Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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The law of April 6, 2013 on dematerialised securities was published in Luxembourg’s official gazette, the Mémorial, on April 15, coming into force the following day. It creates a third category of securities alongside securities in bearer or registered form and introduces a general regime for them. The legislation also amends various existing Luxembourg laws such as the legislation of August 1, 2001 regarding the circulation of securities and other fungible instruments.
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The European Commission published two implementing regulations forming part of the detailed framework of the Alternative Investment Fund Managers Directive in the EU Official Journal on May 15. The regulations are automatically binding on member states without any need for transposition into national legislation. They will enter into force on June 5 and apply from July 22, the deadline for adoption of the directive into the national law of member states and the date on which it takes effect.
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nf.15.04.2013 The law of 6 April 2013 introduces substantial changes to Luxembourg's securities legislation.
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Welcome to our quarterly tax update dedicated to the main changes which have occurred over the last 3 months with regard to Luxembourg and international tax law.
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Luxembourg, 24
April 2013 - MOLITOR
Avocats à la Cour , one of Luxembourg's leading Business
law firms announces that Laurent Fisch will
leave the firm on 15 May 2013 .
Having recently become increasingly involved in the highly complicated and
lengthy liquidation of Lehman Brothers, and to avoid any potential client
conflict issues, he has decided to pursue his career independently.
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Double taxation avoidance treaties concluded between two states seek to prevent the taxation in both countries of income and capital. Chevalier & Sciales has created this treaty table to provide you with an accurate and updated view of Luxembourg double tax treaties in force or currently pending.
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The purpose of this investment memorandum is to provide an overview of the investment vehicles (i.e. regulated, lightly regulated and unregulated) that Luxembourg offers to (foreign) entrepreneurs and managers. The table compares the UCITS, part II fund, SIF, SICAR, SPF, securitization vehicle and soparfi. The overview covers inter alia the legal and regulatory requirements, the shareholding, the approval and supervision, taxation issues (such as the benefit from the EU Parent Subsidiary directive and double tax treaties and thin capitalisation rules), etc.
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Legal Update March 2013.
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On 15 March 2013 ESMA published a set of questions and answers giving further details on the content of its guidelines on ETFs and other UCITS issues (ESMA/2012/832) which entered into force on 18 February 2013, subject to certain transitional provisions for existing UCITS.
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On 7 March 2013, the Court of Justice of the European Union (“CJEU”) rendered its decision in the “GfBK” case (C-275/11), dealing with the question of whether investment advisory services in the fund industry benefit from a VAT exemption.
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