The sixth Arendt Financial Law Forum takes place in Luxembourg today on Wednesday 27 April, 2016.This conference is unique in Luxembourg in that it takes place over one full day, features the most renowned international specialists in their domains and provides an opportunity to address various legal aspects of the financial sector in depth, from the point of view of various areas of law.This year, we will be focusing on a number of challenging issues: 1) wealthy families operating globally require advice in order to structure their assets in a tax compliant manner, 2) UCITS V imposes heavy duties on depositaries and 3) US authorities impose record fines on European companies which often seem ill-prepared when confronted with the US system. Case law provides legal certainty on many issues but not unfrequently creates new challenges for the legal profession, we will analyse the most recent trends in this area.These key topics will be addressed by expert guest speakers from the banking, fund and asset management sectors at an international level who will share their views with our senior legal experts in financial matters in what is expected to be a lively debate.These expert guest speakers who come in particular from the United States, Great Britain and Switzerland will take the time to broach each question raised.This event also represents an opportunity for Arendt & Medernach to renew its continual support for charitable associations by pledging to them the full amount of the registration fees. The Fondation Kriibskrank Kanner and the association Pour un Sourire d’Enfant can count on our renewed support every year.
Should you want more information about this event, do not hesitate to contact our events team.
Please click below to have a look at the detailed programme.
IntroductionThe SFTR, which is in the final adoption phase, aims at increasing the level of transparency in securities financing transactions such as securities or commodities lending, repos and margin lending.The SFTR primarily sets out a new reporting obligation regime for securities financing transactions on terms similar to those applicable to derivatives under EMIR. Furthermore, Article 15 SFTR also imposes far-reaching new disclosure and information obligations on counterparties which receive financial instruments as collateral with a right of use.What information obligation?Article 15 SFTR requires any counterparty (including corporate and private enterprises) receiving financial instruments as collateral either by way of a pledge with a right of use or a title transfer agreement to inform the collateral provider of “the risks and consequences” of consenting to a right of use in favour of the collateral taker.The risk disclosure will in particular need to cover the insolvency risk of the collateral receiver and the risk of unavailability of the securities provided as collateral after having been used.Such disclosure will have to be made in writing and the collateral provider will have to give its express consent, in writing, prior to the entry into the collateral agreement. The latter will need to indicate in which manner the collateral taker can use the collateral assets.Which transactions are targeted?The scope of Article 15 is broader than the scope of the SFTR in that it applies to:• Any pledge arrangement the terms of which provide for a right of reuse;• Any agreement for the provision of collateral by way of a title transfer collateral arrangement.To whom does this obligation apply?• Any counterparty established in the EU which receives collateral with a right of use;• Any counterparty established in a third country which receives collateral with a right of use through a branch in the EU; or• Any counterparty established in a third country which receives collateral with a right of use from an EU counterparty.When will Article 15 of the SFTR enter into force? Article 15 of the SFTR will enter into force 6 months after the coming into force of the SFTR which is scheduled for early 2016. Most importantly, the provisions of Article 15 will apply to all existing collateral arrangements with rights of reuse. Beneficiaries of such collateral arrangements thus only have a six-month period to make all their collateral arrangements compliant with Article 15 SFTR.What do you have to do now?• Review all your collateral arrangements to determine under which one you enjoy a right of use;• Draft a disclosure document and define the terms pursuant to which you are allowed to use the collateral;• For all future contracts, ensure compliance with your ex ante risk disclosure duty.
On 4 May 2015, the Saudi Capital Market Authority (“CMA”) issued “Rules for Qualified Foreign Financial Institutions Investment in Listed Shares” (the “QFI Rules”) which provide for a selective opening of the Saudi stock market. From 15 June, the Saudi stock market will therefore allow Qualified Foreign Investors (“QFIs”) to access the Saudi stock market (“Tadawul”). Should you wish to read the full newsflash, please click on the link below.
There are many considerations to be made, when choosing the fund domicile or the fund type. One key concern for fund managers is the ability to distribute the fund in multiple jurisdictions. Funds in the Middle East, whether conventional or Islamic, face constraints with regard to distribution. There are currently no arrangements for mutual recognition in place that would permit a fund authorized in one jurisdiction to be distributed to another country, without complying with the entire range of requirements set out by the host country. To read the full article, signed by Bishr Shiblaq, head of our Dubai office, please click on the link below:
Bishr Shiblaq comments the use of bilateral investment treaties: "The use of BITs has become a standard instrument in international investment law, leading to many cases of international investment arbitration". Read the full article by clicking on the document attached.
Luxembourg, 16 December 2014 – Arendt & Medernach has the pleasure to announce the nomination of three new partners with effect from 1 January 2015: Sébastien Binard, Bob Calmes and Grégory Minne.
Sébastien Binard is a Partner in the Private Equity & Real Estate and Corporate Law, Mergers & Acquisitions practices of Arendt & Medernach.
Bob Calmes is resident Partner and Head of the New York office of Arendt & Medernach.
Grégory Minne is a Partner in the Banking & Financial Services and the Bank Lending & Structured Finance practices of Arendt & Medernach.
Read more about the three news partners in the documents attached
Découvrez le nouvel article de Matthieu Taillandier "Contrôle et supervision des opérations de titrisation". Cet article a été publié dans le magazine Kluwer ACE de mars 2014.
Après avoir été accusée de tous les maux à l’occasion de la crise des subprimes et après avoir fortement diminué depuis cette même crise, la titrisation semble aujourd’hui retrouver la faveur des politiques qui, hier encore, souhaitaient qu’elle disparaisse.
Le président de la Banque Centrale Européenne, Mario Draghi a, depuis plusieurs mois déjà et encore tout récemment, exprimé l’espoir qu’il met dans la titrisation, notamment comme outil afin de relancer les prêts des banques aux petites et moyennes entreprises de l’Union Européenne.
D’autres n’ont pas manqué de souligner l’intérêt de la titrisation pour les banques face aux nouvelles contraintes réglementaires, notamment en matière de capitaux propres.
Certains même n’hésitent pas à croire que la titrisation est en cours de réhabilitation, sentiment soutenu par des propos tel que ceux tenus par Yves Mersch qui a récemment affirmé son soutien au marché de la titrisation, source alternative de financement.
Yves Mersch a, par la même occasion, rappelé que l’expérience européenne de la titrisation était très différente de l’expérience américaine dans la mesure ou, entre mi-2007 et la fin du premier trimestre de 2013, le taux de défaut des ABS en Europe s’élevait à 1,4% alors qu’il s’établissait à 17,4% aux Etats Unis.
Les signes encourageants qui commencent à se concrétiser dans les chiffres et l’entrée en vigueur récente de la loi AIFM sont l’occasion pour étudier dans cet article les différents contrôles qui s’exercent sur un véhicule de titrisation luxembourgeois.
Discover our latest Legal Update. The topics are: - Update of the CSSF’s FAQ on securitisation - AIFM Law and securitisation vehicles; - Civil proceedings in Luxembourg more expedient; - EMIR – a labyrinth of new requirements not only for financial counterparties; - Reporting obligations under Alternative Investment Fund Managers Directive (AIFMD); - Proposal for a Regulation of the European Parliament and of the Council on Money Market Funds; - Communication from the European Commission on Shadow Banking
Topics : fight against money laundering and terrorist financing, criminal settlement, electronic achieving, remuneration policies of AIFMs, AIFMD implementing measures.
Topics: Banking secrecy, Luxembourg law of 21 July 2012, General Court’s MasterCard judgment, Professionals of the insurance sector, Special Limited Partnership (SLP) Regime, ESMA Q&A on KIID for UCITS, European regulation.
Topics: Package Retail Investment Products (PRIPS), Insurance Mediation Directive (IMD2), UCITS V.
Topics: E-money Directive in Luxembourg, Cayman investment fund, Insurance and Reinsurance law: Circular letters 11/2 and 11/7, Marketing of UCITS.
Topics: Implementation of UCITS IV, AIFM Directive, Cluster munitions, Energy performance, Law of 26 July 2010.
We are pleased to announce that our annual Arendt Financial Law Forum will take place on 4 April 2017 in Luxembourg, at Arendt House. Click here to have a look at the full programme...>
MiFID II - As the number and scope of the rules to be introduced are significant, they will be presented over a cycle of three different seminars.>
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Overview of the latest developments from the DIFC, Luxembourg, Cayman, Bermuda and the BVI>
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The IFN Qatar Forum 2015 will be held on 3 May 2015. The IFN Qatar Forum will explore the opportunities, regulatory advancements and investment options available to Qatari investors. Bishr Shiblaq, head of our Dubai Office, will be a speaker during this event.>
The IFN Investor Forum 2015 will be held on 1 April 2015. The IFN Investor Forum 2015 will focus exclusively on Islamic asset management acknowledging its growing importance in the Islamic financial services globally. Bishr Shiblaq, head of our Dubai Office, will be a speaker during the IFN Investor Forum in Dubai.>
Florence Stainer and Bishr Shiblaq will be spearkers during the Luxembourg For Finance (LFF) roadshows in Dubai and Doha from March 3 to 5. >
Our conference on the Single Supervisory Mechanism (SSM) rules will take place on Tuesday 20 January at the Chambre de Commerce in Luxembourg.>
Bishr Shiblaq will be speaker to the next Islamic Finance News Europe Forum to be held in London (The Guildhall) on 28 and 29 May 2013.>