvency. The firm’s lawyers strive to deliver the highest quality legal work and service, to be accessible, efficient and responsive, and to find practical, robust and effective solutions for clients.
Bonn & Schmitt
Bonn & Schmitt is a leading independent Luxembourg law firm with an extensive international practice. The firm’s attorneys are experienced practitioners in the Luxembourg legal environment and represent a broad spectrum of expertise that allows them to deliver unrivalled legal solutions in one of Europe’s leading financial centres.
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
Click here to read the feature.
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Since the autumn of 2016, the Luxembourg Stock Exchange has operated the first listing and trading platform worldwide reserved exclusively for environment-focused financial instruments. The Luxembourg Green Exchange (LGX) provides access to securities from a broad range of issuers that are recognised globally as authentically green and offers enhanced information about their environmental characteristics.
Luxembourg’s law of July 23, 2016, which came into force on January 16, 2017, creates an incentive for entrepreneurs to establish a business in the grand duchy by introducing the simplified private limited liability company (société à responsabilité limitée simplifiée or Sàrl-S) – also known as the one-euro company.
On January 30, the European Securities and Markets Authority issued an opinion on the minimum principles that management companies must apply when establishing different UCITS share classes. The opinion is aimed at ensuring a harmonised approach throughout the EU, where different national approaches have been observed up to now.
The European Securities and Markets Authority has updated its Q&A documents on details of the UCITS rules in November of this year with two additional queries regarding the interpretation of investment limits when a UCITS invests in an umbrella fund.
The law of 10 August 2016 modernising the law concerning commercial companies of 10 August 1915 and amending the Civil Code as well as the law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of companies (the “Law”), entered into force on 23 August 2016. The Law is immediately applicable for all newly incorporated companies. Existing companies have been granted a period of 24 months to adapt their articles of association. The below is a summary of the main changes which affect private limited liability companies (“société à responsabilité limitée” (“S.àr.l.”)):
Luxembourg’s Financial Sector Supervisory Authority (CSSF) has issued on October 11, 2016 Circular 16/644, which sets out revised rules applicable to all Luxembourg credit institutions acting as depositary banks for UCITS funds as well as to all Luxembourg UCITS, including self-managed funds, and/or their management companies. The circular sets out regulatory requirements clarifying rules under the updated Luxembourg investment fund law implementing the UCITS V directive, which came into force on June 1, and the European Commission’s Level 2 delegated regulation EU2016/438 regarding the obligations of depositaries, as well as various other matters.
The Commission’s delegated regulation (EU) 2016/438 of December 17, 2015, which updates the UCITS regime provisions on the obligations of depositaries, has taken effect as of October 13. The UCITS V Level 2 regulation sets out detailed uniform rules in particular regarding the duties of the depositaries of UCITS funds. The regulation lays down requirements regarding depositaries’ duties, delegation arrangements and the liability regime for UCITS assets under custody, designed to provide a high level of investor protection.
27 July 2016
9 August 2016
The RAIF benefits from flexibility in terms of legal structuring, and from all the advantages known to the SIF and SICAR regimes: umbrella structure, toolbox assembly approach and the “well-informed” investor concept. Please refer to our newsflash, to get all the details about the RAIF.
It is possible for a works council to push through the dismissal of an employee, as demonstrated by a recent ruling of the Bundesarbeitsgericht (BAG), Germany’s Federal Labour Court, from March 28, 2017 (Az.: 2 AZR 551/16).
Aziz Rahman explains what those trading internationally need to do to ensure they are not targeted by money launderers.
Health claims in relation to mineral water need to be consistent with the Health Claims Regulation. This was confirmed by the Bundesgerichtshof (BGH), Germany’s Federal Supreme Court, in its ruling of January 30, 2017 (Az.: I ZR 257/15).
On April 25, 2017, American Chamber of Commerce in Serbia and Law office Stankovic and Partners organize a Briefing Session on Data Protection in Arbitration Cases. This event is intended for all the peers interested in finding our more about the challenges with document discovery in arbitration procedure, from the standpoint of data protection issues, local laws and regulations, including international practice. Also, this opportunity will be used to explain data protection during discovery process, including the best international practices. Special emphasis will be placed on the framework of Article 48 of the new EU law (applicable as of May 2018), as well as other relevant issues. The speakers will be Andrej Savin, Associate Professor, Copenhagen Business School, Philip Punwar, Partner at Baker Botts LLP, expert in international arbitration, and Nenad Stankovic, Attorney at Law, Stankovic and Partners.
VEGAS LEX discusses opportunities and problems of Special Investment Contracts at Northern DimensionVEGAS LEX Partner Evgeniy Rodin and Commercial group associate Anastasia Cheredova spoke about the use of various investment options in the energy and pharmaceutical sectors at the Northern Dimension Forum in St. Petersburg.
With the government looking at how to change the law when it comes to prosecuting companies, Aziz Rahman considers the possibilities.
Ben Ticehurst explains why new regulations regarding company payment practices are a sharp reminder of the need to be legally compliant.
With the housing market facing further scrutiny regarding money laundering, Aziz Rahman outlines what those working in the property sector must do to stay within the law.
Post-contractual prohibitions on competition that do not provide for compensation for this period, i.e. a waiting allowance, are null and void. That was the verdict of the Bundesarbeitsgericht (BAG), Germany’s Federal Labour Court, in its ruling of March 22, 2017 (Az.: 10 AZR 448/15).
VEGAS LEX has been recognized in seven categories and four of VEGAS LEX experts has been ranked on the Chambers Europe 2017 international ranking of the best law firms and lawyers around the world.