<p>The law of 6 April 2013 on dematerialised securities (the “<strong>Law</strong>”) has introduced in Luxembourg law a flexible and secured legal framework for investors and issuers of Luxembourg dematerialised securities.<br />
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<p><strong>A pressing environment</strong></p>

<p>Depuis les années 1990, ni la directive sur les marques ni le règlement sur la marque communautaire n’ont subi de modifications majeures malgré les évolutions de l’environnement des entreprises. La Commission européenne a réuni des propositions (Comm. UE, communiqué IP/13/287, 27 mars 2013) concernant des modifications de la directive de 1989 rapprochant les législations des États membres sur les marques (codifiée par la directive 2008/95/CE, 22 oct. 2008) ; une révision du règlement de 1994 sur la marque communautaire (codifié par le règlement (CE) n° 207/2009, 26 févr.

<p><strong>The law dated 29 March 2013 relating to administrative cooperation in the field of taxation (the “Law”) aims at (i) transposing Council Directive 2011/16/EU into Luxembourg law and (ii) strengthening administrative cooperation between Member States in the field of taxation. The Law also abrogates amended law dated 15 March 1979 concerning the international administrative assistance in the field of direct taxation.</strong></p>
<p> The important new elements introduced by the Law are the following:</p>
<ul><li>

<p>As announced within our previous <a href="http://www.wildgen.lu/publications/newsletters/wildgens-newsletters/new… of September 2012</a>, Luxembourg has implemented the Directive 2011/61/EC of the European Parliament and of the Council of June 8, 2011 on alternative investment fund managers (the “AIFM Directive”).</p>

<p><strong>Implementation of the Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on alternative investment fund managers into Luxembourg law.</strong></p>
<p>As announced within our previous newsletter as of 12 September 2012, Luxembourg has implemented the Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on alternative investment fund managers (the “AIFM Directive”).</p>

<p>Draft law 6501 has been voted by the Luxembourg Parliament. This Law of 14 June 2013¹ implements new tax treaties with:</p>
<ul><li>
<em>Germany,</em></li>
<li>
<em>Kazakhstan,</em></li>
<li>
<em>Macedonia,</em></li>
<li>
<em>Seychelles,</em></li>
<li>
<em>Tajikistan,</em></li>
<li>
<em>Laos, and</em></li>

<p><em>In order to allow the CSSF to establish an inventory of all AIFM, each AIFM, after having performed the self-assessment mentioned under point (1) in CSSF press release available below, has to provide the CSSF by 16 August 2013 at the latest, with the following information:</em></p>
<p class="rteindent1"><em>(a) Name of the AIFM;<br />
(b) Address of the AIFM;<br />
(c) Information whether the AIFM is an Internal AIFM or an External AIFM; and<br />

Potential impacts of the new Luxembourg law on alternative investment fund managers adopted on 10 July 2013, effective since 15 July 20131, and implementing the Directive 2011/61/EU of the European Parliament and of the Council of 27 May 2011 regarding alternative investment fund managers (the “AIFM Law”) on the Luxembourg Banking & Finance as well as the Capital Market sectors:
 

<p><strong>The Luxembourg legal framework of the insurance sector is about to experience significant changes in the coming months. The implementation of Solvency II directive is still a legislative work in progress with two legs, consisting in a draft bill that will restate in full the existing law of 1991 on the insurance sector and a second draft bill that will amend both the law of 1997 on insurance contracts and the law of 1994 on annual accounts of insurance and reinsurance companies.</strong><br />
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<p><strong>On July 24^th, 2013 the European Commission published the awaited proposal for a revised Payment Services Directive (“PSD2”)¹ having for its purpose to complete and recast the Payment Services Directive (N° 2007/64/EC, “PSD1”) implemented in the Grand Duchy of Luxembourg by the Law of  November 10^th 2009 on payment services</strong>.^{<strong>2</strong>}<br />
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