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Editorial

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
www.deynecourt.com

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
www.bonnschmitt.net

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.

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Law firm managing partners and practice heads explain how their firms are adapting to clients' changing needs

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Legal Developments in Luxembourg

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Proposed Luxembourg legislation introduces changes affecting SIFs, SICARs and Part II Funds

    The Luxembourg government has placed before parliament on January 18 draft legislation amending provisions relating to specialised investments funds (SIFs), risk capital investment companies (SICARs) and non-UCITS funds issued under Part II of the grand duchy’s collective investment fund legislation. The proposals would notably restrict SIF funds and sub-funds that invest in so-called exotic assets to professional investors, a tighter definition than that for eligibility for SIF investments in general.
  • Luxembourg IP Tax Regime Repealed

    Bill No 6900 for the budget for 2016, presented on 14 October 2015 by the Luxembourg Minister of Finance Pierre Gramegna, is about to be adopted. It repeals the existing business-friendly tax regime encouraging the exploitation of intellectual property rights (“IPRs”) as from 1 July 2016, with a transitional period beginning on 1 July 2016 and ending on 30 June 2021.
  • ESMA issues additional updates to AIFM Directive Q&A

    The European Securities and Markets Authority has issued a fresh update on October 1 to its Questions and Answers document providing guidance and interpretation of the EU’s Alternative Investment Fund Managers Directive as well as the European Commission’s level II delegated regulations on implementation of the directive issued in December 2012 and May 2013.
  • Tax Update - October 2015

    This 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_-_october_2015 .
  • Luxembourg moves ahead with UCITS V adoption

    Luxembourg is pushing ahead with legislation to adopt the UCITS V directive into national law. Bill no. 6845, transposing Directive 2014/91/EU of July 23, 2014, was approved by the cabinet on July 10 and placed before parliament on August 5. It is expected to be debated and adopted during the fourth quarter of the year.
  • CSSF clarifies marketing rules in updated AIFMD law Q&A

    On August 10, the CSSF issued the latest update of 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, last revised on December 29, 2014. The FAQ document has now run to nine versions over the past year and a half. Its aim is to highlight aspects of the AIFMD rules from a Luxembourg perspective, for the benefit primarily of alternative funds and managers established in the grand duchy. It complements Q&A documents on the AIFMD published by ESMA, itself most recently updated last month, and by the European Commission.
  • Newsflash - New legislation on staff representation

    On 23 July 2015, a new law concerning the reform of social dialogue (hereafter the “Law”) was enacted which profoundly impacts staff representation within companies. 09.09.2015_newsflash_-_new_legislation_on_staff_representation
  • Remuneration policies under CRD IV

    >The Directive 2013/36/EU (CRD IV) has finally been implemented in Luxembourg and the most part of the CRD IV provisions is now incorporated into the Law of 5 April 1993.
  • ESMA says Jersey, Guernsey and Switzerland are ready for AIFMD passport

    The European Securities and Markets Authority has published – with a slight delay of six days beyond the July 22 deadline – its advice on extending access to the EU market under the Alternative Investment Fund Managers Directive to non-EU alternative investment fund managers and funds, recommending that the AIFMD passport be granted to Guernsey, Jersey and Switzerland.
  • CSSF circular 15/612: information to be communicated to the CSSF by Luxembourg-established AIFMs

    On May 5 the Luxembourg Financial Supervisory Authority issued CSSF Circular 15/612, addressed to all managers of alternative funds subject to the 2013 legislation implementing the Alternative Investment Fund Managers Directive, regarding reporting on unregulated alternative funds, whether established in Luxembourg, another EU member state or in a non-EU jurisdiction, as well as alternative funds regulated outside the EU.

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