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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.

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to

Legal Developments in Luxembourg

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Newsflash - No VAT on management services for defined contribution pension schemes

  • Legal update - Mars 2014

  • Newsflash - Luxembourg concludes intergovernmental agreement with the US on FATCA

  • CSSF updates Q&A on AIFMD implementation law

    Luxembourg's Financial Sector Supervisory Authority has published on March 17 an update to its Frequently Asked Questions document on the grand duchy's law of July 12, 2013 implementing the European Union's Alternative Investment Fund Managers Directive, as well as the European Commission's Level 2 regulation on implementation of the AIFMD. The CSSF says the FAQ document, which is now in its sixth version in nine months, is designed to highlight certain key aspects of the AIFMD rules from a Luxembourg perspective and is primarily aimed at alternative funds and managers established in the grand duchy.
  • ESMA Q&A targets common supervisory approach to AIFM Directive application

    The European Securities and Markets Authority has published on February 17 a Question and Answers document on the Alternative Investment Fund Managers Directive, with the aim of promoting common supervisory approaches and practices in the application of the AIFMD and its implementing measures.
  • Newsflash - 9 January 2014 - CSSF press release 14/02

    On 8 January 2014 the Commission de Surveillance du Secteur Financier (the "CSSF") issued press release. This press release is relevant to all issuers whose home Member State within the meaning of the law of 11 January 2008 on transparency requirements for issuers of securities, as amended (the "Transparency Law") is Luxembourg and who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS). The CSSF has announced it will focus its review on several selected subjects, discover them in the newsflash attached.
  • Luxembourg in pole position as AIFMD compliance looms

    With little more than five months to go before alternative managers active in Europe must be fully compliant with the European Union's Alternative Investment Fund Managers Directive, Luxembourg is perfectly positioned to accommodate fund firms, from global investment houses to specialist boutiques, eager to exploit the potential of a passport to an EU-wide market.
  • CSSF publishes a fourth updated version of its FAQs on the Law on AIFM - 14 January 2014

    On 10 January 2014, the Commission de Surveillance du Secteur Financier (the "CSSF") has published a fourth update of its frequently asked questions ("FAQs") on the law of 12 July 2013 on alternative investment fund managers ("AIFML") as well as the Commission Delegated Regulation n° 231/2013 of 19 December 2012.
  • Tax update - January 2014

    Discover our latest tax update. The topics of this document are: - Introduction of the bill regarding the automatic exchange of information - New circular letter of 31 December 2013 on the exchange of information upon request procedure - New circular letter on reduction of net worth tax - New VAT circular letter on fund management VAT exemption - risk management services included - Case No. 27380a dated 1 October 2013 - incompatibility of 5-year requirement for Luxembourg net wealth tax exemption with freedom of establishment - Sales made by retailers subject to VAT where a customer fraudulently uses a credit card (case C-494/12) - Inclusion of VAT in the sales price in the absence of VAT provisions in the sales contract (joined cases C-249/12 and C-250/12) - Exemption of the management of special investment funds (case C-464/12) tax_update_-_january_2014
  • Newsflash - Back to 2013

    2013 was an extremely busy year, not least with regard to the legal and regulatory changes that may impact your business. In this respect, we are pleased to provide you with an overview of the major legal and regulatory developments under Luxembourg law.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to
  • Austria/Malta: Schoenherr advises Oesterreichische Volksbanken on sale of Volksbank Malta

    Schoenherr, a leading corporate law firm in Central and Eastern Europe, advised Österreichische Volksbanken-AG (OeVAG) on the sale of its fully-owned subsidiary Volksbank Malta Limited to Malta-based Mediterranean Bank plc. On 11 April 2014, OeVAG and Mediterranean Bank signed a Share Purchase Agreement for 100% of the shares in Volksbank Malta. Closing shall take place after the required approvals of the relevant regulatory bodies are received. read more...
  • Austria: Stefan Kuehteubl new head of Employment practice at Schoenherr

    Stefan Kuehteubl will join Schoenherr, a leading corporate law firm in Central and Eastern Europe (CEE), as a partner and the head of the firm's Employment practice as of July 2014. A highly-regarded employment law practitioner, Kuehteubl will be returning to Schoenherr, where he previously worked as a member of its employment team between 1999 and 2004. During the past ten years, he worked in a well-known Vienna-based employment law boutique, in which he was a partner since 2008. read more...
  • Proud to continue charitable donations in 2014

  • New Swiss Law on Product Safety

    The Swiss law on product safety ( Produktesicherheitsgesetz, PrSG) is currently scheduled to enter into force on July 1, 2010. This new law aligns Swiss product safety requirements with EU law. It applies not only to manufacturers, but to anyone who commercially or professionally markets products in Switzerland, and it introduces substantial new obligations before and after the sale of a product.
  • Chambers Global has once again recognised Pepeliaev Group's tax practice as the best in Russia

    The Chambers Global 2014 international ratings have hailed Pepeliaev Group's tax practice and the firm's managing partner Sergey Pepeliaev as Russia's best in the area of taxation (band 1 and Star Individuals). Commentators describe Mr Pepeliaev as "the father of Russian taxation." He has an outstanding reputation in tax litigation, for which he is said to be "absolutely brilliant." In addition, Chambers Global  lavishes praise on Rustem Ahmetshin (band 2), one of the firm's senior partners, who has considerable expertise in areas such as VAT and audit advice. Chambers Global sources commend Pepeliaev Group partner Valentina Akimova (band 3) as a "smart tax specialist." She has significant experience in a wide range of tax matters such as VAT, income tax and excise duties. Sources recommend Andrey Nikonov (band 3), another senior partner in the firm, as an authority on VAT, mineral extraction tax and unified social tax.  Chambers Global also rates Mr Nikonov highly for his experience in resolving tax disputes advising on the tax aspects of M&A transactions.

    Dhir & Dhir Associates advised National Housing Bank, wholly owned by Reserve Bank of India, on the Tranche- II of public issue of tax free bonds in the nature of secured, redeemable, non-convertible debentures with benefits under Section 10(15)(iv)(h) of the Income Tax Act, 1961, aggregating upto Rs. 1,000 Crore.

    In a recent landmark judgment of the Hon'ble Andhra Pradesh High Court in the matter of Deccan Chronicle Holdings Ltd. (DCHL) & Ors. Vs. Union of India & Ors ., the Hon'ble Court has laid down an important principal of law to the effect that SARFAESI Action can be taken by an assignee/ successor in interest only if the original lender had SARFAESI power.

    Dhir & Dhir Associates advised National Housing Bank, wholly owned by Reserve Bank of India, on the public issue of tax free bonds in the nature of secured, redeemable, non-convertible debentures with benefits under Section 10(15)(iv)(h) of the Income Tax Act, 1961, aggregating upto Rs. 2,100 Crore.
  • Angel Buzalov from “Popov & Partners” has participated in “Legal Day 2014”of GBICC

    On 20.03.2014 was carried the first part of the annually organized forum "Legal Day" of German-Bulgarian Industrial Commercial Chamber. Representatives of the leading legal companies in Bulgaria and industry representatives also took part in the event.
  • “Popov & Partners” took part in the consultations organized by the German-Bulgarian Industrial C

    On 24.03.2014 a meeting of the Advisory Board "Law" of the German-Bulgarian Industrial Commercial Chamber (GBICC) was held. The event was attended by representatives of the business as well as lawyers from major law firms in Bulgaria, including the law firm "Popov & Partners."