2014 was a busy year, not least in respect of legal and regulatory changes that may impact your business. We are pleased to provide you with an overview of the major legal and regulatory developments under Luxembourg and EU law.
This short flashback will enable you to keep track of the main legal trends which marked 2014 and those which we reasonably anticipate will arise in the near future.
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Founded in 1928, the Luxembourg Stock Exchange is the global leader in international bond listings and largest in Europe. The Luxembourg Stock Exchange was the first European stock exchange to issue a Eurobond in 1963, a sukuk in 2002 and a "Dim Sum Bond" in May 2011, due to its recognition as the listing place of choice in Europe. It is the largest global Eurobond listing platform and has the highest number of RMB bond listings.
To watch the video, please follow this link: http://www.luxembourgforfinance.com/ringing-bell-luxembourg-stock-exchange-0
BCL Regulation 2014/No.17 of 21 July 2014 concerning the collection of statistical data from financial companies amending BCL Regulation 2011/No.8 of 29 April 2011 concerning the collection of statistical data from companies which grant loans or issue debt securities or derivative financial instruments to affiliates
In accordance with the statute of the European System of Central Banks (“ESCB”) and the European Central Bank (“ECB”), the ECB is required, with the assistance of national central banks, to collect statistical information necessary to undertake the tasks of the ESCB. Each central bank of the ESCB is therefore required to transmit to the ECB comprehensive and high quality statistical data on its country balance-of-payments and international investment position.
In this context, and in order to implement the ECB’s guideline ECB/2004/15 of 16 July 2004 on the statistical reporting requirements of the ECB in the field of balance of payments and international investment position statistics and the international reserves template (“Guideline ECB 2004”), the Banque Centrale du Luxembourg (“BCL”) adopted on 29 April 2011 Regulation 2011/No.8 (“Regulation 2011/No.8”) setting out reporting obligations for companies which grant loans or issue debt securities or derivative financial instruments of which the proceeds are used to finance their affiliates directly or indirectly.
Following the release by the ECB of its Guideline ECB/2011/23 of 9 December 2011 on the statistical requirements of the ECB in the fields of external statistics (“Guideline ECB 2011”) repealing Guideline ECB 2004, the scope of the obligation to collect statistical information has been broadened considerably, in particular as regards the businesses that have now become subject to reporting statistical obligations. BCL has implemented Guideline ECB 2011 by way of its Regulation 2014/No.17 (“Regulation 2014/No.17”).
Read the full newsflash by clicking on the link below
Discover our latest Legal Update. The topics are:
- Market abuse: new European rules
- Theft of intangible assets: the unauthorised downloading of computer data and the photocopying of documents can be considered as theft under Article 461 of the Luxembourg Criminal Code
- Status and rights during the criminal investigation of a person having the status of a civil party following its indictment in the same criminal investigation
- Potential major reversal of case law in France relating to the sharing of liabilities between the offender and the victim for damage caused to assets by intentional criminal offences
- Packaged Retail and Insurance-based Investment Products
- MiFID II: main impact for the fund industry
- The Private Placement Rules in Luxembourg post 22 July 2014 for non-EU AIFMs
Discover our latest Legal Update.
The topics are:
- Enforcement of the 2013 financial information prepared by issuers of securities subject to the Transparency Law
- Criminal settlement soon for Luxembourg
- Strenghtening of procedural safeguards in criminal proceedings
- Reporting obligations under the AIFMD from a Luxembourg regulatory perspective
- EU Long-term Investment Funds
Read the full Legal update by clicking on the attached document
On 8 January 2014 the Commission de Surveillance du Secteur Financier (the “CSSF”) issued press release. This press release is relevant to all issuers whose home Member State within the meaning of the law of 11 January 2008 on transparency requirements for issuers of securities, as amended (the “Transparency Law”) is Luxembourg and who prepare their financial statements in accordance with International Financial Reporting Standards (IFRS).
The CSSF has announced it will focus its review on several selected subjects, discover them in the newsflash below
Draft bill 6471 not only proposes to implement AIFMD into Luxembourg law, but also to modernise its partnership law.
Luxembourg thereby adds a further tool to its product offering of an attractive fund and joint venture jurisdiction.
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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.
Topics: Luxembourg Stock Exchange, International debt securities, Risk measurement, Remuneration policies in the financial sector, Criminal liability.
Topics: Market Abuse Law, Luxembourg listed issuers, Community law into national law, Case C-101/08, Accounting Standards Commission, Assets of insurance companies, UCITS IV, Collective investments, Trash ratio.
Topics: Public procurement, Capital protection rules (Directive 2006/68/EC), Trade and companies’ register, Cross-border mergers, Criminal liability if directors, Controlled management procedures, Circular letter 09/6, Alternative investment fund, UCITS.