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Wildgen, Partners in Law

69 BOULEVARD DE LA PÉTRUSSE, 2320 LUXEMBOURG

Tel:: Work +352 40 49 60 1
Fax:: Fax +352 40 44 09

Web:: www.wildgen.lu
Email:

Michel Bulach

Tel:: Work +352.40.49.60-1
Email:

Work Department

Banking & Finance, Insurance & Reinsurance, Corporate Law.

Position

Michel Bulach heads the Banking & Finance and Insurance & Reinsurance practice areas of WILDGEN. His field of expertise also includes corporate law, which enables him to represent and advise clients with regard to various legal aspects. Michel is particularly active in the areas of corporate structuring, bank lending and structured finance transactions for SMEs, international groups, financial firms, and high-net-worth individuals. He has considerable experience advising financial institutions and their clients on regulatory matters (financial supervision, professional obligations, MIFID, PSD) and operational activities. Mentioned as Wildgen’s “primary contact for banking and finance matters” by independent specialised directories, Michel is an experienced lawyer and a much-valued expert for his clients who appreciate his “diligent efficiency” and his “excellent communication.”.

Career

Michel Bulach, Avocat à la Cour, has been member of the Luxembourg Bar since 2000, and was promoted to Partner at Wildgen in 2005.

Languages

French - English.

Member

Making the most of his large and international experience, notably in the Nordic countries region, Michel is the representative of Wildgen for the Nordic Countries-Belgium-Luxembourg Chamber of Commerce (Nobelux). He is also member of the Luxembourg International Bankers Forum (IBF) and of the International Bar Association (IBA).

Education

Michel Bulach holds a Master’s degree (Magistère, DESS-DJCE) in Business Law, awarded by the University of Nancy (France), and a Master’s of Law (LLM) from the University of East Anglia, Norwich (England).

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Legal Developments by:
Wildgen, Partners in Law

END OF "1929 HOLDING COMPANY" REGIME

After the ruling of the European Commission and the transitional period allowing the 1929 Holding Companies to survive until 31 December 2010, the 1929 Holding Company tax regime will soon disappear and the 1929 Holding Companies will, as from 1 January 2011, become fully taxable companies. In certain cases such change of status will, on the one hand, not have any major impact on the tax situation of such “newly” taxable company, whereas, on the other hand, such change may have substantial impact on the tax situation of the concerned companies and further tailored tax planning would definitely be advisable.

- Wildgen

Legal Developments in Luxembourg

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to

Towards a stronger enforcement of competition law in Luxembourg from 1 February 2012

Seeking to improve the efficiency of its Competition authority, the Grand Duchy of Luxembourg adopted last 23 October 2011 a new competition law.

- Arendt & Medernach
Luxembourg Alternative Investment Funds

Asset Classes - Hedge; Real Estate; Private Equity; Venture; Mezzanine; Infrastructure

- Ogier
New Germany - Luxembourg double tax treaty signed

On 23 April 2012, the Grand Duchy of Luxembourg and the Federal Republic of Germany signed a new double tax treaty (the "New Treaty") which will replace the double tax treaty currently in force dated 23 August 1958. The New Treaty basically follows the provisions of the OECD Model Tax Convention, but certain specific provisions have been added.

- Arendt & Medernach
Tax Update April 2012

Our April tax update highlights the latest important changes in Luxembourg tax law, including the enactment of the law relaxing the conditions to be met in order to benefit from the SPF tax status. Other topics include inter alia recent case law on the exemption of income deriving from the sale of preferential subscription rights and the first decisions of the Luxembourg administrative courts relating to the exchange of information upon request based on the law of 31 March 2010.

- Arendt & Medernach
European Commission publishes AIFMD level 2 implementation proposals

The European Commission’s proposals for level 2 implementation measures for the Alternative Investment Fund Managers Directive has been circulated to European Union member states and to the European Parliament. The Commission’s draft has prompted criticism from hedge fund managers quoted in media reports and from a hedge fund industry body, the Alternative Investment Management Association, that in certain areas its proposals differ significantly from those put forward by the European Securities and Markets Authority (Esma) in its advice delivered to the Commission on November 16.

- Chevalier & Sciales
Luxembourg’s amended SIF law comes into force

Luxembourg’s legislation amending the February 2007 law on Specialised Investment Funds came into force on April 1, following publication in the country’s official gazette, the Mémorial, on March 30. It is now identified as the law of March 26, 2012, the date on which it received royal assent.

- Chevalier & Sciales
ESMA refines proposed framework to deal with complexity of ETFs and other Ucits

The European Securities and Markets Authority has published on January 30 a consultation paper proposing future guidelines for exchange-traded funds established as Undertakings for Collective Investment in Transferable Securities and other issues related to the Ucits regime. The Esma proposals cover both physical ETFs, which replicate the performance of stock, bond, commodity, currency or other indices by holding shares or other securities in the proportions that make up the index in question, or a sample thereof, and synthetic ETFs, which use swap transactions to obtain the economic performance of the index, using a basket of securities as collateral.

- Chevalier & Sciales
Publication of the new law on SIFs

The law of 26 March 2012 amending the law of 13 February 2007 relating to specialised investment funds (“SIFs”) was published today in the Mémorial A-063 and will enter into force on 1 April 2012.

- Arendt & Medernach
ACCOUNTING ASPECTS

I. Law of 10 December 2010 relating to the introduction of the International Financial Reporting Standards (IFRS) II. Grand-Ducal Regulation of 14 December 2011 relating to the procedure for filing financial information electronically with the Luxembourg Trade and Companies Register

- MNKS (formerly Noble & Scheidecker)
ESMA launches discussion paper on AIFMD technical standards

The European Securities and Markets Authority has published on February 23 a discussion paper on key concepts of the Alternative Investment Fund Managers Directive and types of alternative fund manager to initiate a consultation process aimed at finalising its policy approach.

- Chevalier & Sciales