DLA Piper in Luxembourg’s Post

On 19 July 2024, the European Commission has published the final version of the regulatory technical standards (RTS) with respect to Regulation (EU) 2015/760, as amended (ELTIF 2.0). The final version of the #RTS, reflecting the needs of the industry, contains more flexible rules, compared to the previous versions, and gives more discretion to #ELTIF managers in such important matters as redemption policy, choice of the liquidity management tools, minimum holding periods and notifications. The RTS are now in the hands of both the #EU Parliament and the Council for their review. Should there is no extension of the review of or no objection on the RTS within the next three months, the RTS will enter into force towards the end of 2024. The RTS clarify certain aspects on ELTIF 2.0, including: ✔️ Liquidity management tools (LMTs). ✔️ Hedging. ✔️ Communication of certain information on redemptions to the national regulator. ✔️ Adjustment of redemptions. ✔️ Minimum holding period. ✔️ Matching of transfer requests. ✔️ Costs disclosure. For more details, check out our alert or feel free to contact Catherine Pogorzelski, Caroline Pimpaud, Bahya Bouharati, Ph.D., Christoforos Soteriou and Margarita Eloeva.

Explore with us the intricacies of the #ArbitrationLaw in #Luxembourg. In the second post of our Arbitration summer series, we break down the arbitration proceedings under the new law. Our overview shows the typical costs of #arbitration in Luxembourg and highlights the key factors that influence these expenses. We also provide cost estimates under the procedural rules of the Luxembourg Arbitration Center (LAC). Arbitration in Luxembourg offers a discreet, efficient, and timely solution to business disputes. Stay tuned for more key insights in our next post, coming next Wednesday. For further information or specific inquiries in the meantime, reach out to our #DisputeResolution team: Olivier Reisch, Carole Rhein, or Amin Bouazza.

The new #Luxembourg law on non-performing loans (#NPL) has been adopted and published performing on 18 July in the Official Journal. This legislation transposes #EuropeanDirective 2021/2167 and #Regulation 2022/2036, and amends several national laws such as the law of 5 April 1993 on the financial sector and the #SecuritisationLaw (#Securitisation).   Here are the key highlights of the law: • Introduction of concepts such as the non-performing loan agreement, #CreditServicing activities, and #CreditServicer. • Recognition of the credit servicer as a new professional of in the financial sector (#PFS), benefiting from the #EuropeanPassport regime. • Regulation of authorizsation procedures for credit servicers, as well as obligations towards credit purchasers and borrowers. • Clarification of the relationships with borrowers and obligations regarding #DataProtection and legal #Compliance.   Explore our comprehensive overview of the law and understand its impact on your business by reading our full article. For any questions, connect with the authors: Laurent Massinon, Eduardo Fonseca, and Tiago Fernandes.

We are celebrating #PrideMonth and recently participated to the Luxembourg Pride Run, supporting the LGBTIQ community through this joyful and inclusive event. 🌈 Thank you to our runners and walkers for championing #diversity, #equality, and #acceptance in our society. We are proud of your achievement! #PrideMonth #LuxembourgPrideRun #DiversityandInclusion 

Over a year ago, #Luxembourg modernized its Arbitration Law, drawing inspiration from French law and the UNCITRAL Model Law. This modernization applies to all arbitration agreements entered into, arbitral tribunals constituted, and arbitral awards rendered on or after 25 April 2023. ⚖️ To help navigate this new landscape, we are launching our new #ArbitrationLaw series. We will provide a comprehensive overview of key aspects of the new arbitration law, including agreements, proceedings, tribunal constitution, and enforcement, with new topics covered each week. Through this series, you will gain a deeper understanding of arbitration mechanisms. Today, we explore practical insights into drafting such agreements and clauses, focusing on principles of severability and arbitrability, as well as key considerations like the seat of the arbitral tribunal and the number of arbitrators. Stay tuned for upcoming topics, and feel free to share your thoughts and experiences in the comments. If you have any questions, or if you need assistance navigating Luxembourg Arbitration Law, feel free to contact our Dispute Resolution team: Olivier Reisch, Carole Rhein, or Amin Bouazza. #Arbitration #DisputeResolution #DiscoverDLAPiper

Our IPT team, including Olivier Reisch (Partner), and Guillaume Dally (Senior Associate), seconded by our investment funds team, Caroline Pimpaud (Partner), and Bahya Bouharati, Ph.D. (Counsel), recently held an insightful event focused on the new #DORARegulation and its impact on asset managers. The implementation of the Digital Operational Resilience for the Financial Sector Regulation (DORA) marks a significant turning point for financial entities including asset managers, requiring robust governance frameworks and substantial operational changes.   At this event, we discussed compliance challenges and strategies with our clients from the #InvestmentFunds sector. Topics covered included risk management reporting, requirements for contractual arrangements, anticipation, and sanctions. We extend our heartfelt thanks to the participants for their presence and engaging discussions.   If you seek further insights or wish to learn how we can assist you in navigating these new regulations, please don't hesitate to reach out to our dedicated team.   #DORA #Compliance #AssetManagement #FinancialRegulations #ICTLaw

In the July edition of #AGEFI, Laurent Massinon (Partner) and Christina Nickel (Counsel) explore the complexities of #DORA and its impact on regulated entities also qualifying as ICT third-party service providers (TPSP). In this essential read, we cover: ◾The fundamental requirements of DORA ◾The implications for the financial and insurance industries providing services including tech components (intra- & extra-group) ◾Approach for managing dual compliance as both, a regulated entity and an ICT TPSP 👇Read the full article to ensure your organization is prepared for the 17 January 2025 deadline. For any questions, don’t hesitate to contact the authors of the article. #DORALaw #FinancialSector #ICTCompliance #DigitalResilience #EURegulations

We are pleased to announce the strategic appointment of Thierry WONNER as Head of Operations of the Luxembourg office, succeeding Axelle Ferey who transitions to Head of International Sector Strategy for Investment Management and Funds.    Axelle, who established the Head of Operations function in #Luxembourg four years ago, will now strengthen our global strategy in the Investment Management and Funds sector. Thierry, who joined us in October 2020 as Head of Finance, brings a strong background in finance and management to his new role.     🎉 Xavier Guzman, Country Managing Partner, congratulates them: “These strategic moves reflect DLA Piper’s commitment to fostering talent and offering career growth opportunities, both locally and internationally. Thierry and Axelle have demonstrated outstanding abilities in professionalizing their previous roles, and there is no doubt that they will continue to drive the firm forward in their new positions."    👏 Join us in celebrating Axelle and Thierry’s new journeys and wishing them even greater accomplishments in their new roles! https://lnkd.in/gvVmAdqK #TalentRecognition #PotentialTogether #Success #People 

The #DORALaw dated 1 July 2024 was published on 2 July 2024, and will enter into force on 17 January 2025 in #Luxembourg!   🔎 The DORA Law covers, amongst others: ◾transposition of Directive (EU) 2022/2256 into Luxembourg law, ◾implementation of the DORA Regulation, ◾the granting of supervisory and investigative powers to the CSSF and CAA, including the ability to impose significant fines for non-compliance, and ◾the amendment of several important Luxembourg laws, such as, amongst others, the 1993 law on the financial sector, the 2010 law on undertakings for collective investment or the 2015 law on the insurance sector.   🔗 For more details and to ensure compliance by regulated entities of the financial and insurance sector falling within the scope of DORA as well as ICT third party services providers, connect with our lawyers and the authors of the article Laurent Massinon, Olivier Reisch, Christina Nickel, Guillaume Dally. 👉 Read the full article : https://lnkd.in/eAZNUQ8W #DORA #Law #DigitalResilience #ICTCompliance #EURegulations #FinancialSector #InsuranceSector

We are delighted to announce the 2024 #promotions within DLA Piper's Luxembourg office! Emre Akan, Bahya Bouharati, Ph.D. and Yann Zellet have all been promoted to Counsel, while Clément Bourdon, Céline Curatola and Cyril Poels become Senior Associates, effective 1st of July.   👏 We extend our congratulations to each of them on their well-deserved promotions. They significantly contribute to the growth and reputation of our #Luxembourg office and our practice groups.   Xavier Guzman, Country Managing Partner, adds “At DLA Piper, nurturing our people and realising our potential together is not only a management priority but a core part of our global strategy. This commitment ensures that we deliver the best service to our clients and continue developing the marketplace. We are very proud of the achievements of our talent and their continued career growth with us.”   🌟 Join us in celebrating their success and wishing them all the best in their new roles! https://lnkd.in/edvxaUFh   #TalentRecognition #PotentialTogether #Success #People