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Legal Developments worldwide

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • CSSF issues new update to AIFMD law Q&A

    Luxembourg's Financial Sector Supervisory Authority has published on July 18 the latest update to its Frequently Asked Questions document on the grand duchy's law of July 12, 2013 implementing the European Union's Alternative Investment Fund Managers Directive and the European Commission's Level 2 regulation on implementation of the AIFMD.
  • Complaint handling by professionals

    Section 2 of CSSF Regulation No. 13-02 relating to the out-of-court resolution of complaints will enter into force on 1 July 2014, the other sections having already entered into force at the beginning of the year. complaint_handling_by_professionals_-_newsflash_-_27.06.2014  
  • Grand Duchy of Luxembourg issues Sukuk

    On 9 July 2014, the Luxembourg Parliament approved the bill of law on a sale and buy-back transaction of real estate assets to a wholly owned Special Purpose Vehicle ("SPV") by the Luxembourg State allowing the issuance of a Sukuk with a value of 200 million euros ($275 million). grand_duchy_of_luxembourg_issues_sukuk_-_newsflash_-_15.07.2014
  • The new circular on UCITS depositaries has been released

    In anticipation of the forthcoming directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to UCITS with respect to depositary functions, the CSSF has yesterday released a new circular aimed at clarifying the provisions applicable to Luxembourg credit institutions acting as depositary for UCITS (the "Circular"). Departing from a principle-based approach, the CSSF has enacted more prescriptive and detailed rules to govern UCITS depositary functions. the_new_circular_on_ucits_depositaries_has_been_released
  • Newsflash - Changes to the Luxembourg bearer shares regime

    Bill of law n° 6625, which will substantially change the legal regime applicable to bearer shares issued by a Luxembourg company was adopted by the Luxembourg Parliament on 16 July 2014. newsflash_-_changes_to_the_luxembourg_bearer_shares_regime
  • SQUEEZE-OUT RIGHT IN PUBLIC COMPANIES -- TURKEY

    Squeeze-out and sell-out rights in Turkish public companies are regulated by the Communiqué on Squeeze-Out and Sell-Out Rights (the " Communiqué ") published in the Official Gazette dated 2 January 2014 effective as of 1 July 2014. The Communiqué was issued by the Capital Markets Board of Turkey (the " CMB ") in accordance with the Capital Markets Law and regulates the right to squeeze-out minority shareholders by the controlling shareholder and the minority shareholders' rights to exit the public company by selling their shares to the majority shareholder.
    - Paksoy
  • Financial Services and Regulatory Summer Update 2014

    The aim of this Update is to focus on current legal and regulatory developments affecting financial services institutions in Jersey and to provide some brief thoughts on the implications of these developments for your business. In this Update, we look at current consultations on civil penalties and changes to the Money Laundering Order. Our Spotlight article considers changes to the tipping-off rules which are coming into effect shortly.   Read more...
  • Integration of US and Europe Energy Markets: TTIP and Global Energy Trading Projection

    Shale gas revolution has been driving US energy market by increasing economic and industrial competitiveness. Today, shale gas has gained acceptance as "bonanza" which triggered slump in gas prices and sparked off widening the energy gap between US and Europe. US gas export is forecasted to bemounted up 6 billion cubic feet per day signifying UK's daily demand in winter as of 2020. At this stage, a potential oil and gas trade between US and EU will become an inevitable pace for world energy supply-demand balance.
  • Transatlantic Trade and Investment Partnership: How should Turkey Cope with the Changing Dynamics?

    The free trade agreement, known with its acronym TTIP , currently being negotiated between the United States and the European Union is expected to have immense legal implications as well as commercial ones for the signatories. The numbers are self explanatory; two blocks when combined together produces almost half the world's GDP and around one third of the total world trade. The bilateral trade across the Atlantic has already exceeded USD 3.7 trillion. For these two economic giants to sign such a deal mean a monumental shift in world economic balances. As the United States and the European Union are expected to benefit significantly from such shift, the countries that will be left out will have to face a new legal regime that would cover the entire jurisdiction producing half of the world's GDP.
  • Bright Future Of Solar Power Market In Turkey

    In recent years renewable energy market development became primary energy strategy of Turkish government with the intention of improving energy efficiency and decreasing energy import dependency. Particularly, solar power seems as fundamental resource  of electricity generation in the near future. In terms of insolation Turkey possesses high potential among European countries.