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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.
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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Discover the updated restrictive measures taken by the European Council regarding the increasing gravity of the situation in Eastern Ukraine. 2015.02.17_nf_travel_ban_and_or_asset_freeze
On January 6, Luxembourg’ Direct Taxation Authority issued a draft administrative circular regarding compliance in the grand duchy with the US Foreign Account Tax Compliance Act and the implementation of automatic exchange of information between Luxembourg and the United States in line with the Model 1 FATCA Intergovernmental Agreement signed by the two countries on March 28 last year.
The CSSF is continuing to update its Frequently Asked Questions document on the grand duchy's law of July 12, 2013 implementing the AIFMD and the European Commission's Level 2 regulation on implementation of the directive, most recently on December 29, 2014.
This new edition of 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_-_january_2015
The Luxembourg tax authorities today issued Circular Letter L.I.R. n° 14/4 (the "Circular") with respect to the taxation of income realised by a Luxembourg common limited partnership (société en commandite simple - "SCS") or a special limited partnership (société en commandite spéciale - "SCSp"). 2015.01.09_-_nf_taxation_of_scs_and_scsp_qualifying_as_aifs
The CSSF has issued a new Circular 15/601 relating to the ratio increase notification procedure laid down in Article 94(1)(g)(ii) of Directive 2013/36/EU (CRD IV). 2015.01.16_nf_crd_iv
On 18 December 2014, Parliament voted the Luxembourg 2015 Budget which contains various VAT measures that will apply as from 1 January 2015. 2014.12.23_nf_vat
Arendt helped a major Chinese bank to enter the European fund market by launching its proprietary Luxembourg R-QFII UCITS luxembourg_newsflash_-_arendt_helped_a_major_chinese_bank
Arendt & Medernach is delighted to inform you that, further to discussions with the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"), we have obtained the confirmation that the CSSF has no objections to UCITS investing in China A-Shares using the Hong Kong - Shanghai Stock Connect platform. Specific conditions will however apply for each applicant and approvals will be granted on a case-by-case basis. newsflash_-_investments_in_china_a-shares_via_stock_connect
The European Securities and Markets Authority has issued a consultation paper seeking feedback from asset management industry members on its draft advice to the European Commission regarding depositary requirements under the forthcoming UCITS V directive. The paper has been drawn up in response to a provisional request from the Commission on July 3 seeking technical advice on the content of two delegated acts on depositaries that the Commission is called on to issue to complement the primary UCITS V legislative text.
GSK advises Rockspring on the formation of a joint venture and the acquisition of 23 big box retail parks with a value of EUR 350 million
Mateusz Chmielewski has considerable international experience in providing legal advice on capital markets transactions. He has advised leading financial companies and institutions on important private and public offerings of shares, bond issues (including high-yield bonds and convertible bonds), as well as medium-term bond programmes. Mateusz Chmielewski graduated in law from the University of Warsaw and the University of Cambridge. Before joining Gide, he worked for Greenberg Traurig in Warsaw, and before that, as a solicitor in the London and Singapore offices of Ashurst. After returning to Poland, Mateusz Chmielewski worked on many of the largest IPOs and secondary offerings of shares.
On 9 February 2015, Erste Bank Hungary entered into an agreement with the Hungarian Government and the European Bank for Reconstruction and Development (EBRD). Pursuant to the agreement, both the Hungarian Government and the EBRD will participate in Erste Bank Hungary’s capital increase and will each acquire a 15% of the share capital of the bank, which is part of the Vienna-based Erste Group. With the planned increased capital, Erste Bank Hungary has committed to increasing its lending activity in certain sectors (public, energy, and agricultural sectors) that the Hungarian Government views as strategically important. It is envisaged that Erste Bank Hungary will provide credit facilities in the aggregate amount of approximately EUR 550 million for the above-mentioned sectors. read more...
Der schwedische Private Equity Investor EQT hat in der vergangenen Woche die E.I.S. Aircraft Gruppe vollständig übernommen. Die E.I.S. Gruppe besteht aus der E.I.S. Holding GmbH, der E.I.S. Aircraft GmbH und der DEVA-Kunststofftechnik GmbH. Auf Verkäuferseite stand eine Gruppe von Privatinvestoren. Über den Kaufpreis wurde Stillschweigen vereinbart.
Der schwedische Private Equity Investor EQT ist in Deutschland seit Anfang 2014 über seinen Midmarket-Fonds am Bäckerei-Discounter Backwerk beteiligt. EQT unterzog die Beteiligungsfinanzierung bzgl. der BackWerk-Gruppe nun einer komplexen Refinanzierung.
Representing a well-known international retailer, HaoLiWen IP and customs lawyers have recently settled a trademark lawsuit concerning OEM products shipped from China. The shipment once seized by China Customs was released to the satisfaction of the client.
Stuarts Walker Hersant Humphries is pleased to announce the promotion of Richard Annette to Head of the Litigation department.
Die Hauptversammlung der nextevolution Aktiengesellschaft, Hamburg, hat am 19. Dezember 2014 mit großer Mehrheit die Übertragung der Aktien der Minderheitsaktionäre auf die Hauptaktionärin HeidelbergCapital Private Equity Fund II GmbH & Co. KG gegen Gewährung einer angemessenen Barabfindung in Höhe von EUR 6,23 je Aktie beschlossen.