Elvinger Hoss Prussen

(The following information was supplied by the firm)

Managing Partner: Manou Hoss
Number of partners: 45
Number of counsel: 17
Number of lawyers: 170
Languages: Chinese, Dutch, English, French, German, Italian, Luxembourgish, Portuguese, Spanish

Firm Overview:
Independent in structure and spirit, Elvinger Hoss Prussen guides clients on their most critical Luxembourg legal matters. The firm was founded in 1964 by lawyers committed to excellence and creativity in legal practice. Since then, they have shaped a firm fit for one purpose; to deliver the best possible advice for businesses, institutions and entrepreneurs. Delivering this responsive service, to an exceptional degree of precision, means working a little differently. The firm’s partners are uncommonly supportive of clients and of each other; they form crossborder arrangements with peers based on each case’s demands; and their colleagues are unusually united around the firm’s values. Partners are proud to play a unique role in the development of Luxembourg as a financial centre. Partners also welcome like-minded people to open opportunities for the future.

Main Areas of Practice:
Administrative Law
Banking & Financial Services
Capital Markets (Debt & Equity)
Commercial
Corporate, Mergers & Acquisitions
Dispute Resolution
Employment & Pensions Law
EU law, Competition & Antitrust
Finance
Foundation, Non-Profit Organisations & Philanthropy
ICT, IP, Media & Data Protection
Insolvency & Restructuring
Insurance & Reinsurance
Investment Firms & Other Professionals of the Financial Sector
Investment Funds
Management Companies & AIFMs
Private Equity
Public Procurement
Real Estate
Regulatory & Compliance
Structured Finance & Securitisations
Tax Advice & Structuring
Tax Litigation
Technology
Transfer Pricing
Urban Zoning
VAT & Indirect Tax

Asset Management & Investment Funds:
The firm advises on a wide range of investment products, with a client base of similar diversity: from boutique investment houses to the largest American, British, continental European and Asian fund promoters. Elvinger Hoss Prussen is the leading firm in Luxembourg in terms of net assets of investment funds for which it acts as a legal adviser. Elvinger Hoss Prussen’s service to clients is based on the firm’s deep understanding of the fund industry and its needs, as well as collective legal and regulatory knowledge. The firm has extensive experience in setting up all types of investment vehicles such as UCITS (Undertakings for Collective Investments in Transferable Securities), regulated AIFs (like SIF and SICAR) and non-regulated AIFs. Elvinger Hoss Prussen also has dedicated teams of specialists covering all asset classes, including hedge funds, private equity funds, real estate and infrastructure funds, debt funds and microfinance funds. Teams guide fund promoters and asset managers on their funds structuring, eligible investments and strategies, draft the required legal documentation and ensure regulatory approval is obtained.

Corporate, Banking & Finance:
The corporate, banking and finance group is at the heart of Elvinger Hoss Prussen. Unlike other firms, the group has decided to keep a common group of specialists covering a broad spectrum of work in these sectors. This provides continuity of service to you as matters develop, and builds stronger relationships over time. Clients include multinational groups, finance conglomerates, private equity houses, international and local banks, companies, businesses as well as private families, entrepreneurs and individuals. The depth of the group’s expertise enables them to advise on all aspects of highly complex domestic and cross-border transactions involving due diligence, structuring and restructuring, contract negotiations, regulatory advice and competition, as well as administrative and labour law aspects. Within this group the firm covers a number of specialised areas.
■Banking & Financial Services
■Capital Markets (Debt & Equity)
■Corporate, Mergers & Acquisitions
■Financing & Acquisition Finance Transactions
■Private Equity
■Regulatory & Compliance
■Insurance & Reinsurance

Dispute Resolution & Commercial:
The firm offers an extensive litigation practice covering corporate, commercial and civil litigation. The practice has successfully represented both national and international companies and financial institutions, businesses and individuals in Luxembourg and multijurisdictional cases. The practice’s approach is very much focused on dispute prevention — it seeks to minimise the risks of potential disputes throughout any contract drafting. If disputes arise, the practice often joins forces with in-house experts in the related areas, gaining a deep understanding of the matter and allowing (if necessary) a thorough and fierce defence of clients.

Tax:
The firm is proud to act as tax law advisers for national and multinational financial institutions and intermediaries, large corporations, investment and pension funds, sovereign wealth funds, leading private equity and real estate players, as well as for high-net-worth individuals. The dedicated tax team develops a deep knowledge of its clients’ businesses in order to provide relevant advice, innovative structuring and a timely, responsive service. The firm’s specialists collaborate with colleagues on banking, corporate, finance and collective investment issues, as well as personal compensation matters. Whilst independent, specialists regularly work alongside tax lawyers from some of the most respected firms in the world, who share their commitment to technical excellence.

Key Contacts

Managing Partner:

Manou Hoss
manouhoss@elvingerhoss.lu
+352 446644 5161,

Partner:

Jacques Elvinger
jacqueselvinger@elvingerhoss.lu
+352 44 66 44 5411

Firm Rankings

Banking & Finance
Band 1

Capital Markets
Band 1

Corporate/M&A
Band 1

Dispute Resolution
Band 1

Funds
Band 1

IP & TMT
Band 1

9.0

Labour & Employment
Band 2

8.0

Private Equity
Band 1

Private Wealth Law
Band 1

Real Estate
Band 1

9.0

Tax
Band 3

7.5

Articles

Law on Undertakings for Collective Investment („UCI“)

This brochure contains the amended Law of 17 December 2010 on undertakings for collective investment (“UCI”) in French and English. Download PDF here

Amendments to the law on financial collateral arrangements

On 24 July 2002, the Law of 20 July 2022 (published in Mémorial A 371, with corrigendum published in Mémorial A 402) entered into force. In particular, the Law of 20 July 2022 has amended a number of provisions of the Law of 5 August 2005 on financial collateral arrangements, as amended from time to […]

Is merger control in Luxembourg forthcoming?

Currently, Luxembourg is the only EU Member State without a national merger control regime. In essence, merger control rules aim to review ex ante the impact of projected business combinations on the competitive structure of a given market with a view to intervening preventively with respect to transactions which would likely reduce competition among rival firms and/or […]

Updated governance rules for banks

On 22 April 2022, the CSSF issued a new Circular CSSF 22/807 updating Circular CSSF 12/552 on central administration, internal governance and risk management, as amended (“Circular CSSF 12/552”). Scope of application and timeline Circular CSSF 12/552, as amended by Circular CSSF 22/807, is applicable to credit institutions, including their branches. It also applies to Luxembourg branches […]

Competition Council sector enquiry on the Luxembourg pharmacy market

The Luxembourg Competition Council (“Council”) recently published a sector enquiry report onthe pharmacy market. In this report, the Council identifies a number of problems and potential solutions to address them. Insufficient market coverage The Council found that contrary to the neighbouring countries, the density of pharmacies in Luxembourg is very low. According to data gathered for the report, 25 […]

EU sanctions in response to Russia’s invasion of Ukraine

Since February 2022, the EU has adopted six packages of sanctions in response to Russia’s invasion of Ukraine. The EU has also adopted sanctions against Belarus in response to its involvement. These sanctions are in addition to those already applying to Russia since 2014 and to Belarus since 2006. Regarding Russia, the EU has imposed different […]

Next wage indexation postponed to 1st April 2023

On Wednesday 15 June 2022, the Bill of law 8000A, transposing certain measures provided by the tripartite agreement signed on 31 March 2022 by and between the Government and the social partners UEL, the LCGB and the CGFP, (the “Tripartite Agreement”) has been voted and should come into force soon  after its publication (the “Law”). […]

CSSF Circular 22/811 on UCI Administrators

On 16 May 2022, the CSSF issued Circular 22/811 concerning the authorisation and organisation of entities acting as UCI administrators (“Circular”), which rewrites and repeals Chapter D of IML Circular 91/75 setting out the rules concerning the central administration of Luxembourg undertakings for collective investment (“UCIs”). As announced in the CSSF’s Press Release 22/10, the objective of the Circular is […]

Revised EU competition rules for distribution agreements entering into force

What’s new? On 1 June 2022, the new Vertical Block Exemption Regulation (“VBER“) as well as the revised Guidelines on vertical restraints (“Guidelines“) entered into force. They were adopted following a thorough review of the 2010 texts. The revised framework provides up-to-date rules and guidance allowing companies to self-assess the compatibility of supply and distribution agreements […]

Calculation of fines under the GDPR: draft guidelines by and for the authorities

On 12 May 2022, the European Data Protection Board (the “EDPB”) published its Guidelines 04/2022 on the calculation of administrative fines (the “Draft Guidelines”) under Regulation (EU) 2016/679 of 27 April 2016 on the protection of natural persons with regard to the processing of personal data (the “GDPR”). The Draft Guidelines provide for a harmonised […]

What’s on the agenda heading into 2022

Gary Cwyie gives his 2022 forecast on developments in data transfers and articificial intelligence, regulations and more. Covid-19 shook the world as never before and affected the global economy. As social distancing became the new normal, the importance of connectivity, remote working and online transactions became more important. With 2022 around the corner and the […]

Taxonomy Regulation and amended AIFM, UCITS and MiFID II legislation

Sustainable Finance: SFDR with SFDR RTS (April 2022), Taxonomy Regulation and amended AIFM, UCITS and MiFID II legislation The Sustainable Finance Disclosure Regulation (“SFDR“), i.e. the Regulation (EU) 2019/2088 on sustainability‐related disclosures in the financial services sector together with: The SFDR Regulatory Technical Standards published by the EU Commission, i.e. the Commission Delegated Regulation of […]

Law on Reserved Alternative Investment Funds

This brochure contains the amended Law of 23 July 2016 on reserved alternative investment funds (« RAIF ») in French and English. Cette brochure contient la loi modifiée du 23 juillet 2016 relative aux fonds d’investissement alternatifs réservés (« FIAR ») en français et en anglais. The RAIF has substantially the same characteristics (and flexibilities) as a SIF-AIF, […]

Luxembourg Partnerships in the asset management industry

This brochure provides an overview of the main features of Luxembourg partnerships in the asset industry. More specifically it covers: •    Partnerships in the Luxembourg toolbox •    Marketing and listing •    Main legal features of the SCS and SCSP •    Particularities of Luxembourg partnerships vis-à-vis other partnerships •    Taxation Read more

Law of 10 August 1915 on commercial companies (in force as of 3 May 2022)

We are pleased to announce the publication of the latest update of the English translation of the legislation relating to commercial companies authored by Partner Philippe Hoss, who published the first translation of the Luxembourg company law in the 1990s and has ensured its regular update since then. Via the link below you can access […]

The New Copyright Directive finally transposed into Luxembourg law!

What happened? On 1st April 2022, Luxembourg enacted the law 1 aiming at transposing into Luxembourg law the Directive 2019/790 on copyright and related rights in the Digital Single Market (“New Copyright Directive”) adopted on 17 April 20192. This new law modifies the three following laws: the Law of 18 April 2001 on authors’ rights, related rights and databases, as […]

Guidelines on Marketing Communications

CSSF applies and integrates ESMA guidelines on marketing communications for UCITS and AIFs in its administrative and regulatory practices On 30 January 2022, the CSSF published Circular 22/795 concerning the application of ESMA guidelines on marketing communications (“ESMA Guidelines”) under Regulation (EU) 2019/1156 on the cross-border distribution of funds (“CBDF Regulation”), which were published on 2 August 2021. CSSF […]

Mandatory Covid-Check at the Workplace

Following up on recent government announcements, the Bill of law 7924 was voted on 16 December 2021, amending the Law of 17 July 2020 on measures to combat Covid-19 (“Law”) and came into force from Friday 17 December 2021. One of the main changes for employers relates to the implementation of a compulsory Covid-Check regime […]

Modernisation of the Law on Securitisation

On 9 February the Luxembourg Parliament voted into law the Bill of law No. 7825 (the “Bill”) amending the Law of 22 March 2004 on securitisation (the “Securitisation Law”) and certain other laws. The Luxembourg legislator wishes to offer new opportunities for market participants to accomplish securitisation transactions within a new framework with clear conditions and combining […]

New law on the issue of covered bonds

What’s new? Access to the activity of covered bond issuance is now open to any Luxembourg credit institution, within a strict framework set out in the Luxembourg Law of 8 December 2021 (“Law ” – available in French), which transposes Directive (EU) 2019/2162 of 27 November 2019 on the issue of covered bonds and covered bond public […]

A refresh of certain trademark rules thanks to AC Milan

What happened? In February 2017, the well-known football club Associazione Calcio Milan SpA (“AC Milan”) filed an application to register its emblem as an international trademark designating the EU for many goods including goods in Class 16 (paper, cardboard, stationery items, writing materials, etc.). Defending its German word trademark “Milan” registered in 1988 for goods […]

Artificial Intelligence in Financial Services in Europe

Elvinger Hoss and Prussen contributed the Luxembourg section of this EU multi-jurisdictional brochure prepared under the direction of Covington. It outlines the context of the regulation of AI in the Luxembourg financial sector and summarises the rules that are currently applicable. Continue reading For any questions, please contact: Gary Cywie, Partner garycywie@elvingerhoss.lu Thomas Göricke, Counsel thomasgoericke@elvingerhoss.lu Anaïs […]

Loi du 10 août 1915 concernant les sociétés commerciales (en vigueur au 24 décembre 2021)

Vous trouverez ci-dessous une version à jour de la loi du 10 août 1915 concernant les sociétés commerciales dans sa version en vigueur au 24 décembre 2021. Ce document reprend également des extraits de la loi du 19 décembre 2002 concernant le registre de commerce et des sociétés ainsi que la comptabilité et les comptes […]

Draft ATAD 3 Released!

On 22 December 2021, the European Commission published a Directive proposal setting out rules aimed at tackling the abusive use of so-called shell companies (the “Proposal”), to be implemented into Member States’ national law by 30 June 2023 and become effective from 1 January 2024. In a nutshell, the Proposal targets EU Member State entities […]

Law of August 10, 1915 on commercial companies (in force on December 24, 2021)

Below you will find an updated version of the law of August 10, 1915 on commercial companies in the version in force on December 24, 2021. This document also contains extracts from the law of December 19, 2002 concerning the trade and company register as well as the accounting and annual accounts of companies, the […]

Extension of special tax and social security arrangements to fight against Covid-19 regarding telework for cross-border workers

Telework continues to be an effective tool in mitigating the spread of the Covid-19 virus. Luxembourg and its neighbouring countries have agreed to extend bilateral special agreements concerning telework of cross-border worker in order to avoid any implications on the applicable tax and social security regime. Special tax arrangements are extended until 31 March 2022 […]

Mandatory Covid-Check at the workspace as of 15 January 2022

Following up on recent government announcements, the Bill of law No. 7924 was voted on 16 December 2021, amending the Law of 17 July 2020 on measures to combat Covid-19 (the “Law”) and comes into force from Friday 17 December 2021. One of the main changes for employers relates to the implementation of a compulsory […]

CSSF guidance on virtual assets

On 29 November 2021, the CSSF provided guidance to the industry with respect to virtual assets, by publishing a Communiqué (the “Statement”) and frequently asked questions for undertakings for collective investments (FAQ – Virtual assets (UCIs ) (the “FAQ”).1 Key takeaway points of the Statement The CSSF identifies three main areas on which professionals wishing to get involved […]

“Brexit, What’s Next?” Series | EU-UK Data Protection Law Divergence: Impact on Data flows

1. Post-Brexit UK regime Following the end of the Brexit transition period, the United Kingdom has retained the General Data Protection Regulation (Regulation 2016/679 ) (“EU GDPR“) as part of its national laws, as the “UK GDPR“, under the Data Protection, Privacy and Electronic Communications (Amendments etc) (EU Exit) Regulations 2019 (SI 2019/419) (as amended) (“Regulations“). […]

Updated CSSF FAQs on UCI Law and MMF Regulation: Change of regulatory practice concerning the holding of ancillary liquid assets by UCITS

On 3 November 2021, the CSSF has announced in its Press Release 21/26 that it has published updated versions of (i) its FAQs on the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (“FAQs on UCI Law ”), and (ii) its FAQs on Regulation (EU) 2017/1131 on money market funds (“FAQs on MMF Regulation ”). […]

Sustainable Finance update (asset management): Final Report on SFDR RTS regarding taxonomy-related disclosures

On 22 October 2021, the European Supervisory Authorities or ESAs (EBA, EIOPA and ESMA)  presented the European Commission with their Final Report on the draft Regulatory Technical Standards (RTS) regarding taxonomy-related pre-contractual and periodic disclosures under SFDR, as amended by the Taxonomy Regulation (Taxonomy RTS). The additional disclosure requirements in the Taxonomy RTS only concern […]

Wage indexation as of 1 October 2021

On Friday 1 October 2021, the National Institute of Statistics and Economic Studies (“STATEC”) confirmed that the annual inflation rate of the national consumer price index reached 2.7% in September 2021, meaning that the triggering threshold of 2.5% for automatic wage indexation has been exceeded. Subject to final confirmation and the detailed results of the […]

IT outsourcing (material) – authorisation requirement replaced by notification requirement 

Until now, all credit institutions, professionals of the financial sector (“PFS”), payment institutions and electronic money institutions subject to CSSF Circulars 12/552, 17/656 and 20/758 respectively, had to apply for the CSSF’s prior authorisation in the case of material IT outsourcing. The Circular eases this regime by introducing a notification procedure, by which the CSSF […]

CJEU ruling on the competence of a non-lead supervisory authority to bring legal proceedings

In a judgment  dated 15 June 2021 further to a request for preliminary ruling, the Court of Justice of the European Union (“CJEU”) confirmed that a national supervisory authority concerned (“SAC”)1, which is not the lead supervisory authority (“LSA”)2, may exercise its power to initiate or engage in legal proceedings in relation to an instance of cross-border […]

Amended rules for the authorisation of qualifying holdings

The Law of 1 June 2021, which entered into force on the same date, introduced a new subparagraph to Article 57 of the Law of 5 April 1993 on the financial sector. Article 57 provides for an obligation for credit institutions and professionals of the financial sector to obtain the authorisation from the Commission de Surveillance […]

(“CB Directive”) on cross-border distribution became applicable on 2 August 2021

Regulation (EU) 2019/1156 (“CB Regulation“) and Directive (UE) 2019/1160 (“CB Directive“) on cross-border distribution became applicable on 2 August 2021. On the same date, ESMA published the Guidelines on marketing communications under the CB Regulation (“Marketing Communications Guidelines“). The CB Directive was implemented in Luxembourg by means of the Law of 21 July 2021 . The CB Directive notably includes: a pre-marketing […]

No financial assistance criminal offence for S.à r.ls

What happened? On 16 March 2021 a new bill of law (no 7791) was submitted to Parliament by the Luxembourg Government aiming to rectify a clerical error in a criminal law provision of the Luxembourg law of 10 August 1915 on commercial companies (the “1915 Law”) relating to the prohibition of unlawful financial assistance. The error […]

Adoption of the law implementing a new prudential regime for investment firms

Investment firms offer a variety of services and vary by their size, business model, risk profile and complexity. Considering that their activities and risk profiles were not always properly captured by the prudential framework resulting from the CRR/CRD IV regime, applicable to both credit institutions and investment firms, a new prudential regime comprising the Investment […]

The CSSF implements ESMA’ guidelines on cloud outsourcing and extends the scope of the Cloud Circular

On 12 July 2021, the Luxembourg regulator of the financial sector, the CSSF, published its Circular 21/777   implementing the ESMA’ guidelines on outsourcing to cloud service providers (ESMA50-164-4285, “ESMA Guidelines”). The CSSF considers that CSSF Circular 17/654 on cloud outsourcing, as amended (the “Cloud Circular”) (applicable inter alia to credit institutions, investment firms, professionals of the financial sector […]

The Administrative Court clarifies the scope of the right of access to documents relating to the exercise of an administrative activity

The Law of 14 September 2018 on a transparent and open administration (“the Law“), gives any person the right to obtain access to a document held by the administration provided that the requested document relates to the exercise of an administrative activity. However, the Law does not define the notion of “administrative activity”. The dispute between […]

Sustainable Finance update (asset management): Application of SFDR RTS postponed and the European Commission’s New Sustainable Finance Strategy

1.    Deferred application date of the draft SFDR RTS In a letter dated 8 July 2021 addressed to the Council and the European Parliament, the European Commission stated that it will defer the application date of the draft regulatory technical standards (RTS) under the SFDR by six months from 1 January 2022 to 1 […]

EHLO, our ICT, IP, media and data protection news – JULY 2021

Luxembourg law recognises issuance of dematerialised securities in blockchains Artificial Intelligence: the Commission’s Regulation Proposal and AI strategy in Luxembourg The Data Governance Act – regulating access to data held by public authorities The impact of the Brexit deal on personal data transfers from the EU to the UK GDPR – Adequacy decisions for the […]

Storage of credit card data in the context of one-off online transactions – Legal basis – EDPB Recommendations 02/2021

The development of the digital economy and e-commerce continuously enhances the number of online transactions and the risk of fraud related to the use of credit card data online. In relation to the storage of credit card data, the European Data Protection Board (the “EDPB”) has adopted a stringent recommendation on the topic of the […]

Guidelines regarding the geolocation of vehicles made available to employees

On 15 April 2021, the Commission Nationale pour la Protection des Données (“CNPD”), the Luxembourg Data Protection Authority, published new guidelines on the geolocation of company vehicles made available to employees (the “Guidelines”). The use of company vehicles and their subsequent geolocation involves the processing of personal data. Therefore, the CNPD raises certain data protection questions and risks for the privacy of employees […]

Digital Green Pass: EU data protection authorities’ position

What happened? On 31 March 2021, the European Data Protection Board (the EDPB) and the European Data Protection Supervisor (the EDPS, together the Authorities) adopted a joint opinion on the European Commission’s proposal to create a Digital Green Certificate (the Proposal), also known as the Digital Green Pass. The objective of the Digital Green Certificate is to allow individuals vaccinated against COVID-19 to move […]

Artificial Intelligence: the Commission’s Regulation Proposal and AI strategy in Luxembourg

Introduction Artificial Intelligence (“AI”) is developing rapidly. AI-based systems and technologies are expected to bring far-reaching social and economic benefits for individuals as well as for companies and other players in many industries such as healthcare, farming, education, energy, logistics, justice, climate change mitigation etc.1 AI may, however, also entail a number of potential risks and […]

GDPR anniversary – Time to take your business for a data protection compliance check-up

It’s already the third anniversary of the GDPR! Here are 10 questions that controllers should consider when self-assessing their compliance. Most of these questions are relevant for processors too! 1. Have you set up and maintained a record/register of processing activities? 2. Are you identifying, on an ongoing basis, lawful bases for all the processing […]

Luxembourg impact of EU Commission’s new guidance on EU merger control referrals

What’s new? In a Communication of 26 Mars 2021, the European Commission published new guidance on the application of the referral mechanism set out in Article 22 of the EU Merger Regulation (“EUMR”). Its new approach supports the referral of certain merger cases to it by national competition authorities (“NCAs”) not having initial jurisdiction over the transaction in certain circumstances. […]

Right to silence for individuals charged with market abuse offences

In a recent judgment (case C-481/19, Consob), the Court of Justice of the European Union (“CJEU”) has recognised for the first time that individuals subject to an administrative investigation for insider dealing cannot be penalised for refusing to provide answers to the competent authority when their answers might establish their liability for an offence punishable by administrative […]

e-Privacy Regulation: the return?

Posted – 04.03.2021 On 10 February 2021, the Council of the European Union published a press release  according to which the Member States’ representatives at the Council (Committee of Permanent Representatives or “Coreper”) have agreed to grant a negotiating mandate to the Council for the revised rules on the protection of privacy and confidentiality in the use of […]

5G: Opportunities and Legal Challenges

Posted – 04.03.2021 Part 3. The deployment of SAWAPs access points for 5G networks in light of the European Electronic Communications Code This article is the third of a series of publications, which focuses on specific 5G topics. Register here to follow our series of articles on the theme of 5G In our previous publications we presented an […]

Draft adequacy decisions for the free flow of personal data from the EU to the UK

Posted – 10.03.2021 What’s new with personal data transfers to the UK On 19 February 2021, the European Commission released two draft adequacy decisions, which, if adopted, will allow personal data transfers from the EU to the UK as if such transfers took place in the EU. One draft decision covers data transfers under the GDPR […]

Transposing New Copyright Directive

Posted – 12.03.2021 On 10 February 2021, the Luxembourg Government published draft legislation aiming at transposing into Luxembourg law the Directive on copyright and related rights in the Digital Single Market 1 (the “New Copyright Directive”) adopted on 17 April 2019. The Luxembourg Government has launched a public consultation until 2 April 2021 allowing the stakeholders to express their […]

Law of 5 March 2021: implementing measures in the context of the EU “Platform to Business” Regulation 2019/1150

Posted – 17.03.2021 On 5 March 2021, Luxembourg adopted a Law relating to certain implementation methods in relation to the EU “Platform to Business” Regulation of 20 June 20191 (the “P2B Regulation”, applicable since 12 July 2020). The P2B Regulation aims to ensure the fair and transparent treatment of business users2 and corporate website users3 by online intermediation service […]

Sustainable Finance: Disclosure and Taxonomy Regulations – Update February 2021

We are pleased to present the updated version of our brochure “ESG – Sustainable Finance”. This brochure contains the Disclosure Regulation, i.e. Regulation (EU) 2019/2088 of 27 November 2019 on sustainability‐related disclosures in the financial services sector in consolidation with: The Draft RTS Disclosure Regulation published by the European Supervisory Authorities (“ESAs”) on 2 February 2021 […]

Luxembourg law recognises issuance of dematerialised securities in blockchains

What happened? On 21 January 2021, the Luxembourg Parliament adopted the Law of 22 January 2021 modifying the Law of 5 April 1993 on the financial sector and the Law of 6 April 2013 on dematerialised securities (the “Law of 2021”). . The Law of 2021 aims at modernising the existing legal framework for dematerialised […]

The impact of legislative updates on the media market– key takeaways

What happened? On 9 February 2021, the Chamber of Deputies voted a law that implements Directive (EU) 2018/1808  of 14 November 2018 into Luxembourg law. Within the framework of the Digital Single Market Strategy for Europe, that Directive, entered into force on 18 December 2018, amended Directive 2010/13/EU on the provision of audiovisual media services (the “Audiovisual Media Services […]

The Data Governance Act – regulating access to data held by public authorities

Why a Data Governance Act? On 25 November 2020 the European Commission published a Proposal for a Regulation on European data governance1(the “Data Governance Act”), part of a set of measures related to the European data strategy that aims at making the EU a leader in a data-driven society. Noting that public authorities are collecting a vast […]

European Commission’s Action Plan on Intellectual Property

On 25 November 2020, the European Commission (“Commission”) published its Action Plan on Intellectual Property1(“Action Plan”) which proposes to implement specific intellectual property (“IP”) policies with the particular objective of modernising the European Union (“EU”) framework in this field and helping small and medium enterprises (“SMEs”) benefit from their inventions and creations, especially in times […]

Regulating access to Open Data – free access to data held by public bodies.

Current legal framework… The Luxembourg Government’s Open Data strategy addresses the following situation: “The public sector gathers and stores large quantities of data that could be of interest to individuals and businesses, but the data is not often accessible to the public. Yet unimpeded access to such data constitutes one of the fundamental principles of […]

The Luxembourg RBO Law one year on: Some Key Questions are Still Pending

The Law of 13 January 2019, which established the Luxembourg register of beneficial owners in accordance with EU anti-money laundering directives, has to be complied with by Luxembourg legal entities since a bit more than year. This first period of application revealed many practical questions. Guidance by relevant authorities addresses some but not all of […]

Tokenised Securities in Luxembourg: Concept and Legal Considerations to be Taken into Account Upon an Issuance

Bulletin Droit & Banque n°67, ALJB, 2020   Table of Contents: Executive Summary I) DLT and the issuance of tokenised securities A) General considerations on DLT and legal terminology A brief introduction to blockchain technology a) DLT b) coins and tokens Terminology and classification from a legal perspective a)            the instruments i) the “traditional” classification […]

Hard Brexit for financial services

Since 1 January 2021 economic relations between the EU and the UK are governed by the Trade and Cooperation Agreement (“TCA“) agreed on 24 December 2020 between the EU and the UK as a third country (see link here ). The UK voted to leave the EU in June 2016 and officially left the EU on 31 January 2020. […]

The impact of the Brexit deal on personal data transfers from the EU to the UK

On 24 December 2020, the European Union (“EU“) and the United Kingdom (“UK“) finally struck a deal over Brexit. They notably reached a Trade and Cooperation Agreement (“TCA“). In respect of personal data protection, this Trade and Cooperation Agreement provides for a temporary period during which transfers made to the UK will not be considered […]

COVID 19 – CNPD Best Practices in relation to processing by employers of health data (update 23 December 2020)

In April 2020, we issued an article about the legal principles and CNPD recommendations in relation to processing by employers of health data in the context of the COVID-19 outbreak. On 21 December 2020, the Commission Nationale pour la Protection des Données (“CNPD”) updated its recommendations1. The main updates are as follows. First, the CNPD acknowledges that the return […]

Register Fiducies and Trusts

(Luxembourg, December 2020) New register for beneficial owners of fiduciary arrangements and express trusts complementary to the register of beneficial owners for legal entities. On 17 July 2020, the Law of 10 July 2020 creating a register of fiducies and trusts (“RFT Law “) entered into force. It transposes Article 31 of Directive (EU) 2015/849 as amended […]

Cross Border Services by Third Country Firms

(Luxembourg, December 2020) On 2 July 2020, the CSSF published two important documents in relation to the provision of cross-border services by third-country firms: CSSF Regulation 20-02   which lists the first third countries with equivalent supervision regimes for MiFID II services performed to per se professional clients or eligible counterparties in Luxembourg; and CSSF Circular 20/743 which amends […]

Professional Guarantees

(Luxembourg, December 2020) On 10 July 2020, the Luxembourg Parliament (Chambre des Députés) adopted a new law relating to professional payment guarantees (the “Law”). The Law introduces a special regime for personal guarantees granted in a professional context (the “Professional Guarantee”) among parties who wish to benefit from greater contractual freedom in determining the features […]

L’analyse, par la CRF, des typologies en matière de faux virements

(Luxembourg, June, 2020) This article was first published in Bulletin Droit & Banque, n°64, ALJB, June 2019, pp. 35-36. Read full article here. Article by Elisabeth Omes.  

La lutte contre le blanchiment d’argent et le financement du terrorisme impactée par le COVID-19

(Luxembourg, July 2020) This article was first published in Bulletin Droit & Banque, n°66, ALJB, July 2020, pp. 17-18. Read article here Article by Elisabeth Omes.

5G: Opportunities and Legal Challenges – Part 2. Deployment of 5G in Luxembourg

(Luxembourg, November, 2020) In our previous publication we presented an overview of the 5G technology and the related opportunities in our society. This publication focuses on the concrete deployment of 5G in Luxembourg and more particularly the allocation of a dedicated part of the electromagnetic spectrum. 5G: How does it work? 5G technology requires the use of […]

EDPS publishes its strategy for Union institutions’ compliance with “Schrems II” ruling

(Luxembourg, November, 2020) What is the context of this Strategy? On July 16 July 2020, the CJEU issued its ruling related to the “Schrems II” case (C-311/18) (the “Schrems II Ruling”) invalidating the EU-US Privacy Shield Framework but also affecting the manner in which EU Standard Contractual Clauses may have to be implemented in the […]

EDPB Recommendations 01/2020 and 02/2020 on transfers of personal data after Schrems II

(Luxembourg, November, 2020) What happened? On 10 November 2020, the European Data Protection Board (“EDPB”) adopted two sets of recommendations on the transfer of personal data from the European Union (“EU”) to third countries further to the Court of Justice of the European Union (“CJEU”) ruling in the Schrems II case1: Recommendations 01/2020 on measures that supplement […]

Sustainable Finance Disclosure Regulation

(Luxembourg, October, 2020) In the area of ESG and sustainable finance, investment fund managers need to start preparing for the application of the ESG Disclosure Regulation1 (“Disclosure Regulation”). As from 10 March 2021, they will be required to publish ESG-related information on their website. They will also need to ensure that ESG information is provided (i) […]

La protection des sols pollués en droit luxembourgeois et panorama de jurisprudence (2008-2019)

(Luxembourg, April 2020) Read Article here Article by Nathalie Prüm-Carré and Serge Marx

Brexit Update

(Luxembourg, October, 2020) Since the UK’s withdrawal from the EU on 31 January 2020, in accordance with the Withdrawal Agreement concluded between the UK and the EU to ensure an orderly departure and legal certainty, EU law continues to apply to and in the UK in important areas during the transition period ending 31 December 2020. […]

New rules on online platform transparency

(Luxembourg, October, 2020) New EU platform-to-business rules aimed at enhancing transparency of online platforms for business users are now applicable. Implementation of certain procedural aspects in Luxembourg is pending. An enforcement role is given to the Competition Council. Regulation (EU) 2019/1150 of 20 June 2019 on promoting fairness and transparency for business users of online […]

Decision of the CJEU in the Blackrock case

(Luxembourg, October, 2020) On 2 July 2020, the Court of Justice of the European Union (“CJEU”) ruled in the case C-231/19 (Blackrock Investment Management (UK) limited v. Commissioners for her Majesty’s Revenue and Customs) that a single supply of management services used to manage both special investment funds and other funds, could not be VAT […]

Draft Budget Law for 2021 is released!

(Luxembourg, October, 2020) On 14 October 2020, Luxembourg’s Minister of Finance, Pierre Gramegna, tabled before the Parliament the draft budget law for the year 2021 (the “Draft Budget Law”). The Draft Budget Law proposes amendments which, according to the Government, aim at restoring tax justice at the level of Luxembourg tax residents. In this context, […]

New agreement on teleworking

(Luxembourg, October, 2020) Following the opinion approved unanimously by its members, issued on 11 September 2020 by the Conseil économique et social (“CES”), the social partners LCGB, OGBL and UEL signed a new agreement on 20 October 2020 on teleworking (“Agreement”), which will come into force once it has been declared “d’obligation générale” by Grand-Ducal regulation, which is […]

Press Releases

Closure of investigation of alleged anti-competitive practices by Volkswagen

By a decision of 8 June 2021, the Competition Council (“Council”) closed its investigation conducted since 2016 against certain companies belonging to the Volkswagen Group. There will be no further legal proceedings in the matter. The investigation resulted from several complaints addressed to the Council by Luxembourg residents about their difficulties in purchasing cars distributed by the […]

27 Jul 2021

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