A request for a preliminary ruling regarding Directive 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading, as amended (the “Prospectus Directive”) was filed with Court of Justice of the European Union (“ECJ”) by Hoge Raad der Nederlanden (the Supreme Court of the Netherlands) on October […]
On July 23rd 2014 the European Commission (“EC”) wrote to ESMA regarding the definition of a financial instrument relating to foreign currency (“FX Contract”). Please refer our dedicated article for background information on this topic. ESMA had suggested that the EC use the powers granted to it under MIFID I to provide clarity on this definition and in […]
On April 9th 2014, the European Commission published a proposal for the revision of Directive 2007/36/EC (the “Shareholder Rights Directive”) with a view to tackling corporate governance shortcomings relating to listed companies and their boards, shareholders (institutional investors and asset managers), intermediaries and proxy advisors (i.e. firms providing services to shareholders, notably voting advice). The proposed […]
International Referral, the world’s largest exclusive network of advisory firms is delighted to introduce Olivier Hance of Hance Law. Olivier Hance has joined IR as our exclusive Investment Funds member in Luxembourg. Olivier Hance is an international attorney specialized in funds, finance and international business, member of the Belgian Bar and registered at the Bars of […]
CSSF Circular 14/587 Rules applicable to credit institutions acting as depositary of UCITS under Part I of the Law of December 17th 2010 on undertakings for collective investment and to all UCITS, represented by their management company as the case may be. In a few words In Luxembourg, the CSSF has just published […]
On 28 June 2014, the central bank of Luxembourg (Banque centrale du Luxembourg) (BCL) and the China’s central bank, People’s Bank of China (PBoC), signed a Memorandum of Understanding (MoU) on renminbi (RMB) clearing arrangements in Luxembourg. “The MoU aims to establish a cooperation between the two institutions in terms of oversight, exchange of information […]
CAPITAL MARKETS We reported in our Newsletter of March 2014 that on February 14th 2014, ESMA, in the context of the European Market Infrastructure Regulation (EMIR), sent a letter to the European Commission (Commission) asking for clarifications on the classification of foreign currency (FX) financial instruments. Under Directive 2004/39/EC on Markets in Financial Instruments (MiFID) […]
On February 25th 2014, the Commission de Surveillance du Secteur Financier (the “CSSF”) published an update of its Frequently Asked Questions (the “FAQ”) in relation to the law of January 11th 2008 on transparency requirements for issuers of securities, as amended (the “Transparency Law”). New FAQ 48 clarifies in which cases an issuer that benefits from an exemption set […]
January 2014 On January 15th 2014, the European Securities and Markets Authority (“ESMA”) published an update of its Questions and Answers (the “Q&A”) on prospectuses including two new questions and answers. The newly added questions and answers, Nos. 91 and 92 concern (i) the format of the individual summary for several securities and (ii) the applicable […]
International Referral, the world’s largest exclusive network of advisory firms is delighted to introduce Benoît Duvieusart of duvieusart ebel, avocats associés. Benoît has joined IR as our exclusive M&A member in Luxembourg. Corporate Law, M&A, general business law, insolvency. Benoît Duvieusart has advised major international companies on the structuring of corporate reorganizations, mergers and acquisitions, […]
International Referral, the world’s largest exclusive network of advisory firms is delighted to introduce Stéphane Ebel of duvieusart ebel, avocats associés. Stéphane has joined IR as our exclusive Insolvency and M&A member in Luxembourg. Tax law, general business law, insolvency, tax litigation. Stéphane Ebel advises an international clientele on the tax aspects of Luxembourg and […]
International Referral, the world’s largest exclusive network of advisory firms is delighted to introduce Willem Van Cauter of CGE. Willem has joined IR as our exclusive Accounting Services Member in Luxembourg. Centre Général d’Expertises Comptables is an Accounting Firm based in Strassen, whose business provides various services, in particular the Domiciling of Companies, assisting in the Incorporation of […]
