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- The Legal 500 United Kingdom Awards 2013
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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.
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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
After the publication of the new CSSF Circular 14/587 on UCITS depositaries last week, it is now the European legislator's turn to adopt new rules on UCITS depositaries. Indeed, the Council of the European Union has formally approved today the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to UCITS as regards depositary functions, remuneration policies and sanctions (the UCITS V Directive). full_newsflash_-_the_ucits_v_directive_is_adopted
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_-_july_2014
Luxembourg's Financial Sector Supervisory Authority has published on July 18 the latest 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 and the European Commission's Level 2 regulation on implementation of the AIFMD.
Section 2 of CSSF Regulation No. 13-02 relating to the out-of-court resolution of complaints will enter into force on 1 July 2014, the other sections having already entered into force at the beginning of the year. complaint_handling_by_professionals_-_newsflash_-_27.06.2014
On 9 July 2014, the Luxembourg Parliament approved the bill of law on a sale and buy-back transaction of real estate assets to a wholly owned Special Purpose Vehicle ("SPV") by the Luxembourg State allowing the issuance of a Sukuk with a value of 200 million euros ($275 million). grand_duchy_of_luxembourg_issues_sukuk_-_newsflash_-_15.07.2014
In anticipation of the forthcoming directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to UCITS with respect to depositary functions, the CSSF has yesterday released a new circular aimed at clarifying the provisions applicable to Luxembourg credit institutions acting as depositary for UCITS (the "Circular"). Departing from a principle-based approach, the CSSF has enacted more prescriptive and detailed rules to govern UCITS depositary functions. the_new_circular_on_ucits_depositaries_has_been_released
Studio Legale Villata, Degli Esposti, Perfetti e Associati is pleased to announce the forthcoming publication of the sixth edition of Professor Villata's monograph entitled " Pubblici Servizi. Discussioni e Problemi " (Public Services. Issues and Debates) and issued by the law publishing house Giuffrè. The volume consists of an in-depth analysis of the much-discussed subject of public services and provides a remarkable intake on the matter from an exceedingly knowledgeable scholar, in light of recent developments in legislation and jurisprudence.
Budidjaja & Associates becomes the Indonesian law firm member of TAGLaw, an international alliance of independent law firms
AstapovLawyers has been recognized TOP-3 band in corporate/M&A and tax in Ukraine according to the latest survey 2014 by KyivPost, a well-known English speaking edition. The survey findings are based on a peer review conducted by the Kyiv Post in August of 90 law firms.
The Administrative Court of Hamburg decided on 27 August 2014 that Uber, a provider for a smartphone-app for on-demand transportation services, may continue providing its services in Hamburg. With its decision, the Administrative Court ordered the suspensive effect of the objection against the prohibition order of the city of Hamburg. The decision of the Hamburg authorities were formally unlawful as the traffic authorities were not the responsible authority and the prohibition order could not be based on the Passenger Transportation Act (Personenbeförderungsgesetz).
The Companies (Guernsey) Law, 2008 (" Companies Law ") provides for companies, protected cell companies (" PCCs "), incorporated cell companies (" ICCs ") and cells of PCCs and ICCs to be placed into administration and for an administrator to be appointed to manage that entity's affairs whilst the administration order remains in force.- Ogier
A company incorporated and existing in one jurisdiction may consider it desirable to continue as a company existing elsewhere for a variety of reasons including, for example: to be in a time zone closer to investors; to conduct its affairs in a manner more familiar to its stakeholders; to benefit from a more modern and/or flexible statutory or regulatory environment and/or a more appropriate tax framework.- Ogier
Kim & Chang has been named as the "Best Law Firm for Asset Management" from AsianInvestor Korea Fund Awards 2014 , hosted by AsianInvestor affiliated with Haymarket Media Ltd, a global media company. It is the fourth consecutive year that the firm has been honored for this award.
Kim & Chang has been selected for the "Legal Innovation in Real Estate Finance" award for providing exceptional legal advice in connection with the case involving KHFC's issuance of two different types of covered bonds in the first-ever Financial Times (FT) Asia-Pacific Innovative Lawyers Awards 2014 .
Kim & Chang has been recognized as one of the world's top 150 law firms in the Who's Who Legal 100 (2014 edition, 3rd edition) , published by Who's Who Legal that is an international publication affiliated with London-based publishing group, Law Business Research. Kim & Chang has been the only law firm in Korea to be included in the list for three consecutive years.