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Luxembourg > Law firm and leading lawyer rankings

Editorial

Legal market overview

Notwithstanding the country’s small size, and aided by an innovative and business-friendly regulator, Luxembourg’s economy remains among the most competitive and stable in the world, as underscored by the Global Competitiveness Report recently issued by the World Economic Forum, which ranks the country 20th worldwide. The investment funds and banking industries account for around one-third of the country’s GDP, with approximately 70% of the world’s Undertakings for Collective Investments in Transferable Securities (UCITS) registered there. Luxembourg has also successfully leveraged its position at the vanguard of the UCITS industry to establish itself as a prominent player on the alternative investment funds side. In this respect, the Grand Duchy became one of the first countries to transpose the Alternative Investment Fund Managers Directive (AIFMD) into domestic law and has also been pushing the envelope with regards to establishing new fund structures such as the recent establishment of the Reserved Alternative Investment Fund (RAIF) and the European Long-Term Investment Fund (ELTIF).

In addition to funds work, law firms in the market are regularly involved in major cross-border M&A deals, where mandates are frequently structured using a Luxembourg investment vehicle to facilitate the deal.

Independent domestic firms including Arendt & Medernach and Elvinger Hoss Prussen compete at the top of the rankings with international firms Allen & Overy Luxembourg, Clifford Chance and Linklaters and several Benelux firms – including Stibbe, Loyens & Loeff and NautaDutilh – which are prominent in numerous practice areas.

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Legal Developments in Luxembourg

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Luxembourg exchange becomes international leader for green securities

    Since the autumn of 2016, the Luxembourg Stock Exchange has operated the first listing and trading platform worldwide reserved exclusively for environment-focused financial instruments. The Luxembourg Green Exchange (LGX) provides access to securities from a broad range of issuers that are recognised globally as authentically green and offers enhanced information about their environmental characteristics.
  • Luxembourg’s one-euro company provides major incentive for entrepreneurs

    Luxembourg’s law of July 23, 2016, which came into force on January 16, 2017, creates an incentive for entrepreneurs to establish a business in the grand duchy by introducing the simplified private limited liability company (sociĂ©tĂ© Ă  responsabilitĂ© limitĂ©e simplifiĂ©e or SĂ rl-S) – also known as the one-euro company.
  • ESMA sets out new rules for UCITS share classes

    On January 30, the European Securities and Markets Authority issued an opinion on the minimum principles that management companies must apply when establishing different UCITS share classes. The opinion is aimed at ensuring a harmonised approach throughout the EU, where different national approaches have been observed up to now.
  • UCITS investment limits to be applied to umbrella funds on look-through basis

    The European Securities and Markets Authority has updated its Q&A documents on details of the UCITS rules in November of this year with two additional queries regarding the interpretation of investment limits when a UCITS invests in an umbrella fund.
  • Modernisation of Luxembourg Company Law: changes affecting the S.Ă  r.l.

    The law of 10 August 2016 modernising the law concerning commercial companies of 10 August 1915 and amending the Civil Code as well as the law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of companies (the “Law”), entered into force on 23 August 2016. The Law is immediately applicable for all newly incorporated companies. Existing companies have been granted a period of 24 months to adapt their articles of association. The below is a summary of the main changes which affect private limited liability companies (“sociĂ©tĂ© Ă  responsabilitĂ© limitĂ©e” (“S.Ă r.l.”)):
  • Luxembourg regulator updates rules for UCITS depositaries

    Luxembourg’s Financial Sector Supervisory Authority (CSSF) has issued on October 11, 2016 Circular 16/644, which sets out revised rules applicable to all Luxembourg credit institutions acting as depositary banks for UCITS funds as well as to all Luxembourg UCITS, including self-managed funds, and/or their management companies. The circular sets out regulatory requirements clarifying rules under the updated Luxembourg investment fund law implementing the UCITS V directive, which came into force on June 1, and the European Commission’s Level 2 delegated regulation EU2016/438 regarding the obligations of depositaries, as well as various other matters.
  • UCITS V regulation on depositaries’ obligations comes into force

    The Commission’s delegated regulation (EU) 2016/438 of December 17, 2015, which updates the UCITS regime provisions on the obligations of depositaries, has taken effect as of October 13. The UCITS V Level 2 regulation sets out detailed uniform rules in particular regarding the duties of the depositaries of UCITS funds. The regulation lays down requirements regarding depositaries’ duties, delegation arrangements and the liability regime for UCITS assets under custody, designed to provide a high level of investor protection.
  • New bill on the implementation of the 2017 tax reform package

    27 July 2016
  • Investment Funds: shielding from the new supervision paradigm

    9 August 2016
  • Reserved alternative investment funds (the “RAIF”) for EU and third-country AIFMs

    The RAIF benefits from flexibility in terms of legal structuring, and from all the advantages known to the SIF and SICAR regimes: umbrella structure, toolbox assembly approach and the “well-informed” investor concept. Please refer to our newsflash, to get all the details about the RAIF.

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