The Legal 500

The European Securities and Market Authority’s 500 pages of technical advice to the European Commission on Level 2 measures implementing the Alternative Investment Fund Managers Directive have helped to bring greater certainty to the global fund industry on what it can expect in July 2013 and thereafter.

Qatar, Barbados, Panama 

In 2011, various Double Tax Treaties have entered into force or been signed by Luxembourg, complying with the OECD’s requirements. Here is a summary of these DDTs.

Russia and Luxembourg recently signed a new Protocol, which amends the Double Tax Treaty (DTT) signed on 28 June 1993. Most of the amendments are constructive and should, among others, increase the competitiveness of Luxembourg aside other European jurisdictions that are generally and currently preferred as intermediary hubs to hold investments with Russia.

Please find below the link to the 2011 guide on the setting-up of Luxembourg alternative investment funds.

A practical cross-border insight into real estate law

with contributions from: MOLITOR Avocats à la Cour

1. Is it common for employees to be offered participation in an employee share plan?
About 30% of all companies based in Luxembourg offer an employee share plan to some or all of their employees.
2. Is it lawful to offer participation in an employee share plan where the shares to be acquired are shares in a foreign parent company?

The European Securities and Markets Authority has published on November 16 its final advice to the European Commission on the detailed rules underlying and implementing the Alternative Investment Fund Managers Directive. The Commission is expected to issue the rules in the form of subsidiary legislation and regulation by the middle of next year. According to Esma, its proposed rules should establish a comprehensive framework for alternative investment funds, their managers and depositaries, and by achieving the directive’s aim of increasing transparency and mitigating systemic risk, ultimately contribute to improved protection of investors.

A creditor facing the inaction and non-payment of its debtor, especially if the latter is facing financial difficulties or is showing an obvious lack of enthusiasm to fulfill its obligations, may, to say the least, be tempted to use coercive measures.

Martine Gerber-Lemaire writes on how the implementation of Directive 2001/24/EC on the reorganisation and winding up of credit institutions in five European countries has led to the acknowledgment of heterogeneous insolvency regimes in the EU

THE CHINESE SILK ROAD RE-OPENS

Spicy new tax planning opportunities have been created when, on 2 November 2007, the Grand Duchy of Luxembourg and the Hong Kong Special Administrative Region of the People’s Republic of China (“Hong Kong”) signed a double tax treaty (the “Treaty”), which came into force on 20 January 2009. This Treaty applies retrospectively from 1 January 2008 in Luxembourg and from 1 April 2008 in Hong Kong