Arendt & Medernach > Luxembourg, Luxembourg > Firm Profile
Arendt & Medernach Offices
HEAD OFFICE
41A AVENUE JF KENNEDY
2082 Luxembourg
L-2082
Luxembourg
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Arendt & Medernach > The Legal 500 Rankings
Luxembourg > Banking, finance and capital markets Tier 1
The ‘deal oriented’ team at Arendt & Medernach provides a ‘high-quality’ service to a loyal and large pool of lenders and borrowers across the spectrum of new money financings, restructurings and regulatory matters. Matthieu Taillandier, who heads the firm’s transactional offering, advises lenders and borrowers on fund financing matters. On the capital markets front, François Warken has a strong grasp of regulatory and transactional procedures and remains a popular choice for issuers, in particular, across a plethora of debt and equity capital markets work. Displaying a ‘keen understanding of cross-border issues,’ Grégory Minne has ‘quickly grown to be well respected in the banking field,’ handling new money and restructuring mandates. Glenn Meyer heads the overarching banking practice and handles AML and terrorist financing matters. Philippe Dupont also remains ‘a key figure in the Luxembourg market’, providing transactional, litigation and regulatory expertise to banking clients. At a more junior level Emmanuelle Mousel excels at regulatory matters, Nicolas Tintanne has a broad transactional finance practice and Dominik Pauly is ‘an impressive expert in complex cross-border finance’ mandates, including those with a German nexus. Other recommended practitioners include founding partner Paul Mousel
, for his insurance regulatory knowledge, and Laurent Schummer for equity capital markets work.
Practice head(s):
Glenn Meyer; Matthieu Taillandier
Other key lawyers:
François Warken; Grégory Minne; Pierre-Michaël de Waersegger; Philippe Dupont; Paul Mousel; Laurent Schummer; Marc Mouton; Lynn Alzin; Emmanuelle Mousel; Dominik Pauly; Nicolas Tintanne
Testimonials
‘The team is extremely knowledgeable, approachable and solutions-oriented.’
‘The firm has outstanding expertise in all major finance and capital markets areas, including financial restructuring. The team has built a loyal and large client base which allows them to advise clients on almost all major Luxembourg finance and restructuring transactions.’
‘The team provides continuous high-quality services and relies on highly accessible team members. They are well organised and particularly adept at handling a high volume of complex cross-border finance transactions.’
‘I would highlight their in-depth knowledge of the banking market, as well as their expertise in complex margin loans and other banking products. They are deal oriented.’
‘Matthieu Taillandier is very technical but practical when delivering solutions and has a very deal-oriented approach. He is also good at creating consensus among large banking syndicates.’
‘Philippe Dupont clearly is a key figure in the Luxembourg market.’
‘Grégory Minne has quickly grown to be well respected in the banking field generally and shows deep competence in structured finance and insolvency risk analyses. I also appreciate his keen understanding of cross-border issues and application of private international law principles.‘
‘Dominik Pauly is an impressive expert in complex cross-border finance transactions as well as complex financial restructuring matters. In particular, I appreciate his strong commercial understanding and excellent work efficiency, as well as his hands on mentality.’
Key clients
AIG
Citibank
Clearstream Banking
Crédit Agricole
Goldman Sachs
HBSC
Midas Wealth Management
Pictet & Cie
Swissquote Bank Europe S.A.
UBS
Work highlights
- Advised Permira on the negotiation of the €4.5bn subscription credit line made available to Permira VIII 1 SCSp and Permira VIII 2 SCSp.
- Assisted UBS Fund Management (Luxembourg) S.A. on the issuance of debt securities linked to European Union allowances under its €10bn fiduciary note programme.
- Advised VINCI Airports SAS, in the context of a major acquisition of a minority stake in Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMA) (Mexico).
Luxembourg > Commercial, corporate and M&A Tier 1
The ‘client focused and efficient’ team at Arendt & Medernach provides a ‘very pragmatic’ service to domestic and international clients across a wide array of transactional and ongoing corporate governance and commercial work. As well as advising major multinational corporates, financial institutions and asset managers, the team has also gained a strong reputation within emerging sectors, including fintech and digitech. Laurent Schummer is one of the key practitioners in relation to work in emerging sectors, as well as regularly advising financial sponsors and large corporates on higher-value M&A matters. Guy Harles provides ‘solutions-oriented advice’ on the buy and sell side on high-value cross-border M&A matters, while Bob Calmes also regularly advises on cross-border mandates, including those involving a US angle. As well as his work on conventional M&A, restructuring and JV transactions, Alexander Olliges has also gained a strong reputation advising on SPAC and subsequent de-SPAC mandates. Carsten Opitz is particularly adept at advising on corporate governance issues and co-heads the team alongside Schummer. Practice head(s):
Carsten Opitz; Laurent Schummer
Other key lawyers:
Guy Harles; Bob Calmes; Alexander Olliges; Philippe Harles
Testimonials
‘I truly believe that this is the best commercial, corporate and M&A team in Luxembourg. They are very client focused and efficient.’
‘The team is very reactive, professional and provides a very pragmatic approach.’
‘The team was innovative in identifying practical solutions to certain issues acceptable to the regulators and all parties involved.’
‘Laurent Schummer always goes the extra mile to provide the best advice.’
‘Guy Harles is responsive, committed and provides solutions-oriented advice.’
‘The outstanding Philippe Harles is known for his remarkable expertise in corporate and M&A matters. I appreciate his legal acumen and strong ability to navigate complex legal landscapes with precision and finesse.’
‘Great team of professionals. Significant expertise and efficiency in work.’
‘The Arendt team was innovative in identifying practical solutions to certain issues acceptable to the regulators and all parties involved. Responsive and fast, the deal was done.’
Key clients
468 Management GmbH
Alvotech Germany GmbH
American Airlines Inc.
Deutsche Börse
FREYR Battery
Microsoft Corporation
Salonkee
SES Astra
Spotify
Tonies SE
Work highlights
- Advised VINCI Airports SAS on the acquisition of a minority stake in Grupo Aeroportuario del Centro Norte, S.A.B. de C.V. (OMA) (Mexico).
- Advised SES ASTRA S.A. in the context of a potential merger with fellow operator Intelsat.
- Advised Hydrosat S.à r.l. on the acquisition of Dutch irrigation management software company IrriWatch.
Luxembourg > Dispute resolution Tier 1
Arendt & Medernach is a popular choice for large multinational corporates, funds and banks seeking to resolve complex matters, often with an international complexion. Clara Mara-Marhuenda, who is able ‘to keep her focus in tense situations’ is across many of these areas of law both in relation to conventional litigation and arbitration and is consequently involved with great regularity in many of the cases handled by the team. Philippe-Emmanuel Partsch is the ‘brain and spirit’ behind the firm’s EU and competition law practice, often appearing before regulatory authorities, EU and national courts in related disputes. Team head François Kremer is ‘a very smart lawyer who combines a great legal mind with a sense of strategy and wit,’ specialising in international matters, including asset tracing and corporate disputes. Other recommended practitioners include Philippe Dupont, who excels in financial services disputes, the ‘terrific’ Christian Point, who focuses on real estate and construction disputes and Jean-Luc Putz, who heads up the business crime and white collar function at the firm. Practice head(s):
François Kremer
Other key lawyers:
Christian Point; Philippe-Emmanuel Partsch; Philippe Dupont; Thierry Lesage; Clara Mara-Marhuenda; Sandrine Margetedis-Sigwalt; Jean-Luc Putz
Testimonials
‘Excellent creative team with in-depth knowledge of litigation both on procedural matters as well as it relates to substantive tactics and strategic advice.’
‘An extremely skilled and focused team with multiple expertise and diversified experiences and backgrounds which make them all the more relevant when put together. As convincing in setting up a broad and long term strategy as in the necessary meticulousness of brief drafting or the impact of court appearance.’
‘The vastly experienced François Kremer is always focused on important stuff and is very strong in strategic thinking.’
‘François Kremer is a very smart lawyer who combines a great legal mind with a sense of strategy and wit.’
‘Philippe Dupont has a talent for explaining complex situations in simple terms, which makes the case easier to understand. He’s always available and very quick to deal with cases. What’s more, he’s not arrogant and is very respectful.’
‘Christian Point is terrific and as knowledgeable on Luxembourg law as anyone I have dealt with.’
‘Philippe-Emmanuel Partsch is the brain and spirit behind the dispute resolution practice looking at EU law, administrative law and competition matters. He is quick to approach topics and has appetite to dig into details and identify a variety of angles to a single issue.’
‘Philippe-Emmanuel Partsch stands out for his thorough knowledge in media law. His technical expertise and excellent communication skills were highlighted both in national and EU litigation matters.’
Key clients
Bělina & Partners
Borel & Barbey
Bredin Prat
Three Crowns
Work highlights
- Representation of custodian banks in the Madoff case.
- Represented a European defence and space company before the EU General Court in relation to the Galileo program.
- Assisted Clearstream with its defence in banking litigation proceedings before the Luxembourg courts against the Central Bank of Iran.
Luxembourg > Employment Tier 1
Appreciated by clients for their ‘measured, careful and empathetic’ approach, Arendt & Medernach excels in providing strategic and tailored advice to an employer-focused client base which appraises both the purely legal as well as the business considerations of the client. Team head Philippe Schmit is praised for his ‘ability to find the right balance between the best interests of the client and the level of risk to assume.’ Other key members of the team include Jean-Luc Putz, who provides added bandwidth to clients on white-collar issues affecting their business, including in the context of AML and cybercrime, Lorraine Chéry, who displays ‘an excellent work ethic and provides forthright advice’ and Louis Berns, who despite being less active on fee-earning work is still a key member of the team by virtue of his ability and willingness to share his considerable knowledge and know-how built up over his many years’ of practice. Practice head(s):
Philippe Schmit
Other key lawyers:
Testimonials
‘They are measured, careful and empathetic. They are also very flexible, always available and attentive to customer needs even in emergency situations.’
‘Philippe Schmit exhibits quiet strength and is calm and serene in his advice.’
‘Philippe Schmit immediately understands the key points of the request and focuses on them. He has the ability to find the right balance between the best interests of the client and the level of risk to assume.’
‘Lorraine Chéry has an excellent work ethic and provides forthright advice which carefully considers the risk/benefits of the course of action.’
‘What makes the Arendt team unique is firstly their competence and expertise and their great mastery of employment law. For me, they are the best in Luxembourg.’
‘The legal advice which is given comes in a very timely manner and is concise, easy to understand.’
‘Philippe Schmit remains an outstanding legal advisor. His team is equally knowledgeable and have his lead in terms of commitment to client service.’
Key clients
Bain Capital
Euromobiliare Asset Management
Guardian Industries
Huawei Technologies Luxembourg
IEE
J.P. Morgan
Northern Trust Management Services Limited
Permira
Summit Partners
Talkwalker
Work highlights
- Advised one of the world’s largest manufacturers of float glass and fabricated glass products, in the context of negotiation of a continuity plan, while the company faced some financial difficulties further, among other to the war in Ukraine and the increase of the energy costs.
- Advised a transportation company on its transition to a four-day working week.
- Assisted a commercial company in the context of an exceptional procedure regarding the dismissal of a presumed whistle-blower.
Luxembourg > Fintech Tier 1
Arendt & Medernach is well-versed across the plethora of cutting-edge technology impacting the financial services sector and provides ‘very skilled and responsive’ advice to traditional funds and banking clients on the adoption of fintech products, as well as for start-ups and entrepreneurs delivering the technology. Team head Marc Mouton is the ‘go-to person for fintech advice,’ including in the context of blockchain technology and payment services. As part of his broad investment management expertise, Francis Kass has recently been involved in the establishment of funds investing in crypto assets.Practice head(s):
Marc Mouton
Other key lawyers:
Testimonials
‘Marc Mouton is a great professional leading a very skilled and responsive team.’
‘Marc Mouton is the go-to person for Fintech advice: always available, pragmatic and capable.’
Key clients
Goldman Sachs
Tokeny s.à r.l.
Work highlights
- Assisted a European fintech services provider in relation to an innovative creation of a Luxembourg alternative investment fund in the form of a special limited partnership investing into cryptocurrencies.
- Assisted Goldman Sachs on the Luxembourg law aspects of its new cutting-edge Distributed Ledger Technology platform GS DAP™, an innovative digital asset’s platform.
- Assisted Tokeny and its founders on corporate and contractual law aspects in the context of a major €5m investment made by Euronext in Tokeny, in order to take a significant participation in Tokeny.
Luxembourg > Insurance Tier 1
Attuned to legislative/industry developments, Arendt & Medernach is well-positioned to provide ‘responsive and thorough advice’ to insurance and reinsurance companies on standalone regulatory issues and ongoing operational matters, as well as on M&A in the sector. ‘Outstanding’ team head Pierre-Michaël de Waersegger provides ‘strategic and client-focused’ advice and through his strong ties with the supervisory authorities is appreciated by clients seeking clarity and security in often complex regulatory matters, including in the context of regulatory investigations. In addition, he also provides the regulatory advice concomitant to M&A in the industry, including his recent work for Integrale Insurance Group on the sale of its Luxembourg closed-book life insurance portfolio to Monument Re Group. Other key contacts include Christian Point, for insurance-related litigation, and Emmanuelle Mousel, who has developed niche expertise in advising insurance companies on ESG matters.Practice head(s):
Pierre-Michaël de Waersegger
Other key lawyers:
Christian Point; Emmanuelle Mousel; Sandrine Margetidis-Sigwalt
Testimonials
‘It is a strong team that provides responsive and thorough advice.’
‘The lawyers are experts of major insurance laws and regulations, issue flash news on relevant topics, and provide a great oversight of all regulators’ guidelines and how to implement them. They are up to date with industry trends, in particular with topics such as ESG or data protection.’
‘Lawyers I work with from Arendt demonstrate high knowledge, and strong client commitment.’
‘Pierre-Michaël de Waersegger is always available, precise and highly competent, with communication and interpersonal skills that are much appreciated and useful for the successful conduct of discussions with supervisory authorities or any form of negotiation.’
‘The outstanding Pierre-Michaël de Waersegger is strategic and client-focused.’
Key clients
AIG
Barents Re Reinsurance Company, Inc.
CNA Hardy
CNP Luxembourg (member of the CNP group)
Convex Europe S.A.
Crédit Agricole Life Insurance
Credit Suisse
DARAG Deutschland AG
Edmond de Rothschild Group
Foyer Assurance
FWU Life Insurance Lux S.A.
Hyperion Group
Liberty Mutual Specialty Market
MEAG (Munich Ergo Asset Management) GmbH
MunichRe Group
NTT Data
RSA Insurance Group
SCOR SE
Sogelife SA (member of the Société Générale group)
SwissRe
Tokio Marine
TransRe
West of England
Work highlights
- Advising the RSA Insurance group, one of the world’s longest-serving general insurance companies serving in excess of nine million customers around the world, in the acquisition and subsequent absorption by RSA Luxembourg S.A. of Royal Insurance Global B.V., a Dutch subsidiary of the RSA group.
- Advising Integrale Insurance group on the sale of its Luxembourg closed-book portfolio of long-term life insurance business to Monument Re Group.
- Assisted Acciona Energia in the establishment in Luxembourg of a captive reinsurance company, Acciona Energia Re.
Luxembourg > Investment funds Tier 1
The 'commercially focused' team at Arendt & Medernach has 'an excellent understanding of market practice as well as local regulation and CSSF expectations', ensuring that it is a very popular choice among fund managers on their structuring and regulatory requirements. Although retail funds (including UCITS) continue to inform a significant proportion of its workflow, the team is also adept at advising across a range of alternative strategies, including as these relate to private debt and private equity. Here, the firm has been at the vanguard of developments in the market, which has seen it very well-placed to generate work from clients on newer structures including "Evergreen Funds", as well as the continued push towards impact investing. 'Exceptional' team head Gilles Dusemon has been pivotal to the firm's success at driving change in the alternative space and has developed an excellent sense of "what is market", not only through his fee-earning work but also as a result of his role as co-chairman of the Association of the Luxembourg Fund Industry's Private Equity and Venture Capital Working Group. The 'dynamic, intelligent and creative' Adrian Aldinger is also very well regarded in the alternative space, particularly for the structuring of private equity and debt funds. Florence Stainier has an 'excellent knowledge of Luxembourg regulation, practice and regulator expectations' and is one of the driving forces behind the firm's market-leading UCITS offering. Other key practitioners include Michèle Eisenhuth, who covers a mix of UCITS and alternatives; Isabelle Lebbe, who is an expert at advising on ESG-related matters and on disputes in the sector; Stefan Staedter, the 'go-to-person for ELTIF matters'; Nicolas Bouveret, who is 'very knowledgeable on all things private debt'; 'seasoned veteran' Francis Kass; and firm co-chair Claude Niedner.Practice head(s):
Gilles Dusemon
Other key lawyers:
Florence Stainier; Adrian Aldinger; Claude Niedner; Gilles Dusemon; Isabelle Lebbe; Michèle Eisenhuth; Henning Schwab; Pierre Beissel; Yves Lacroix; Francis Kass; Nicolas Bouveret; Corinne Prinz; Gregory Beltrame; Carl de La Chapelle; Piotr Giemza-Popowski; Michael Jonas; Stefan Staedter; Fiona de Watazzi
Testimonials
‘Intimate knowledge of our structures and the Luxembourg landscape across tax, finance and funds.’
‘I work closely with the investment funds practice at Arendt & Medernach and find them very helpful and responsive as well as having a strong relationship with the Luxembourg regulator. The team are commercially focused and have an excellent understanding of market practice as well as local regulation and CSSF expectations.’
‘A very professional and highly skilled way of working combining a very down-to-earth and nice personality of the whole team.’
‘Arendt is excellent in the regulatory field and in their knowledge of both the legal technicalities and market practices in the investment fund arena. With Arendt I know that I am in safe hands in what is a foreign jurisdiction to me, and in what is from a regulatory perspective a potential minefield.’
‘The outstanding Grégory Beltrame is very knowledgeable both about the law and about the fund industry. His advice is highly practical and efficient, and he is fully on the ball when it comes to co-ordinating the required services and his team.’
‘Francis Kass could be the most seasoned veteran on Luxembourg fund-management law out there. Even for the most complex documentation matters, he 1) already has learned (and remembers) all details of the complicated structure of our Master Fund, and 2) can quickly find a method to satisfy our goals (if at all possible) or instantly informs us it’s not possible.’
‘Gilles Dusemon is exceptional.’
‘Florence Stainier is a great partner for our business. She has an excellent knowledge of Luxembourg regulation, practice and regulator expectations and of how to apply these in a commercial manner.’
Key clients
Amundi
Generali Group
Goldman Sachs International
Lumyna Funds
Milestone Capital Partners
Morgan Stanley
Neuberger Berman
Nordea
Partners Group AG
Schroders
Work highlights
- Advised Morgan Stanley Investment Management Ltd on its acquisition of Eaton Vance and its affiliated companies (Calvert and Parametric) and following merger of UCITS platforms.
- Advised Permira Advisers on the formation of Permira VIII, its latest flagship global buyout fund.
- Advised Capital Four, a leading credit asset management boutique headquartered in Copenhagen, on the launch of its new investment platform in Luxembourg.
Luxembourg > IP and IT Tier 1
Drawing upon ‘highly extensive legal know-how’ but also able to frame advice in a ‘solutions-oriented’ manner, Arendt & Medernach is a popular choice across a range of IP and IT-related mandates, including large-scale digitalisation projects for financial services entities. Data protection is a particular area of strength, with clients benefiting not only from the group’s core legal expertise in the area but also its ability to provide a multi-disciplinary approach, should the need arise – often working alongside litigators and forensics experts, as well as the firm’s in-house regulatory and consulting arm. Astrid Wagner is ‘calm, highly skilled and pleasant to work with’, and heads a team that also includes a number of knowledgeable senior associates, including Sophie Calmes who was promoted to the role in April 2023.Practice head(s):
Astrid Wagner
Other key lawyers:
Testimonials
‘They have highly extensive legal know-how but they can also think like a client and deliver a solutions-oriented approach.’
‘The lawyers are polite, well educated, multilingual and display a lot of patience.’
‘They are very knowledgeable and capable of providing actionable, pragmatic advice on data protection matters.’
‘Astrid Wagner is an excellent communicator and really knows how to bring her findings to the point and make it understandable.’
‘Astrid Wagner is calm, highly skilled and pleasant to work with.’
Key clients
ACRON Lux Invest S. à r.l.
Bain Capital
European Investment Bank
Generali Group
Made In Space Europe
Microsoft Corporation
Spire Global Luxembourg S. à r.l.
Talkwalker
Tokeny
Volkswagen / Audi
Work highlights
- Advised an asset manager in the context of a major cyber-attack which led to a fraudulent phishing email attack on the managing director of an investment adviser of a Luxembourg fund (SCSp).
- Assisted a large US company that manufactures flashlights powered by various rechargeable and disposable batteries, regarding the compliance of one of their products with the EU and Luxembourg legislations and the related declaration of conformity.
- Advised a multinational automobile manufacturer on a massive outsourcing project alongside the investment fund team.
Luxembourg > Private equity Tier 1
The ‘proactive and responsive’ team at Arendt & Medernach has ‘extensive knowledge of the industry’ and provides ‘a business-oriented approach’ to a myriad of large global sponsors, including Bain Capital and Oaktree Capital, across the spectrum of work throughout the value chain, including on their downstream investment activity. Laurent Schummer‘s work in the space runs the gamut from venture capital/growth capital mandates through to core private equity leveraged buyout (LBO) work for clients including Astorg – which he recently advised on a complex co-investment acquisition with Epiris of London-based Euromoney Institutional Investor. Pierre Beissel, who has excellent industry insight through his LPEA board membership, is also a prominent figure in much of the large-scale private equity-related transactional work handled by the team, as well as for restructuring and corporate governance. Adrian Aldinger heads the team.Practice head(s):
Adrian Aldinger
Other key lawyers:
Pierre Beissel; Laurent Schummer; Sébastien Binard; Bob Calmes; Alexander Olliges; Carsten Opitz; François Deprez
Testimonials
‘The proactive and responsive team works towards the best interest of its clients.’
‘The team has a business-oriented approach.’
‘The Arendt & Medernach PE team has extensive knowledge of the industry. As they serve many clients, they can leverage on it and provide meaningful insights. As they have various departments, they can tackle many aspects of a project with the same quality.’
‘Sebastien Binard is able to explain all the technical aspects with simple terms which is really helpful for us.’
‘Francois Deprez has the ability to identify country-specific matters in the frame of a global transaction and has an uncanny knack of being able to find solutions and anticipate roadblocks.’
Key clients
Ardian Luxembourg
Bain Capital
Castik Capital S. à r.l.
DPE Deutsche Private Equity GmbH
LVMH / L Catterton
Macquarie Group
Montagu Private Equity
Neuberger Bergman
Nordic Capital
Oaktree Capital Management
Work highlights
- Advised Astorg on (i) the £1.7bn acquisition, together with UK private equity firm Epiris, of London-based Euromoney Institutional Investor and (ii) the separation of the target group into two businesses, with Fastmarkets becoming a standalone entity managed solely by Astorg.
- Advised DPE Deutsche Private Equity on its successful close of DPE Continuation Fund I, with a fund size of circa €708m.
- Advised Bain Capital Private Equity on its multibillion-euro acquisition of a majority stake in House of HR, a European leader in HR services.
Luxembourg > Real estate and construction Tier 1
With ‘excellent knowledge of the Luxembourg market’ gleaned over many years’ experience handling work at the very top end of the market, Arendt & Medernach provides a ‘very diligent and effective’ service for “bricks and mortar” mandates as well as corporate and finance work in the space. The ‘outstanding’ Christian Point has a wide-ranging offering which encompasses advice on leases, development of land and corporate real estate, as well as representation of clients in construction disputes. Working closely with its first-rate investment management offering, the team is also very adept at handling work for real estate funds on formation matters as well as their subsequent real estate investments. Claude Niedner is regularly engaged in structuring fund vehicles which invest in real estate assets, while Pierre Beissel, who co-heads the team alongside Point, is noted for his work on structuring and subsequent downstream investments and financing for private equity funds focusing on real estate assets.Practice head(s):
Pierre Beissel; Christian Point
Other key lawyers:
Claude Niedner; Carsten Opitz; Bob Calmes; Rodrigo Delcourt; Yves Lacroix
Testimonials
‘Easily accessible and very responsive on short-term high-stake issues. They have excellent knowledge of the Luxembourg market.’
‘The team is capable of carefully listening to the outline of the situation at hand before identifying different ways of delivering the required legal support for framing the situation or solving a conflict by clearly presenting the pros and cons of each of the suggested paths. Eventually the team effectively and diligently implements the chosen path.’
‘Christian Point is an outstanding partner.’
Key clients
Aermont Capital
Allianz Re
AXA Real Estate Investment Managers
Besix Group
CBRE Group, Inc
Hines Interests Limited Partnership
Leasinvest Real Estate
Macquarie Group
Primonial Luxembourg Fund Services
Signa Holding GmbH
Work highlights
- Assisted a leading global investor in sustainable infrastructure in all real estate and contractual law aspects of the conclusion of a nine-year lease agreement for an office space of approximately 2,500 sqm in a new building in Luxembourg.
- Advised a major car manufacturer on the acquisition of a plot of land located in the South of Luxembourg in order to build a new garage, with the conclusion of a tripartite agreement between the municipality (former owner of the land), the operator of the plot of land and the client.
- Advised Acron Group, which specialises in real estate club deals, on the acquisition of shares of WOODEN S.A. from BPI Real Estate Luxembourg and IKO Real Estate.
Luxembourg > Tax Tier 1
The seven-partner team at Arendt & Medernach has ‘exceptional breadth and depth in all aspects of Luxembourg tax’, including as it relates to transactional planning and negotiation, fund structuring, transfer pricing and controversy. ‘Technically superb’ team head Jan Neugebauer ‘applies calm, pragmatic and commercial judgement in his advice’ to international clients across a range of work, including in the context of structured finance transactions, real estate mandates and M&A matters. Thierry Lesage has a ‘highly sophisticated understanding of tax laws’, and excels at handling cross-border M&A, real estate and finance transactions, adding value through his knowledge of ‘how Luxembourg tax considerations interface with multi-jurisdictional planning’. As well as his expertise in private equity and real estate tax matters, Eric Fort is also well-versed in handling private client-related work and regularly advises on the tax aspects of wealth planning for ultra-high-net-worth individuals (UHNWIs). Vincent Mahler is ‘responsive and technically strong’ across a range of international tax issues, including those with a nexus to France. Other recommended practitioners include Bruno Gasparotto, for VAT matters; Alain Goebel, on the transfer pricing front; and Philipp Jost, who excels in advising on alternative fund structuring matters, in particular with respect to German investments and/or investors.Practice head(s):
Jan Neugebauer
Other key lawyers:
Testimonials
‘The team provides extremely high quality advice. What sets them apart is their ability to apply a very high level of technical knowledge in a flexible and commercial way to achieve a good outcome.’
‘The team has exceptional breadth and depth in all aspects of Luxembourg tax and tax-related practice areas, including transactional planning and negotiation, transfer pricing and controversy.’
‘Jan Neugebauer is technically superb, but applies calm, pragmatic and commercial judgement in his advice. He is very responsive and has very good knowledge of real estate investment structures.’
‘Vincent Mahler is responsive and technically strong.’
‘Thierry Lesage has a highly sophisticated understanding of tax laws and is deeply experienced in how Luxembourg tax considerations interface with multi-jurisdictional planning.’
Key clients
17Capital
American Airlines
Amundi
Astorg Partners
Bain Capital
Blackfin Capital Partner
Credit Suisse
DPE Deutsche Private Equity GmbH
M7 Real Estate
Morgan Stanley
Work highlights
- Provided tax assistance to Aermont Capital in the context of the sale and transfer of Pinewood Group Ltd to a new corporate vehicle.
- Acted as Luxembourg counsel to CVC Credit in connection with the final closing of its major third European Direct Lending fund.
- Advised Astorg on the $2.6bn acquisition, together with co-investor Mubadala, of CordenPharma, a Swiss-based contract development and manufacturing organisation.
Arendt & Medernach > Firm Profile
About Arendt – your legal, tax and business services firm in Luxembourg
Arendt combines the entire value chain of services dedicated to asset managers, banks, insurers, public institutions, commercial companies and private clients operating in Luxembourg.
- Legal and tax
- Regulatory and consulting
- Investor services
Legal and tax: We assist clients in structuring and running their business from a legal and tax standpoint across Luxembourg. Our teams directly serve international clients or work in close collaboration with foreign partner law firms.
Together, with our regulatory consultants and investor services experts, we bridge the gap between legal/tax advice and its implementation. We deliver best-in-class services for our clients’ business life cycle.
With over 450 legal experts at Arendt & Medernach, we are able to advise you in the following areas:
- Administrative law, property, construction and environment
- Banking and financial services
- Business crime
- Commercial and insolvency
- Corporate law, mergers and acquisitions
- Litigation and dispute resolution
- Employment law, pensions and benefits
- EU financial and competition law
- Finance and capital markets
- IP, communication and technology
- Insurance and reinsurance law
- Investment management
- Private clients
- Private equity and real estate
- Tax law
Regulatory and consulting: We help clients remain compliant while running a profitable business. What sets us apart is our ability to combine our business consulting skills with our extensive regulatory knowledge.
Our regulatory and consulting services complement the legal expertise and investor services of Arendt. This allows us to advise and support companies as they navigate legal and regulatory challenges, enabling them to run their business in an efficient and compliant manner.
With over 120 regulatory specialists at Arendt Regulatory & Consulting, we are able to assist you in:
- Regulatory and AML/CFT compliance
- ESG strategies
- Cross-border distribution
- Business and tech transformation
- Forensic investigations, compliance and litigation support
- Managed services
Investor services: We help clients efficiently run the operational side of their business by providing a comprehensive suite of investor services.
Deploying market leading technology, our 300 strong team provide clients with an integrated suite of fund and corporate services, delivered to the highest market standards.
Our investor services complement the legal expertise and regulatory and consulting services of Arendt. We are a Professional of the Financial Sector (PFS) supervised by the CSSF and ISO 22301 certified.
With over 300 investor services experts at Arendt Services and AManco, we are able to provide you with:
- Corporate services
- Fund administration services
- Governance services
- Operational AML and compliance services
- Tax compliance services
- Third party AIFM services
Luxembourg, a European hub: The Luxembourg office of Arendt & Medernach, which is also the head office of the firm, was founded in 1988. Since its establishment with four founding partners, the firm has expanded considerably and now counts more than 450 legal experts. The teams are multi-cultural with more than 30 languages spoken. As the largest Luxembourg law firm, Arendt & Medernach provides clients with high-quality advice combining an in-depth understanding of the financial markets with specialised knowledge of the law. The service is characterised by a flexible approach and a responsive attitude to client relationships
Main Contacts
| Department | Name | Telephone | |
|---|---|---|---|
| Managing Partner | Jean-Marc Ueberecken | Jean-Marc.Ueberecken@arendt.com | (+352) 40 78 78 297 |
| Co-Chair | Claude Niedner | claude.niedner@arendt.com | (+352) 40 78 78 515 |
| Co-Chair | Michèle Eisenhuth | michele.eisenhuth@arendt.com | (+352) 40 78 78 518 |
Lawyer Profiles
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Mr Adrian Aldinger | Adrian Aldinger is a Partner in the Private Equity & Real Estate… | View Profile |
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Mr Pierre Beissel | Pierre Beissel is a Partner and a member of both the Corporate… | View Profile |
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Mr Sébastien Binard | Sébastien Binard is a Partner in the Private Equity & Real Estate,… | View Profile |
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Mr Nicolas Bouveret | Nicolas Bouveret is a Partner in the Investment Management and Private Equity… | View Profile |
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Mr Bob Calmes | Bob Calmes is a member of the Corporate Law, Mergers & Acquisitions… | View Profile |
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Mr Philippe Dupont | Philippe Dupont is a Founding Partner and Chairman of Arendt & Medernach. | View Profile |
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Mr Gilles Dusemon | Gilles Dusemon is a Partner in the Private Equity & Real Estate… | View Profile |
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Ms Michèle Eisenhuth | Michèle Eisenhuth is a Partner and Co-chair of Arendt & Medernach. She… | View Profile |
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Mr Bruno Gasparotto | Bruno Gasparotto is a Principal in the Tax Law practice of Arendt… | View Profile |
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Mr Alain Goebel | Alain Goebel is a Partner in the Tax Law practice of Arendt… | View Profile |
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Mr Guy Harles | Guy Harles is a Founding Partner of Arendt & Medernach. | View Profile |
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Mr Francis Kass | Francis Kass is a Partner at Arendt & Medernach. | View Profile |
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Mr Max Kremer | Max Kremer is a Partner in the Private Clients practice of Arendt… | View Profile |
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Mr Claude Kremer | Claude Kremer is a Founding Partner of Arendt & Medernach. | View Profile |
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Mr François Kremer | François Kremer is a Partner in the Litigation & Dispute Resolution practice… | View Profile |
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Mr Yves Lacroix | Yves Lacroix is a Partner in the Private Equity & Real Estate… | View Profile |
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Ms Isabelle Lebbe | Isabelle Lebbe is a Partner in the Investment Management practice of Arendt… | View Profile |
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Mr Thierry Lesage | Thierry Lesage is a Partner in the Tax Law practice of Arendt… | View Profile |
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Ms Clara Mara-Marhuenda | Clara Mara-Marhuenda is a Partner in the Litigation & Dispute Resolution and… | View Profile |
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Mr Glenn Meyer | Glenn Meyer is a Partner in the Banking & Financial Services practice… | View Profile |
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Mr Grégory Minne | Grégory Minne is a Partner in the Banking & Financial Services, the… | View Profile |
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Mr Paul Mousel | Paul Mousel is a Founding Partner of Arendt & Medernach. He is… | View Profile |
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Mr Marc Mouton | Marc Mouton is a Partner in the Banking & Financial Services practice.He… | View Profile |
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Mr Jan Neugebauer | Jan Neugebauer is a Partner in the Tax Law practice. | View Profile |
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Mr Claude Niedner | Claude Niedner is a Partner and Co-chair of Arendt & Medernach.He specialises… | View Profile |
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Mr Alexander Olliges | Alexander Olliges is a Partner in the Private Equity & Real Estate… | View Profile |
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Mr Carsten Opitz | Carsten Opitz is a Partner in both the Private Equity & Real… | View Profile |
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Mr Philippe-Emmanuel Partsch | Philippe-Emmanuel Partsch is the partner in charge of the EU Financial &… | View Profile |
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Mr Christian Point | Christian Point is a partner and a member of both the Administrative… | View Profile |
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Ms Corinne Prinz | Corinne Prinz is a Partner in the Investment Management practice of Arendt… | View Profile |
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Mr Philippe Schmit | Philippe Schmit is a Partner in the Employment Law, Pensions & Benefits… | View Profile |
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Ms Gaëlle Schneider | Gaëlle Schneider is a Partner at Arendt and Chief Executive Officer at… | View Profile |
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Mr Laurent Schummer | Laurent Schummer is a Partner and a member of the Corporate Law,… | View Profile |
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Mr Henning Schwabe | Henning Schwabe is a Partner in the Investment Management practice of Arendt… | View Profile |
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Ms Florence Stainier | Florence Stainier is a Partner in the Investment Management practice of Arendt… | View Profile |
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Mr Matthieu Taillandier | Matthieu Taillandier is a Partner in both the Bank Lending & Structured… | View Profile |
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Mr Jean-Marc Ueberecken | Jean-Marc Ueberecken is the Managing Partner of Arendt & Medernach, Luxembourg’s leading… | View Profile |
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Ms Astrid Wagner | Astrid Wagner is a Partner in the IP, Communication & Technology practice… | View Profile |
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Mr François Warken | He specialises in securities laws as well as in capital markets and… | View Profile |
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Mr Pierre-Michaël de Waersegger | Pierre-Michaël de Waersegger is a Partner in the Insurance & Reinsurance Law… | View Profile |
Staff Figures
Number of lawyers : 450 Number of Partners : 61Languages
Arabic Chinese (Mandarin and Cantonese) Dutch English French German Greek Italian Luxembourgish Polish Portuguese Russian Spanish etc.Memberships
Lex Mundi TerraLex World Law Group (WLG) World Services Group (WSG)Other
Other offices : Hong Kong Other offices : London Other offices : New York Other offices : ParisDiversity
Within Arendt Group we value and support diversity and inclusion. We value any difference in our workforce, whether this is related to age, race, religion or belief, sexual orientation, skin colour, ethnicity, disability or medical condition, social or economic class, education, or any other characteristic that makes a person unique.
Our commitment to diversity and inclusion extends to all practice areas and business services and is applicable, but not limited to all decisions relating to recruitment, hiring, training, placement, mobility, advancement, compensation, benefits and termination, and social events.
We have established the following strategic objectives:
- Diversity – Improve the representation of women and different nationalities at all levels of the organisation and integrate people by driving talent acquisition and management practices to support this aim
- Inclusion – Create an inclusive work environment that fosters creativity and innovation and promotes colleague engagement through awareness and inclusive leadership skills training and promote Work Life Flexibility
- Communications – Ensure that diversity and inclusion initiatives, actions and results are transparent to all key stakeholders
- Accountability – Hold leadership accountable for diversity and inclusion goals and objectives
All our staff are encouraged to embrace the benefits of diversity and we run diversity workshops throughout the year; diversity is also one of the key subjects within our compulsory on-boarding training for new employees. Our strategy board has diversity as a standing part of their agenda where the focus is on assessing how successful we have been in promoting and achieving diversity.
Press Releases
Arendt advised tonies on a EUR 60 million capital increase and related listing on the Frankfurt Stock Exchange
11th January 2023 Arendt has acted as issuer’s counsel to tonies SE, the world’s largest interactive audio platform and creator of a multi-billion Euro category in kids entertainment, on its successful 12,000,000 new class A shares placement with institutional investors, including certain existing shareholders, by way of an accelerated bookbuilding.Arendt advised tonies on a EUR 60 million capital increase and related listing on the Frankfurt Stock Exchange
11th January 2023 Arendt has acted as issuer’s counsel to tonies SE, the world’s largest interactive audio platform and creator of a multi-billion Euro category in kids entertainment, on its successful 12,000,000 new class A shares placement with institutional investors, including certain existing shareholders, by way of an accelerated bookbuilding.Arendt boosts its forensic investigations offering with legal technology
4th November 2022 In an environment where litigation, arbitration, risk and regulatory compliance concerns sometimes create a difficult reality for many organisations, Arendt has decided to enhance its investigations offering in order to help clients to react quickly and efficiently when confronted with the need to treat large volumes of data. With this goal in mind, Arendt has turned its attention to cutting-edge legal technology, adopting the data discovery product RelativityOne. This best-in-class solution allows the firm to confidentially and securely handle massive amounts of data to resolve complex and time-critical matters.The SPAC is on the map – investment with a view to acquisition
19th March 2021 Arendt & Medernach advised the sponsors of Lakestar SPAC 1 SE in its IPO on the Frankfurt Stock Exchange.Arendt has been crowned European Law Firm of the Year
23rd February 2021 WE ARE PLEASED TO INFORM YOU THAT ARENDT HAS JUST WON TWO MAJOR AWARDS AT THE THE LAWYER EUROPEAN AWARDS 2020: EUROPEAN LAW FIRM OF THE YEAR AND LAW FIRM OF THE YEAR: BENELUX.Arendt acquires digitalisation and robotisation specialist Mobilu
23rd February 2021 WITH A VIEW TO ACCELERATING ITS DIGITALISATION STRATEGY, ARENDT RECENTLY ACQUIRED A MAJORITY SHAREHOLDING IN MOBILU, A LUXEMBOURG COMPANY SPECIALISING IN OPERATIONAL PROCESSES, DIGITALISATION AND ROBOTISED AUTOMATION.Introducing the Arendt Insights mobile app: instant access to the legal developments
23rd February 2021 DEVELOPED IN RESPONSE TO THE COVID-19 CRISIS, THE ARENDT INSIGHTS APP BRINGS BUSINESS LAW, TAX AND REGULATORY UPDATES DIRECTLY TO EVERY USER’S SMARTPHONE OR TABLET.Arendt & Medernach appoints four new Partners
24th April 2019Arendt & Medernach has the pleasure of announcing the appointment of four new Partners.
Arendt & Medernach appoints three new Partners
6th April 2018Luxembourg, 25 January 2018 - Arendt & Medernach has the pleasure of announcing the appointment of three new Partners.
Eric Fort takes over as head of the New York office
5th October 2017Arendt & Medernach is delighted to announce that as of September, Eric Fort will succeed Bob Calmes as head of our New York office. Having successfully worked with institutional and private clients operating in Luxembourg, Eric brings a wealth of experience to the US office where our aim is to continue to provide tailored advice for our clients in this market.
Arendt & Medernach: Luxembourg Law Firm of the Year
17th August 2017Luxembourg, May 2017 – Arendt & Medernach is proud to have been named “Luxembourg Law firm of the year” both by Chambers & Partners and IFLR (International Financial Law Review). The prestigious trophies were both received in April in London at the respective ceremonies of the Chambers Europe Awards 2017 and the IFLR European Awards 2017.
The new year and what’s new regarding labour law
16th February 201730/12/2016
The year 2017 will kick off with three major changes involving sizeable consequences for both employers and employees: wage indexation (l), an increase of the minimum social wage (II) and a reform of the organisation of working hours (III).
Country-by-country reporting (CBCR) implementation in Luxembourg
16th February 201729/12/2016
On 13 December 2016, to ensure compliance with the BEPS Action Plan, the Luxembourg Parliament adopted bill of law No. 7031 (CBCR Law) implementing Council Directive (EU) 2016/881 of 25 May 2016 (DAC IV) as regards mandatory automatic exchange of information in the field of taxation and introducing new reporting obligations for multinational companies. Based on the information attached, you should be able to assess the impact of the new legislation on your group companies by:
New Circular Letter on the tax treatment of companies engaged in intra-group financing transactions
13th February 201728/12/2016
On 27 December 2016 the Luxembourg Tax Authorities (Administration des contributions directes) issued Circular Letter L.I.R. – N° 56/1 – 56bis/1 (the “New Circular Letter”) on the tax treatment of companies engaged in intra-group financing transactions.
Back to 2016 – Forward to 2017
13th February 201720/12/2016
2016 was a turbulent and busy year, not least in respect of legal and regulatory changes that may impact your business. We are pleased to provide you with an overview of the major legal and regulatory developments under Luxembourg and EU law.
Societal impact company
13th February 201715/12/2016
The law of 12 December 2016 (the “Law”) has introduced a new legal framework for companies having a social or societal impact: the société d’impact sociétal (the “SIS”).
Societal impact company
13th February 201715/12/2016
The law of 12 December 2016 (the “Law”) has introduced a new legal framework for companies having a social or societal impact: the société d’impact sociétal (the “SIS”).
Perfection of the New Market Abuse Regime in Luxembourg
13th February 201713/12/2016
Today, the Luxembourg Parliament enacted the law (the “New Market Abuse Law”) implementing Directive 2014/57/EU of the European Parliament and of the Council of 16 April 2014 on criminal sanctions for market abuse (market abuse directive), also known as the “Market Abuse Criminal Sanctions Directive” (“Directive 2014/57/EU”) and Commission Implementing Directive (EU) 2015/2392 of 17 December 2015 on Regulation (EU) No 596/2014 of the European Parliament and of the Council as regards reporting to competent authorities of actual or potential infringements of that Regulation (“Directive (EU) 2015/2392”). With the transposition of Directive 2014/57/EU and Directive (EU) 2015/2392, Luxembourg has ensured the effective implementation of the new market abuse regime deriving from Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC (the “Market Abuse Regulation”) and its related implementing and delegated regulations, which had already entered into force on 3 July 2016.
OECD adopts multilateral convention to implement BEPS measures
13th February 20172/12/2016
On 24 November 2016, the Organisation for Economic Cooperation and Development (“OECD”) adopted the multilateral convention composed of the multilateral instrument (“MLI”) and explanatory statements (“ES”). The implementation of the MLI could result in significant changes to the bilateral tax treaties concluded by Luxembourg and may affect amongst other the tax treaty access of tax transparent entities. Unfortunately the MLI does not address the tax treaty access of collective investment funds and uncertainty remains in this respect.
Legal Developments
Issuance of dematerialised securities using blockchain technology
23rd February 2021 Starting 26 January 2021, the new law of 22 January 2021 applies!Digital services act package
23rd February 2021 THERE IS NEW SHERIFF IN THE (DIGITAL) WILD WEST: THE EUROPEAN COMMISSION!New law on payments to EU ‘black-list’ countries
23rd February 2021 ON 28 JANUARY 2021, THE LUXEMBOURG PARLIAMENT APPROVED BILL OF LAW N°7547 IMPLEMENTING MEASURES CONCERNING THE NON-TAX-DEDUCTIBILITY OF INTEREST AND ROYALTY PAYMENTS MADE TO ENTITIES LOCATED IN NON-COOPERATIVE JURISDICTIONS.New VAT burden on company cars?
23rd February 2021 ON 20 JANUARY 2021, THE COURT OF JUSTICE OF THE EUROPEAN UNION (CJEU) GAVE ITS RULING IN A CASE THAT RAISED THE QUESTION OF WHETHER THE PROVISION OF A COMPANY CAR TO AN EMPLOYEE IS SUBJECT TO VAT (C-288/19, QM V FINANZAMT SAARBRÜCKEN).OECD releases helpful new guidance on transfer pricing during the pandemic
23rd February 2021 ON 18 DECEMBER 2020, THE OECD PUBLISHED ITS MUCH-ANTICIPATED “GUIDANCE ON THE TRANSFER PRICING IMPLICATIONS OF THE COVID-19 PANDEMIC”.Luxembourg 2021 budget law passed, new tax measures introduced
23rd February 2021 ON 17 DECEMBER 2020, THE LUXEMBOURG PARLIAMENT APPROVED THE 2021 BUDGET BILL.New Luxembourg circular letter on the participation exemption regime regarding Gibraltar companies
23rd February 2021 FOLLOWING THE EUROPEAN COURT OF JUSTICE (ECJ) RULING OF 2 APRIL 2020 IN CASE C-458-181, THE LUXEMBOURG DIRECT TAX AUTHORITIES ISSUED A CIRCULAR LETTER (CIRCULAR) ON 1 DECEMBER 20202 REGARDING THE NON-APPLICATION OF COUNCIL DIRECTIVE 2011/96/EU OF 30 NOVEMBER 2011 ON THE COMMON SYSTEM OF TAXATION APPLICABLE IN THE CASE OF PARENT COMPANIES AND SUBSIDIARIES OF DIFFERENT MEMBER STATES TO COMPANIES ESTABLISHED IN GIBRALTARBudget 2021: various tax measures to address the impact of the COVID-19 pandemic and support a sustainable recovery
23rd February 2021 ON 14 OCTOBER 2020, THE LUXEMBOURG GOVERNMENT FILED BUDGET BILL 7666 WITH THE LUXEMBOURG PARLIAMENT.Declaration of general obligation of the agreement dated 20/10/20 on the legal regime of teleworking
23rd February 2021 NEW AGREEMENT ON THE LEGAL REGIME OF TELEWORKINGAnti-money laundering and counter terrorist financing – mandatory survey due in March 2021
23rd February 2021 WE WOULD LIKE TO REMIND YOU THAT ON 15 FEBRUARY 2021, THE CSSF WILL LAUNCH ITS ANNUAL ONLINE SURVEY ON THE FIGHT AGAINST MONEY LAUNDERING AND TERRORIST FINANCING FOR THE YEAR 2020 (THE “AML/CFT SURVEY”).Changes 01/01/21: increase of the minimum wage and provision of financial assistance to companies
23rd February 2021 INCREASE OF THE MINIMUM WAGE AND PROVISION OF FINANCIAL ASSISTANCE TO COMPANIESCJEU: new developments in the realm of VAT recovery on dead deal costs
23rd February 2021 ON 12 NOVEMBER 2020, THE COURT OF JUSTICE OF THE EUROPEAN UNION (“CJEU”) GAVE ITS RULING IN THE SONAECOM CASE (C-42/19) WITH RESPECT TO ENTITLEMENT TO DEDUCT THE VAT INCURRED FOR CONSULTANCY SERVICES PROVIDED IN VIEW OF A POTENTIAL SHARE ACQUISITION, AND FOR A BANK COMMISSION ON THE SET-UP OF A BOND LOAN, WHERE NEITHER THE ACQUISITION NOR THE LOAN’S ORIGINAL PURPOSE EVER MATERIALISED.The 2021 draft Italian budget law
23rd February 2021 The 2021 draft Italian budget law provides for new interesting tax measures applicable from 1st of January 2021 that will undoubtedly enhance investments in Italian companies by European investment funds.Clarifications on the validity of insurance contracts concluded by UK insurance undertakings
23rd February 2021 IN A POST BREXIT CONTEXT VALIDITY OF INSURANCE CONTRACTS CONCLUDED BY UK INSURANCE UNDERTAKINGS IN A POST-BREXIT CONTEXT – CLARIFICATIONS BY THE LUXEMBOURG LEGISLATORListed companies: ESEF requirements delayed by one year
23rd February 2021 PLEASE BE INFORMED THAT THE LUXEMBOURG COMMISSION DE SURVEILLANCE DU SECTEUR FINANCIER (CSSF) HAS DECIDED TO POSTPONE THE APPLICATION OF THE REQUIREMENTS OF THE EUROPEAN SINGLE ELECTRONIC FORMAT (ESEF) TO ANNUAL FINANCIAL REPORTS BY ONE YEAR.Overview of the VAT impacts of Brexit
23rd February 2021 WITH THE END OF THE TRANSITION PERIOD AS OF 1 JANUARY 2021, THE UK OFFICIALLY BECAME A THIRD COUNTRY WITH RESPECT TO THE EU, MEANING THAT THE EU VAT DIRECTIVE HAS CEASED TO APPLY TO IT.Regulatory certainty for the investment fund industry in view of the forthcoming end of Brexit
23rd February 2021 IN VIEW OF THE DEPARTURE OF THE UNITED KINGDOM FROM THE EU ON 1 FEBRUARY 2020 AND THE FORTHCOMING END OF THE TRANSITIONAL PERIOD ON 31 DECEMBER 2020, THE CSSF STATED ITS EXPECTATIONS AND RENDERED SOME CLARIFICATIONS THROUGH A PRESS RELEASE PUBLISHED ON 7 DECEMBER 2020.Luxembourg Competition Council imposes highest ever fine for resale price maintenance agreements
23rd February 2021 LUXEMBOURG COMPETITION COUNCIL IMPOSES HIGHEST EVER FINE ON BAHLSEN AND SUPERMARKET CHAINS CACTUS, AUCHAN AND DELHAIZE FOR RESALE PRICE MAINTENANCE AGREEMENTS.International sanctions: a dedicated regime for financial sanction in Luxembourg
23rd February 2021 ON DECEMBER 23, 2020 THE LUXEMBOURG LEGISLATOR HAS PUBLISHED THE LAW OF 19 DECEMBER 2020 IMPLEMENTING FINANCIAL RESTRICTIVE MEASURES (“LAW OF 19 DECEMBER 2020”). THIS LAW HAS REPEALED THE LAW OF 27 OCTOBER 2010 ENHANCING THE ANTI-MONEY LAUNDERING AND COUNTER TERRORIST FINANCING LEGAL FRAMEWORK.Entry into force of the law introducing one additional day of annual paid leave and one additional p
2nd April 2019The leitmotif underpinning the Law is the same as that for the parental leave reform in 2016, namely enabling employees to achieve a greater balance between their private and professional lives.
Temporary Permissions Regime & the Brexit deadline
2nd April 2019We would like to kindly remind you that from 7 January 2019 to 28 March 2019, the Financial Conduct Authority ("FCA") online system ‘Connect’ is open for EEA-based firms and fund managers of EEA-domiciled investment funds (UCITS and AIF) currently passported into the UK to notify the FCA about their intention to participate in the temporary permissions regime (“TPR”).
(Some) clarifications regarding the Register of BOs
2nd April 2019Publication of the Grand-Ducal Regulation of 15 February 2019 on the modalities for registration, payment of the administrative fees and on the access to the information registered with the register of beneficial owners.
Finance Bill 2019: CIT reduction and optional extension of interest limitation rules on fiscal unity
2nd April 2019On 5 March 2019 the Luxembourg government filed the new finance bill n° 7450 (“Finance Bill”) with the Luxembourg parliament
CJEU clarifies abuse and beneficial ownership concepts under the Parent Subsidiary and Interest/Roya
2nd April 2019On 26 February 2019 the Grand Chamber of the Court of Justice of the European Union (“CJEU”) rendered 2 judgments regarding the non-application of the Parent Subsidiary Directive (Council Directive 90/435/EEC – ”PSD") and the Interest and Royalties Directive (Council Directive 2003/49/EC – “IRD”) in case of fraud or abuse, even in the absence of any domestic anti-abuse legislation.
Luxembourg Newsflash – Brexit: the Luxembourg emergency legislation – 27 February 2019
2nd April 2019On 31 January 2019, the bill of law n°7401 (the “Bill”) was issued on measures to be taken in relation to the financial sector in case of the withdrawal of the United Kingdom (“UK”) and North Ireland from the European Union (“EU”) (“Brexit”).
Commercial cooperation amongst competitors: the Webtaxi decision of the Competition Council of 8 Jun
2nd October 2018On 8 June, the Luxembourg Competition Council exempted an agreement between Benelux Taxis, Inter-Taxis and other tax companies who jointly use the Webtaxi reservation centre for taking bookings from customers
The fifth anti-money laundering and terrorist financing directive (AML 5) – Key aspects and changes
22nd August 2018On 19 April 2018, the European Parliament adopted the new directive on the prevention of the use of the financial system for the purposes of money laundering or terrorism financing.
5th AML Directive – Key aspects
22nd August 2018The 5th AML Directive was published in the Official Journal of the European Union on 19 June 2018, and will enter into force 20 days thereafter.
MiFID 2 and its distinctive Luxembourg features
22nd August 2018On 31 May 2018, the law on markets in financial instruments (the “2018 Law”) as well as the grand-ducal regulation relating to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits (the “Grand-Ducal Regulation”) were published in the Luxembourg official gazette.
VAT group legislation voted
21st August 2018The bill of law n°7278 implementing the VAT group into Luxembourg law was voted on 26 July 2018 by the Chamber of Deputies.
Index increase
21st August 2018In Luxembourg, wage indexation is an automatic mechanism for the adjustment of salaries to keep pace with evolving living costs. From 1 August 2018, the index applicable to employees' wages will climb.
New bills on ATAD implementation and MLI approval
21st August 2018On 15 June 2018 the Luxembourg government approved 2 new bills of law: ATAD Bill and MLI Bill
Unrestricted VAT deduction for active holding companies
21st August 2018On 5 July 2018, the Court of Justice of the European Union (“CJEU”) released a welcome decision in the Marle Participations case (C-320/17) concerning the deduction of input VAT by a holding company on costs incurred in relation to acquisitions and sales of shares in subsidiaries.
Tax update – The OECD releases the Base Erosion and Profit Shifting (BEPS) public discussion draft o
21st August 2018On 3 July 2018, the OECD launched a consultation on the transfer pricing of financial transactions by publishing the first draft of a new chapter of the OECD Transfer Pricing Guidelines for Tax Administrations and Multinational Enterprises
New double tax treaty between France and Luxembourg: substantial impact on real estate investors
28th March 2018On 20 March 2018, the governments of France and Luxembourg signed a new double tax treaty (“New Treaty”) replacing the current treaty dated 1 April 1958 (“Old Treaty”). Although the New Treaty is based on the 2017 OECD Model Tax Convention, it contains certain substantial derogations therefrom.
Luxembourg in space, one step ahead [video]
28th March 2018Discover Luxembourg's space adventure and the challenges the space industry will face in the next decade. Arendt & Medernach, the leading law firm in Luxembourg, continuously supported the space and satellite industries and have developed the firm’s expertise and experience in these domains. We are now really looking forward to helping other businesses on their journeys into space. Should you require more information, please contact Laurent Schummer, Bob Calmes and Blazej Gladysz.
Click here to see the video: https://youtu.be/sM_EPRLlVcQ
Cross-border distribution of investment funds: a proposal for harmonisation
28th March 2018Reducing barriers for cross-border distribution of investment funds within the EU, thus reducing the costs of going cross-border, while deepening the single marketing procedure for investment funds is the proclaimed purpose of the two legislative proposals published by the EU Commission today, on 12 March 2018. According to the EU Commission proposal, the envisaged harmonisation of rules for cross-border distribution should occur through a new directive amending both the UCITS and AIFM Directives with regard to the cross-border distribution of collective investment funds, and through a new regulation on facilitating cross-border distribution of collective investment funds and amending the EuVECA Regulation (Regulation on European venture capital funds) and the EuSEF Regulation (Regulation on European social entrepreneurship funds).
Clarification of the scope of the UCITS and AIFMD depositary regimes
28th March 2018A significant number of so-called Part II UCIs may remain within the scope of the AIFMD depositary regime. Luxembourg’s Parliament (Chambre des Députés) has voted yesterday to amend the respective legislation to this effect. This amendment clarifies the scope of the UCITS-like and the AIFMD depositary regimes in Luxembourg for these funds.
New anti-money laundering rules in Luxembourg
28th March 2018On 14 February 2018, the law of 13 February 2018 implementing a substantial part of the 4th anti-money laundering directive (4th AML Directive) was published in the Official Journal of Luxembourg. The law will enter into force on 18 February 2018.
Outsourcing made easier: professional secrecy in the financial and insurance sector softened
28th March 2018Through the law of 27 February 2018 implementing the EU regulation (UE) 2015/751 on interchange commissions for card based payments, which amends various laws relating to the financial sector (and was published in the Luxembourg official gazette on March 1st 2018), the Luxembourg parliament has now relaxed the rules on professional secrecy for banks, investment firms, other regulated professionals of the financial sector, payment institutions, electronic money institutions and insurance undertakings (together the « financial institutions ») to facilitate outsourcing arrangements.
Permanent exemption from variation margin obligation for FX forwards?
28th March 2018Earlier this week, the European Supervisory Authorities (ESAs) published draft amendments to EMIR-related regulatory technical standards (RTS) that align the treatment of variation margin (VM) for FX forwards with the supervisory guidance applicable in other key jurisdictions. More specifically the draft amendments propose that the requirement to exchange VM for physically settled FX forwards shall only target transactions between institutions (credit institutions and investment firms).
The amended EuVECA and EuSEF Regulations
15th January 2018Regulation (EU) 2017/1991 amending regulations (EU) No 345/2013 on European Venture Capital Funds (EuVECAs) and (EU) No 346/2013 on European Social Entrepreneurship Funds (EuSEFs) (together, the “Regulations”) has been published today in the Official Journal of the European Union and will be applicable as of 1 March 2018.
MiFID II: are you ready?
15th January 2018With less than 30 days to go before the new MiFID II regime will be rolled out, funds and management companies/AIFM are increasingly concerned as to how they will be impacted:
- product governance
- inducements and payment for research
- increased client information requirements
- complex and non-complex products classification
Registers of beneficial ownership: new rules to be implemented soon
15th January 2018The draft laws implementing AMLD 4 set out strict rules to allow for protection against improper access to the information on BOs.
Permanent exemption from variation margin obligation for FX forwards?
15th January 2018Earlier this week, the European Supervisory Authorities (ESAs) published draft amendments to EMIR-related regulatory technical standards (RTS) that align the treatment of variation margin (VM) for FX forwards with the supervisory guidance applicable in other key jurisdictions. More specifically the draft amendments propose that the requirement to exchange VM for physically settled FX forwards shall only target transactions between institutions (credit institutions and investment firms).
New Circular Letter on stock option plans
11th January 2018As announced by the Luxembourg Finance Minister in his presentation of the 2018 budget bill, the government introduced certain amendments to the current tax regime of stock option plans. In particular, the valuation of freely negotiable options will be increased as of 1 January 2018 from 17.5% to 30% of the value of the underlying stock.
Loi modifiée du 10 août 1915 concernant les sociétés commerciales-version consolidée au 19 déc
11th January 2018We would like to draw your attention to the release of an official coordinated version of the amended law of 10 August 1915 on commercial companies.
The law of 10 August 1915 has been entirely renumbered and the table of contents has also been reordered. The new version does not contain any substantial change. The new numbering is applicable as from 19 December 2017.
Back to 2017 – Forward to 2018
11th January 20182017 was a busy year, not least in respect of legal and regulatory changes that may impact your business. We are pleased to provide you with an overview of the major legal and regulatory developments under Luxembourg and EU law.
PRIIPs KID: are you ready?
20th November 2017In less than 4 months the Priips-Kid regulation will come into force. The exercise of ensuring compliance with this regulation is not an easy one.
- What should the Kid include?
- What are the key questions to ask before building your Kid?
- What are the actions to take before building your Kid?
Monitoring of the use by an employee of a professional instant messaging tool for personal purposes
20th November 2017Court decision in Bărbulescu v. Romania
On 5 September 2017, the Grand Chamber of the European Court of Human Rights (the “ECHR”) examined for the first time the issue of the monitoring of electronic communications of an employee by a private employer, within the framework of an action brought by Mr Bărbulescu, an engineer employed by a private company in Romania. Mr Bărbulescu had been dismissed for using for personal purposes, in breach of the provisions of the internal regulations of the company, a professional Yahoo Messenger account created at his employer’s request for the purpose of responding to customers’ enquiries.
Tax changes for 2018 disclosed in the new budget bill
20th November 2017On 11 October 2017, and the last time before next year’s parliamentary elections, the current Luxembourg Finance Minister presented the budget law for 2018 to the Parliament (Chambre des Députés).
The main tax-related provisions of the Bill of Law N° 7200 (“Bill”) as laid out below in more detail include inter alia:
VAT in the GCC – Q&A updates from the UAE Ministry of Finance
10th October 2017On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.
New Tax Procedures Law in the UAE
10th October 2017On 31 July 2017, the President of the United Arab Emirates (the “UAE”) issued the new Tax Procedures Law (the “Law”). This Law contributes to build the UAE’s tax system, to regulate the administration and collection of taxes and most importantly, to clarify the respective rights and obligations between the Federal Tax Authority (the “FTA”) and the taxpayer.
Confirmation of the end of the VAT exemption regime for financial IGPs
10th October 2017Following the Luxembourg case C-274/15, the series of cases relating to the scope of the cost-sharing VAT exemption also referred to as “Independent Group of Persons” (“IGP”) continues with the release today of three judgements by the Court of Justice of the EU (“CJUE”): Aviva (C-605/15), DNB Banka (C-326/15) and European Commission v Federal Republic of Germany (C-616/15).
Posting of workers and its implications for posting companies – New law
5th October 2017A revision of the Posting Directive became necessary after it proved that the Posting Directive contained numerous pitfalls in the past. In some cases it turned out that companies posting employees were only “letterbox companies” without any substance. In other cases, situations where concerned employees’ rights were being circumvented were unveiled.
Luxembourg law on the exploration and use of space resources entered into force
5th October 2017The Luxembourg law on the exploration and use of space resources of 20 July 2017 entered into force on 2 August 2017 and placed Luxembourg among the most innovative space-oriented nations in the world.
UAE domestic VAT law released!
5th October 2017On 27 August 2017, the United Arab Emirates (the "UAE") published the text of its domestic Value Added Tax (the "VAT") Law, shortly after releasing the text of its Excise Tax Law last week, and the Federal Tax Procedures Law earlier this month. It will be followed by implementing regulations, which will provide more detail on application of the VAT Law.
ICLG 4th edition – Corporate Immigration 2017
5th October 2017As Luxembourg is gaining increasing success in international mobility and business immigration, the applicable legal framework has been recently adapted by introducing several new categories of residence permits in Luxembourg, including a residence permit for investors.
New Tax Procedures Law in the UAE
24th August 2017On 31 July 2017, the President of the United Arab Emirates (the “UAE”) issued the new Tax Procedures Law (the “Law”). This Law contributes to build the UAE’s tax system, to regulate the administration and collection of taxes and most importantly, to clarify the respective rights and obligations between the Federal Tax Authority (the “FTA”) and the taxpayer.
Arendt & Medernach: Luxembourg Law Firm of the Year
17th August 2017Luxembourg, May 2017 – Arendt & Medernach is proud to have been named “Luxembourg Law firm of the year” both by Chambers & Partners and IFLR (International Financial Law Review). The prestigious trophies were both received in April in London at the respective ceremonies of the Chambers Europe Awards 2017 and the IFLR European Awards 2017.
First VAT EU case law on the cost-sharing VAT exemption
17th August 2017
The question of the scope of the cost-sharing VAT exemption, also referred to in the Council Directive 2006/112/EC of 28 November 2006 as amended ("EU VAT Directive") as “Independent Groups of Persons” or “IGPs”, is currently being debated at the Court of Justice of the EU (“CJEU”) in several cases.
Last Thursday marked the first milestone regarding this specific VAT exemption since the CJEU released its judgment in the case Commission v Luxembourg (C-274/15).
This case law is important as it will open a new area in the field of cost-sharing arrangements and a new discussion on the concept of VAT grouping.
With the decision confirming that Luxembourg has failed to fulfil its obligations, the Luxembourg IGP regime will have to comply with the judgement without delay.
Please click on this link to read the full tax update.
Arendt & Medernach is again the “Luxembourg Tax Firm of the Year”
17th August 2017The partners of Arendt & Medernach are pleased to announce that their firm has been awarded once again the prestigious “Luxembourg Tax Firm of the Year” title during the International Tax Review’s European Tax Awards ceremony held at the Savoy Hotel in London on 18 May.
New requirement for all issuers operating on the Luxembourg Stock Exchange
17th August 2017 On 10 August 2017 the Luxembourg Stock Exchange announced that all domestic and foreign issuers operating on the regulated market (Bourse de Luxembourg) or on the multilateral trading facility (Euro MTF) of the Luxembourg Stock Exchange must provide their legal entity identifier (“LEI”) codes to the Luxembourg Stock Exchange before 15 September 2017.
Luxembourg law on the exploration and use of space resources entered into force
17th August 2017The Luxembourg law on the exploration and use of space resources of 20 July 2017 entered into force on 2 August 2017 and placed Luxembourg among the most innovative space-oriented nations in the world.
VAT in the GCC – Q&A updates from the UAE Ministry of Finance
17th August 2017On 9 July the United Arab Emirates (UAE) Ministry of Finance (MOF) published an update of the Value Added Tax (VAT) FAQ section of its website.
PRIIPs KID: The final pieces of the puzzle
17th August 2017The pieces of the puzzle are finally falling into place. The long-awaited level 3 and 4 measures have been published earlier this week, half a year before the PRIIPs KID becomes compulsory.
MiFID II: Further guidance on product governance requirements
17th August 2017Amongst the numerous topics covered by the Markets in Financial Instruments Directive II (MiFID II), the European Securities and Markets Authority (ESMA) has decided to provide further guidance on the requirements regarding product governance through its guidelines dated 2 June 2017 which focus on the target market assessment by manufacturers and distributors of financial products.
Signature of the Multilateral instrument – reservations made by Luxembourg
17th August 2017On 7 June 2017, the official ceremony for the signing of the multilateral instrument (“MLI”) took place bringing to a close a process initiated last year when a consensus was reached on the wording of the MLI on 24 November 2016 (see also our newsflash dated 2 December 2016, available on our website www.arendt.com section Publications/Newsflash).