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Legal market overview
In recent years, Luxembourg has gradually moved towards greater financial transparency and a clampdown on secrecy. However, recent developments in the tax sector seem likely to prompt more investigations, reviews and regulatory oversight. Regulatory changes have also dominated the jurisdiction’s strong investment funds industry as clients adjust to the Alternative Investment Fund Managers Directive (AIFMD), along with amendments to limited partnership legislation. The private equity sector continues to expand, as does the IP sector – the latter being reflected by the opening of the Luxembourg Institute of Intellectual Property.
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. Benelux firms are also prominent in some practice areas.
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.
The firm was founded on 6 October 2014 by Raphael Collin and Benoit Maréchal. The main areas of practice since formation are corporate, M&A, employment, real estate, private equity, litigation, and immigration. The team is currently composed of five lawyers and three assistants.
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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Following the announcement by the government in January of formal plans to establish a new type of Luxembourg company, the société à responsabilité limitée simplifiée (simplified private limited liability company, or SARL-S), implementing legislation was placed before parliament on February 2. The initiative, filed with the Chamber of Deputies as Bill 6777, is also known as the “1 euro” or “1-1-1” company because it can be founded by one person, with one euro, in one day.
Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment Funds set up under the law of February 13, 2007.
On November 28 the European Securities and Markets Authority issued its final report to the European Commission regarding two delegated acts on depositary requirements that must be issued to complement the primary legislative text of the UCITS V directive.
On March 6 Luxembourg’s government adopted the draft legislation transposing into national law the grand duchy’s intergovernmental agreement with the US and facilitating compliance by the country’s financial institutions with the requirements of the Foreign Account Tax Compliance Act.
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
Schoenherr advised a consortium of owners of Pivovarna Laško, d.d. ("Laško"), Slovenia's leading brewery group, in the sale of their combined holdings of over 51% in Laško to Heineken International B.V., part of the Netherlands-based brewing group. The opening of final offers took place on 13 April 2015, with Heineken offering EUR 25.56 per share in Laško (translating into a total purchase price of approx. EUR 114 million for the 51.11% stake on sale). Following the selection of Heineken as best bidder, the respective share purchase agreement was signed in Ljubljana the same day. read more...
At the beginning of April 2015 Popov & Partners was admitted as a corporate member of the Bulgarian Water Association (BWA) . BWA is the largest organization in Bulgaria that combines all WSS operators, trade companies and business consultants with focus on the management of the water resources and the development of the water-supply services in the country. In international aspect BWA has parnership relations with European Water Association and International Water Association and other international water organizations, whose activity reflects directly over the development of the water sector in global aspect.
Leon Kopecký has joined Schoenherr, a leading full-service law firm in Central and Eastern Europe, as Counsel in March 2015. Mr Kopecký focuses on international commercial and investment arbitration, international litigation, and compliance matters. His clients are international firms in the construction, raw materials, infrastructure, finance, fashion and health care industries. He regularly advises clients on complex investment matters. read more...
HaoLiWen has been recently selected by ALB as the finalist for Regulatory Compliance Law Firm of the Year (2015), a market recognition of the regulatory compliance practice of HaoLiWen, which has a history of around ten years.
Vienna, 16 January 2015. Business law firm Fellner Wratzfeld & Partners (fwp) advises UniCredit Bank Austria AG on the multi-stage structured sale of the real estate portfolio it holds via Immobilien Holding GmbH. read more...
Fellner Wratzfeld & Partner Rechtsanwaelte GmbH (fwp) represents HETA Asset Resolution AG (formerly HYPO Alpe-Adria Bank International AG) in connection with the judicial review proceedings before the Austrian Constitutional Court following the implementation of special Hypo legislation. The Constitutional Court has now rejected all individual applications filed by Austrian and international investors as inadmissible. Read more...
Fellner Wratzfeld & Partners (fwp) successfully provided legal advice to HYPO NOE, the association of mortgage banks of the Austrian Provinces and Pfandbriefbank in connection with financing repayments to be made for specific bond issues, thus ensuring the stability of both Pfandbriefbank and the mortgage banks guaranteeing such repayments.
Baker & Partners, a premier litigation and dispute resolution practice based in Jersey, will hold their next breakfast briefing for Jersey's financial services industry on the topic of dishonest assistance on Thursday 26 th March, 8.30-09.30am, at the Royal Yacht.
Ogier promotes three partners in the Channel Islands- Ogier
Gorodissky & Partners in 2015 again, for the 17th time in a row became No.1 Russia’s firm in patent and trademark prosecution and announced “IP firm of the year”.