Article 30 of the Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the 4th AML Directive) creates transparency obligations for corporate and other legal entities to create and maintain an up-to-date register of beneficial owners with a determined set of information. It also triggers the obligation to create a register of beneficial owners which information will be made available to competent authorities as well as to the public under certain conditions.
An ICO is an unregulated and innovative way of public fund raising, by selling coins or tokens. By launching an ICO, a company (the Issuer) (startup and/or fintech company) or an individual, issue coins or tokens for sale in exchange of virtual currencies, such as Bitcoin. Sometimes, ICOs may as well involve traditional currencies. The aim of launching an ICO is to circumvent traditional rigorous and regulated capital-raising process, by allowing Issuers to raise money in a fast manner and start rapidly their activities.
On October 10th 2017, the Council of State commented the draft Grand Ducal Regulation aimed at consolidating the Luxembourg law of August 10th 1915 on commercial companies, as amended from time to time (the 1915Law).
The Grand Chamber of the European Court of Human Rights (“ECHR”) issued yesterday a highly anticipated ruling in the case Barbulescu / Romania (n°61496/08) regarding the monitoring of employees’ electronic communications within the workplace.
The case concerned Mr. Bogdan Barbulescu, a Romanian citizen, who was employed by a company as an engineer in charge of sales, from 2004 to 2007. Mr. Barbulescu had been using, within the framework of his job, a Yahoo Messenger email account to respond to clients’ queries.
On June 1st 2017, the Luxembourg Supreme Court (Cour de Cassation) decided on the possible applicability of the rules on non-contentious administrative proceedings (Procédure administrative non-contentieuse), as laid down in the law dated December 1st 1978 and its implementing Grand-Ducal Decree of June 8th 1979 (the “PANC Acts”), with respect to value added tax (“VAT”).
The Law of March 8th, 2017 (hereinafter: the “Law”) amending the law of August 29th, 2008 on freedom of movement and immigration, as amended, implements both Directive 2014/36/UE on the conditions of entry and stay of third-country nationals for the purpose of employment as seasonal workers
The “Global Legal Entity Identifier System” (GLEIS) is a unique identifier system for financial markets designed to create and apply a single universal standard identifier to any organization or firm involved in a financial transaction, which aim is to facilitate the management and control of risks and enhance transparency.
Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and Repealing Directive 2003/71/EC (the PR) will, pursuant to article 49 of the PR, enter into force on July 20th 2017 and be applicable as from July 21st 2019.