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Luxembourg

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In Product Regulation & Liability

Luxembourg: New rights for consumers following transposition of the Omnibus Directive

by 6 Mins Read

On 30 November 2022, a new law amending the Code of Consumption for the purpose of transposing Directive (EU) 2019/2161 was published in the Luxembourg Official Gazette. The New Law entered into force on 4 December 2022.
The Omnibus Directive amends several existing EU consumer protection legislation, including the Unfair Contract Terms Directive, Price Indications Directive, Unfair Commercial Practices Directive and Consumer Rights Directive and widens the customer rights framework to also cover digital goods, content, and services.

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In Environment

Luxembourg announces its intention to withdraw from the Energy Charter Treaty

by and 4 Mins Read

The Energy Charter Treaty (ECT) is an investment treaty that enables multilateral cooperation in the energy sector. Fifty-three states are currently contracting parties to the treaty, including countries in Europe, Asia and the Middle East, as well as the European Union. On 18 November 2022, Luxembourg announced its intention to withdraw from the ECT, joining the wave of countries signaling their intention to pull out of the ECT.

In AML & Financial Services Regulatory

Luxembourg: Access to the register of beneficial owners

by , , , , , and 3 Mins Read

European Union, online public access to the Luxembourg register of beneficial owners (RBO) was temporarily suspended.
On 16 December 2022, online access to the RBO was re-established for professionals subject to the amended law of 12 November 2004 on the fight against money laundering and terrorist financing (“Professionals”), such as professionals from the financial and insurance sectors, auditors, real estate agents and developers, persons carrying out a family office activity, notaries and lawyers.
On 1 February 2023, the Luxembourg Business Register announced that all entities registered with the Luxembourg trade and companies register that have made an RBO declaration will be receiving a confidential code allowing them to access their own RBO data and order an RBO extract even though they do not qualify as Professionals.

In AML & Financial Services Regulatory

Luxembourg: Unlimited access to register of beneficial owners deemed invalid

by , , , , and 4 Mins Read

Following the judgment of the Court of Justice of the European Union of 22 November 2022, access to the Luxembourg register of beneficial owners website via the internet has been temporarily suspended. This judgment, taken on a preliminary ruling from the Luxembourg District Court in a dispute between the beneficial owners of an entity registered in Luxembourg and the Luxembourg Business Register, underlines that access without distinction of user quality, although imposed by the text of Directive (EU) 2018/843 of the European Parliament and of the Council of 30 May 2018 amending Directive (EU) 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing transposed into Luxembourg law, is contrary, in particular, to Articles 7 and 8 of the Charter of Fundamental Rights of the European Union.

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In Luxembourg

Luxembourg: Baker McKenzie’s Tax and Legal Breakfasts: Employment

by and 2 Mins Read

The Tax and Legal Breakfasts: Employment seminar at the Baker McKenzie Luxembourg Office on Tuesday 29 November 2022 is designed to give our clients the keys to better apprehend and manage dismissal cases under Luxembourg law. During the seminar, we will cover the traditional questions of the types of dismissal and explain how to build up and manage a case. Furthermore, in a context where employers have difficulties in exercising their power of control over employees working remotely, where harassment claims constantly increase and where employers fear abusive whistleblowing procedures, we will also explain what measures could be implemented or course of action, such as dismissal, taken.
All sessions are complimentary to Baker McKenzie clients and affiliates.

In AML & Financial Services Regulatory

Luxembourg: New procedure of administrative dissolution without liquidation

by , and 4 Mins Read

The forthcoming visit to Luxembourg of the Financial Action Task Force, the global money laundering and terrorist financing watchdog, is certainly not unrelated to the recent adoption of the law creating a new procedure of out-of-court dissolution without liquidation for certain commercial companies. That law is the first part of the more ambitious reform aiming at preserving businesses and modernizing bankruptcy law, currently pending before the Luxembourg Parliament. Its objective is to remove, in a quick and cost-efficient way, dormant and empty shell companies without economic reality and in breach of applicable laws to prevent them from being used for criminal purposes.

In AML & Financial Services Regulatory

Luxembourg: 12 November 2022 – AML/CFT submission deadline for non-regulated alternative investment funds

by and 2 Mins Read

On 12 October 2022, the “Administration de l’enregistrement, des domaines et de la TVA” (AED) released on its website several documents regarding the AML/CFT supervision of Luxembourg alternative investment funds (AIFs) that are not supervised by the “Commission de surveillance du secteur financier”. The AED requires Unregulated AIFs to file the “RR/RC identification form” and file the “AIF AML/CFT Questionnaire 2021” for the financial year ending in 2021 by the close of business on 12 November 2022 at the latest.

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In ESG

Luxembourg: New regulatory requirements regarding the implementation of SFDR RTS

by and 4 Mins Read

On 27 July and 6 September 2022, the Commission de surveillance du secteur financier (CSSF) released a communiqué and a communication in relation to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR) and the upcoming date of application of Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing SFDR (SFDR RTS).
The CSSF outlined the deadline of 1 January 2023.
Specific updates of UCITS and AIFs pre-contractual (prospectus/issuing documents) and periodic documents (annual reports) are referred to and the CSSF created an accelerated procedure for the submission of updated pre-contractual documents with templates of confirmation letter that should accompany the filing of a prospectus/issuing documents.

In Austria

Europe: The New European Restructuring Schemes – Update May 2022

by , , , , , , , and 1 Min Read

Through the EU Directive on Restructuring and Insolvency of 20 June 2019 (EUR 2019/1023, “Directive”), the European Union has imposed an obligation on its member states to offer a more attractive and flexible restructuring scheme in their respective local law. The initial deadline to do so had been 17 July 2021. Only a handful of countries (most notably Germany and The Netherlands) had implemented the Directive within the initial deadline, whilst the other countries made use of the possibility to ask for a one year extension.

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