Legal news

A few legal tips for reducing the debt-equity ratio in international groups

This subject, which occupies DSM teams during a good part of the year, takes on even more importance as the temperature drops. The purpose of this article is to give you a few points to think about to move forward more calmly towards the end-of-year celebrations. The first point to bear in mind when managing an international group is that the impact will not be the same everywhere. In some jurisdictions, it is possible to effectuate this debt-equity conversion with retroactive effect, but not only is this not the case everywhere, it also entails a risk for the companies concerned, ...
December 14th, 2022| Legal news

The importance of a security deposit for the sale of buildings to be constructed to protect oneself from the risk of the purchaser’s withdrawal

Pursuant to Art. 1601-13 of the Civil Code, the off-plan sale of buildings (as well as less frequent and less practical forward sales) may only be preceded with a view to the reservation of a building by the purchaser by “a preliminary contracy whereby, in exchange for a security deposit made to a special account opened in the name of the reservation beneficiary, the seller commits to reserving for the purchaser a building or a portion of a building”. This is what is known as a “reservation agreement”.[1] The same article specifies that the security deposit funds must be unavailable, ...
December 13th, 2022| Legal news

CSSF authorisation required for crowdfunding service providers and grandfathering until 10 November 2023 for existing service providers

In its press release dated 25 November 2022, the CSSF followed up on its previous press release of 10 June 2022 regarding Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European Crowdfunding Service Providers for business and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (the “Regulation”), which has been directly applicable in all Member States since 10 November 2021. The CSSF draws attention to the fact that existing crowdfunding service providers operating by virtue of national law, may continue to provide services as defined in the Regulation until they obtain authorisation ...
November 30th, 2022| Legal news

Public access to the RBO, the Court of Justice of the European Union says no!

Following a decision issued on 22 November 2022, the Court of Justice of the European Union (the "Court") invalidates the provisions applicable to the register of beneficial owners (the "RBO") which allow public access to the personal data of beneficial owners. The Court considers that public access to beneficial owners' information is a serious breach of their fundamental rights to respect for private life and protection of personal data. The objectives of general interest pursued by the European legislator, namely the fight against money laundering and terrorist financing, do not justify public access to beneficial owners' data. The Court added ...
November 23rd, 2022| Legal news

BIM bam boom

BIM (Building Information Modeling) is establishing itself in construction as a new paradigm revolutionising the real estate world. Thanks to this technology, it is now possible to create a virtual building prior to its construction, to then measure its characteristics, as well as its design and operating constraints. The virtual model thus created also allows for the follow-up of the construction, maintenance and repairs required on the basis of the available plans, and also serves as a support for any subsequent construction disputes. To create this digital model, each actor in the real estate chain must structure its data according ...
November 14th, 2022| Legal news

Entrepreneurs and start-ups in relation to VC funds

Love money, business angels, crowdfunding or Venture Capital: today, there are several means for start-ups to raise funds, each one with its own specificities. What interests us today is highlighting points to keep in mind when you are negotiating with a VC fund. You have identified why you wish to raise funds, how much you need, according to what timing, from what type of investor, prepared your pitch deck, worked the roadshows and, oh joy, sparked the interest of several investors. From this time, the negotiations will begin particularly on the amount of the investment, the (fully) diluted pre-money valuation ...
October 24th, 2022| Legal news

Reimbursement of training costs

It is well known by employers that promoting employee professional training is profitable to their business, by increasing competencies of course, but also to motivate employees. It represents an investment in the future of the business. The purpose of reimbursement of training costs is precisely to provide an employer compensation for the loss of the beneficial impact of training for which it would have paid when an employee who received the training leaves the company prior to the employer being able to profit from that investment. More concretely, the reimbursement of training costs corresponds to the provisions of an employment ...
September 28th, 2022| Legal news

New CSSF outsourcing arrangement rules

On 22 April 2022, the CSSF published Circular CSSF 22/806 on Outsourcing arrangements. It concerns banks, FSPs as well as various other financial sector entities ("In-Scope Entities"). The complete Circular text (which is available only in English) at the following link: https://www.cssf.lu/wp-content/uploads/cssf22_806eng.pdf. These entities are required “to adopt robust internal governance arrangements, which shall include a clear organisational structure, adequate internal control mechanisms, including sound administrative and accounting procedures and practices allowing and promoting sound and effective risk management, as well as control and security mechanisms for their IT systems”. The Circular aims to complete this general framework of internal ...
July 22nd, 2022| Legal news

Business head liability with respect to workplace accidents on construction sites

An employer is required to assure the health and safety of its employees in all aspects related to the employment (Article L.312-1 of the Labor Code). An employer is thus required to take all measures necessary for the protection of the health and safety of its employees, in particular the assessment of the risks for the health and safety of its workers and implementing, following that assessment, the taking of adequate preventive measures. In assuming the management of the business, an employer has the full power to organise the work and infrastructure of its business. In exchange, an employer is ...
July 15th, 2022| Legal news

Drones are taking off in the construction sector – NeoMag 47

Today, drones are moving into the world of construction and more generally into that of the building trade. With this technology, it is henceforth possible to perform multiple tasks faster and more economically than before, including the mapping of zones to contemplate the positioning of buildings, impact studies on the surrounding environment, thermal mapping of existing buildings to  contemplate renovation works to be done in case of an acquisition, active surveillance of sensitive sites, securing of construction sites, marketing promotion, creation of video content, visualisation of the progress of a structure and of a construction site. This technology is also ...
June 7th, 2022| Legal news

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