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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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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.
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. 2014.10.30_taxupdate
We are happy to announce that Claude Kremer, one of the founding partners of Arendt & Medernach, was elected to the Board of Directors of the International Investment Funds Association (IIFA) at their annual meeting in Canberra on 21 October 2014.
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
Bär & Karrer was elected Switzerland M&A Legal Adviser of the Year at yesterday's annual Mergermarket M&A Awards. Based on a comprehensive analysis of Mergermarket's league tables, the judging panel chose Bär & Karrer from among seven shortlisted Swiss and international law firms that were particularly active in the Swiss M&A market in 2014.
Alexander Lavrentyev, head of the VEGAS LEX Fuel and Energy Group, has spoken at the XI Professional Energy Forum, Generation, Networks and Sales , about default supplier's breach of contract without disruption of supplies
The patent attorneys at Boult Wade Tennant are well known for their expertise and advocacy skills for both contentious and non-contentious matters before the European Patent Office. In November 2014 alone, Boult Wade Tennant attorneys attended over 29 oral proceedings in Munich or The Hague.
The VEGAS LEX law firm and First Infrastructure Company InfraONE are performing comprehensive consultancy and support services for the concession grantor at the financial close phase of the project to introduce fees for 12-plus ton vehicles.
VEGAS LEX, InfraONE take part in meeting of Transport Ministry Taskforce on Extending Moscow Air HubOn November 27, 2014, the Transport Ministry Investment Coordination Council's** Taskforce on Extending the Moscow Air Hub (MAH) Experience to Regional Airports* led by VEGAS LEX Partner Albert Eganyan , chairman of the InfraONE Board of Directors, held its first meeting.
Russian rating of law firms Pravo.Ru-300 recognizes VEGAS LEX as one of Russia's leading law firms, ranking us among top-tier law firms in various categories.
The VEGAS LEX Volga Directorate has organized a roundtable on important theoretical and practical aspects of challenging transactions during bankruptcy proceedings.
VEGAS LEX experts have discussed personal and corporate fraud risk management with business executives