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Legal market overview
For a country that has a population of just over half a million, Luxembourg has a remarkable input in terms of financial services globally. The jurisdiction’s stability, international orientation and innovativeness make it an attractive hub for private and institutional investors from all over the world. As well as its reputation as a centre of premier private banking, the Grand Duchy is also a haven of investment funds – notably, approximately 75% of the world’s Undertakings for Collective Investments in Transferable Securities (UCITS) are registered there. Although most investors historically have been drawn to the market by its low taxation policies, changes have been made recently in order to comply with international requirements; the move towards greater transparency was recently recognised by the Organisation for Economic Co-operation and Development (OECD), which upgraded it to a ‘largely compliant’ rating.
As well as funds work, law firms in the region are regularly involved in major cross-border M&A deals, where mandates are frequently structured using a Luxembourg investment vehicle to facilitate the deal. Similarly, in financing, the Luxembourg stock exchange is one of the leading locations for the issuance of high-yield debt, which accounts for a significant amount of work.
Independent domestic firms such as Arendt & Medernach and Elvinger Hoss Prussen compete at the top of the rankings with international firms Allen & Overy Luxembourg, Clifford Chance and Linklaters LLP and several Benelux firms – including Stibbe, Loyens & Loeff and NautaDutilh – which are prominent in numerous practice areas. De Wolf & Partners was wound up. In January 2016, OPF Partners became part of Dentons.
Firms in the spotlight
Deynecourt was established in 2013 by a team of attorneys and tax and finance professionals committed to creating a law firm more innovative and entrepreneurial than those they had left, and aiming to evolve in anticipation of the ever-changing needs of the client. The firm’s lawyers strive to deliver the highest quality legal work and service, to be accessible, efficient and responsive, and to find practical and effective solutions for clients.
Bonn & Schmitt
Bonn & Schmitt is a leading law firm in Luxembourg with an extensive international practice. The firm’s attorneys are experienced practitioners in Luxembourg’s 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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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.
The new simplified regime regarding legal publication relating to companies and associations has been implemented in Luxembourg on June 1, following approval of the legislation by the Chamber of Deputies on May 10. The legislation, which was published in Luxembourg’s Official Journal on May 30 as the Law of May 27, 2016, is complemented by a circular issued by the Luxembourg Trade and Companies Register on March 24 (Circular RCSL 16/01).
On June 9, 2016 the CSSF issued the latest update of its Frequently Asked Questions document on the Luxembourg law of July 12, 2013 implementing the AIFMD and the European Commission’s Level 2 regulation on implementation of the directive, last revised on August 10, 2015. The new version provides clarity about the ability of Luxembourg-domiciled alternative funds to conduct loan origination, participation and acquisition, an important issue given the role of Luxembourg as a leading centre for funds conducting or investing in loans.
The Luxembourg Government presented on 29 February 2016 a new set of tax measures to be implemented by 2017, known as the 2017 tax reform package. The new measures concern both corporate and individual taxation, with a particular focus on social justice and international competitiveness. The amendments may be summarised as follows:
KHASK is a Ukrainian major producer and exporter of self-adhesive tapes and packaging materials. The loan facility is used to finance the purchase and installation of a solvent recuperation system, related general construction and energy efficiency capital investments.
In light of the European Commission’s ruling, those that have suffered as a result of the truck cartel are now able to claim damages. That being said, it is important for them to not lose sight of the statute of limitations.
SyCip Salazar Hernandez & Gatmaitan (SyCipLaw) is pleased to announce the admission of Aaron Roi B. Riturban and Franco Aristotle G. Larcina to the partnership.
The Limay, Bataan power project was recognized by IJGlobal as the “Best Power Deal in the Asia Pacific Region”. SyCipLaw acted as local counsel to DBS Bank Ltd., Mizuho Bank, Ltd. and Standard Chartered Bank, the structuring banks in the US$400 million Project Financing of a new 300MW coal-fired power plant in Limay, Bataan of SMC Consolidated Power Corp. Read more information on this transaction .
SyCip Salazar Hernandez & Gatmaitan hosted the Pacific Rim Advisory Council (PRAC) 60th International Conference last September 24-27, 2016. The Conference gathered 43 delegates from PRAC member firms in Australia, Brazil, Canada, China, Hong Kong, India, Indonesia, Malaysia, Mexico, New Zealand, Panama, Philippines, Singapore, South Korea, Spain, Taiwan, The Netherlands, and the United States of America. The conference program provided delegates with various learning and networking opportunities.
Bogus applicants who do not actually intend to take up a post cannot subsequently invoke anti-discrimination legislation. This comes from a ruling of the Court of Justice of the European Union (CJEU).
If the works council no longer indicates a willingness to continue negotiations to prevent collective redundancies, the employer can consider the consultation process pursuant to sec 17(2) of the Kündigungsschutzgesetz (KSchG) [German Employment Protection Act] to have come to an end.
The Singapore International Arbitration Centre (SIAC) held “The User’s Guide to the SIAC Rules 2016” last November 24, 2016 and the Young SIAC (YSIAC) Advocacy Workshop last November 25, 2016.
The Serious Fraud Office (SFO) has decided not to prosecute Soma Oil and Gas regarding corruption in Somalia, due to insufficient evidence. Aziz Rahman looks at what insufficient evidence means and how to challenge prosecution allegations.
JP Morgan is paying $264M to settle allegations of bribery over its hiring of children of key Chinese decision makers to try and secure business. Aziz Rahman explains what constitutes bribery and how to prevent it.