The Legal 500

Legal Developments in Luxembourg

• Esma advice increases certainty on third-country AIFM Directive questions

  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.
  - Chevalier & Sciales

• Double tax treaty between Luxembourg and...

  Qatar, Barbados, Panama 
  - VANDENBULKE

• Luxembourg – Russia Protocol

  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.
  - VANDENBULKE

• 2011 Guide to setting-up Luxembourg alternative investment funds

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

• Real Estate 2011

  A practical cross-border insight into real estate law
  - MOLITOR Avocats à la Cour

• EMPLOYEE PARTICIPATION

  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?
  - MOLITOR Avocats à la Cour

• Esma finalises advice to European Commission on AIFMD Level 2 measures

  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.
  - Chevalier & Sciales

• Assets on Ice

  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.
  - OPF Partners

• Reorganisation and winding up of credit institutions

  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
  - OPF Partners

• DOUBLE TAX TREATY BETWEEN LUXEMBOURG AND HONG KONG

  THE CHINESE SILK ROAD RE-OPENS
  - MOLITOR Avocats à la Cour