Legal news

On 1 July 2019, Luxembourg’s financial regulatory body, the Commission de Surveillance du Secteur Financier (CSSF), published Circular 19/721 (the "Circular") to inform the supervised entities of the dematerialisation of requests to the CSSF.  The Circular applies to supervised entities, including but not limited to: Undertakings for collective investment (UCIs) subject to Part II of the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment, as amended; Specialised Investment Funds (SIFs) subject to the Luxembourg Law of 13 February 2007 relating to specialised investment funds, as amended; Investment Companies in Risk Capital (SICARs) subject to the Luxembourg ...

Holding companies are excluded from the scope of the Luxembourg Law of 12 July 2013 on alternative investment fund managers as amended (“AIFM Law”) under Article 2.2(a) of AIFM Law provided that they qualify as “holding companies” as defined by Article 1(62) of AIFM Law. That definition is slightly different from the corporate concept of “financial participation companies” (commonly referred to in practice as “SOPARFI”). To qualify as a holding company and be excluded from the scope of the AIFM Law, a holding company must be a company with shareholdings in one or more other companies, the commercial purpose of ...

Currently, whistleblowing in this country is still regulated on a sectorial basis. The financial sector is the most advanced on the issue, with laws transposing a certain number of European Directives dealing with whistleblowing in various areas (the fight against money laundering, market abuse, investment services, professional and financial sector codes of conduct). For banks and financial sector professionals, whistleblowing is considered part of the internal governance mechanism. Its rules are defined by a regulatory authority that requires the setting up of a system for the communication and handling of alerts  which respects the confidentiality of the informer’s identity and ...

It would still appear to this day that the United Kingdom is leaving the European Union on 29 March 2019. In the absence of an agreement ratified by both parties, the United Kingdom will become a third country to the European Union on 30 March 2019, with the consequence that European regulations will cease to apply and in particular the General Data Protection Regulation (GDPR). One question remains open: how to organise the transfer of personal data from the EU (and particularly Luxembourg) to the United Kingdom? Data transfers to the United Kingdom will no longer be able to be ...

DSM Partner Renaud LE SQUEREN, and Associate Héloïse CUCHE published an article in Paperjam Law & Employment explaining Luxembourg labour law with respect to an individual’s forming a company. To read the article, click here.