Newsflash – New CSSF Circular 15/612 relating to Luxembourg AIFMs. In a few words On May 5th 2015 the CSSF issued CSSF Circular 15/612 (the “Circular”) on information to be submitted to the CSSF concerning non regulated AIFs and regulated AIFs established in a third country by AIFMs subject to the Luxembourg law […]
A 50 billion RMB quota has been granted to Luxembourg under the RQFII regime, which will further promote the internationalisation of RMB and reinforce Luxembourg’s role as a true offshore RMB centre. People’s Bank of China (PBoC) has announced yesterday that a 50 billion RMB quota has been granted to Luxembourg under the Renminbi […]
On February 18th 2015, the European Commission set the wheels in motion for a fully functioning Capital Markets Union, through the launch of its green paper Building a Capital Markets Union (the “Green Paper”). The goal is to build a true single market for capital for all 28 Member States by 2019. In the Green Paper the European […]
As per our previous article dated 2014 in relation to the law dated July 28th 2014 on the immobilisation of shares and corporate units in bearer form and the keeping of the register of shareholders of registered shares and of bearer shares (the Law), this shall be a concise reminder about main provisions contained in the Law and the […]
With a collapsed energy market in Argentina and a change of the current administration in 2015, it is clear that Argentina will have to develop and invest in the energy sector, and especially in the renewable energies sector. The purpose of this note is to briefly develop some of the main traits of the renewable energy legislation in – and theprospects for – Argentina. National System for Wind […]
The Luxembourg Tax Authorities (hereafter “LTA”) have recently clarified the situation on taxation of income realised by Luxembourg partnerships, through the publication of Circular L.I.R. n°14/4 dated January 9th 2015, hereafter the “Circular”. The tax transparency for income tax purposes applicable to sociétés en commandite simple (hereafter “SCS”) and société en commandite spéciale (hereafter “SCSp”) is not applicable for […]
On October 15th, 2014 the Minister for Finance announced the Luxembourg Budget 2015. The announcement followed the presentation made the day before by the Prime Minister Xavier Bettel who presented a policy statement entitled “Package for the Future” which provides some overall public finances policy statements for the period 2015 – 2018. For international business […]
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 […]
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 […]
When you build relationships do you build it for the long term or for a short term? I am sure the answer to this question is obvious. But do you focus on building relationships with your strong ties or with your weak ties? As a power networker and a professional I was always astonished from […]