Legal update

Recent developments in Luxembourg and EC Legislation and Regulations

1. Luxembourg extends its mergers and divisions regimes and introduces new restructuring instruments

2. Mutual insurance associations

3. Mifid impact on investment funds

4. Adoption by the european parliament of the payment services directive

5. The european council reaches political agreement on consumer credit directive

6. The european commission green paper on retail financial services in the single market

7. Competition law and financial services : recent national and european developments

Recent developments in Luxembourg and EC Legislation and Regulations

1. Law of 21 december 2006 relating to the par value of the shares of société anonyme, société en commandite par actions and société à responsabilité limitée

2. The law of 18 december 2006 relating to the distance marketing of consumer financial services

3. Late payment and legal interest

4. Rogatory letters and obligation of information incumbent upon a bank: tribunal d’arrondissement de et a luxembourg, 6 december 2006

5. Banking secrecy and negative statement: cour d’appel de liege, 15 september 2005

6. Cssf circular 07/280 on the application modalities of the law dated 9 may 2006 on market abuse

7. The new cross-border notification procedure for ucits

8. The new regulation on information on the payer accompanying transfers of funds

9. European commission sector inquiry finds major competition barriers in retail banking

Recent developments in Luxembourg and EC Legislation and Regulations.

1. A new tax regime for Luxembourg resident individuals

2. Practical impacts for undertakings for collective investment (UCI) of certain provisions of the CSSF Circular 05/211 on the combat of money laundering and terrorist financing, preventing the use of the financial services industry for the purposes of money laundering and terrorist financing (the CSSF Cirular 05/211)

3. Judicial Coorperation in civil matters

4. The Commission has opened a formal investigation into Luxembourg's 1929 tax-exempt holding companies

Recent developments in Luxembourg and EC Legislation and Regulations

1. Law of 21 June 2005 implementing the European Savings Directive

2. Amendment of the Law of 31 July 1929 on tax-exempt holding companies

3. Luxembourg withholding tax exemption enlargement to Swiss corporations

4. Reduction of the Municipal business tax rate in Luxembourg City

5. New Luxembourg legislation on pension funds

6. Implementation of Prospectus Directive and Insurance Mediation Directive

Luxembourg enhances the protection of collateral takers

Recent developments in Luxembourg and EC Legislation and Regulations

1. Recent developments in Luxembourg labour law

2. Bill n° 5389 implementing directive 2002/65/EC concerning distance marketing of consumer financial services

3. European passport for insurance and reinsurance mediation activities

4. Securities laws

5. The committee of European securities regulators final guidelines for supervisors regarding the transitional provisions of the amending UCITS Directives

6. The UCITS III Directives implemented into Belgian law - imposing extra obligations on fund managers increasing investors protection

Recent developments in Luxembourg and EC Legislation and Regulations.

1. New Luxembourg law on reorganisation and winding up of credit institutions

2. May 2004: revolution in European and national competition law

3. Luxembourg Pension Pooling Vehicles Introduction of tax exemption

4. Admission of Offshore Funds to the Luxembourg Stock Exchange - New Developments

5. New CSSF Circular on Market Timing and Late Trading

6. New Circular Letter 04/8 of the Commissariat aux Assurances on the Investment Rules for unit-linked Life Insurance Products

7. Right of option for VAT in case of letting or leasing of immovable property: European Court of Justice Decision

Recent developments in Luxembourg and EC Legislation and Regulations

1. Law of 19 December 2003 on the Safeguarding of Employees\' rights in case of Transfers of Undertakings

2. Grand-Ducal Decree dated 21 January 2004 relating to exemption of VAT on services supplied by independent groups of persons to their members

3. New Bill implementing the 2003/49/EC Directive on a common system of taxation applicable to interest and royalty payments made between associated companies of different member states

4. New Bill implementing the 2003/48/EC Directive on Taxation of Savings income in the form of interest Payments

5. Circular Letter 04/5 of the Commissariat aux Assurances on the Use of Depository Banks established outside the EEA

6. UCITS III: Implementation Status in Europe concerning the Requirements for a simplified Prospectus

7. Case Law on Consumer Protection - Private International Law

8. Recent Developments in European Financial and Tax Law

Recent developments in Luxembourg and EC Legislation and Regulations

1. New Luxembourg Bill on Securitisation

2. The Law on Trusts and Fiduciary Contracts

3. New VAT Legislation: Impact on E-Commerce for Non-EU Businesses

4. New Bill on the Fight against Money Laundering

5. Venture Capital/Private Equity Investment Company (SICAR)

6. Attachement Proceedings: New Case Law regarding the substantive action

7. Law of 2 August 2003 amending the Law of 5 April 1993 on the Financial Sector

Recent developments in Luxembourg and EC Legislation and Regulations.

1. Reform of the Luxembourg Trade and Companies Register

2. Directive 2002/92/EC of the European Parliament and of the Council of 9 December 2002 on Insurance Mediation

3. Creation of a Mediation Centre in Luxembourg

4. Employment Law Update

5. Bill amending the Law of 5 April 1993 on the Financial Sector in Particukar by the Broadening of the Scope of Supervision of the CSSF

6. A New Status for Central Administration of Luxembourg Investment Funds

7. Landmark Decision of the Court of Appeal in Bank Secrecy Matters

8. Occupational Pension: Approval of the Proposed Directive on the Activities and Supervision for Institutions for Occupational Retirement Provision

Recent developments in Luxembourg and EC Legislation and Regulations.

1. New Data Protection Legislation

2. Changes to Luxembourg Employment Law

3. Hedge Funds - The New Luxembourg Regime

4. UCITS III EC Directives Implementation into Luxembourg Law

5. New EC Directive on Fight against Money Laundering

6. ECJ Case Law on Pension Insurance Schemes

7. EU Tax Package

8. EC Directive on Distance Marketing of Consumer Financial Services