<p>Only few weeks upon the issuance of its “UCITS V Proposal Directive”, the European Commission has issued on 26 July 2012 its “Consultation Paper” on Undertakings for Collective Investment in Transferable Securities which aims to follow on and deepen the Commission’s understanding of specific notions which are:</p>
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<em>the eligible assets and use of derivatives,</em></li>
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<em>the efficient portfolio management techniques,</em></li>
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<p>The draft law 6471 transposing Directive 2011/61 EC of the European Parliament and of the Council of November 11, 2010 on alternative investment fund managers (the “AIFM Directive”) has been deposited on Friday August 24, 2012 at the <em>Chambre des Députés</em>.</p>
<p>It relates (inter alia) to the European Passport for fund managers established in the European Member States and fund managers from third countries, who would be allowed to distribute their non-European funds within the European Union.</p>
<p><strong>Luxembourg law dated 21 July 2012 (henceforth known as the “Law”) implements Directive 2010/24/EU (the “Directive”) of 16 March 2010 concerning mutual assistance for the recovery of claims relating to taxes, duties, and other measures. The Law modernizes Luxembourg legislation in this field.</strong></p>
<p>The scope of the Law encompasses all taxes and duties (except for social security contributions).</p>
<p><strong>Bill of Law n°6471 regarding, most notably, the implementation of the so-called AIFMD (Directive 2011/61/EU) would largely amend the legal and tax provisions regarding limited partnerships (société en commandite simple or S.C.S.) and would also introduce the new special limited partnership (société en commandite speciale or S.C.Sp.).</strong></p>
<p>The draft law 6471 (the “Bill”) transposing Directive 2011/61/EC of the European Parliament and of the Council of November 11, 2010 on alternative investment fund managers (the “AIFM Directive”) has been deposited on Friday August 24, 2012 at the Luxembourg Parliament, the <em>Chambre des Députés</em>.</p>
<p>The most important legal impacts on the Luxembourg financial center introduced by the Bill will be the following: <br />
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Amendments to Luxembourg laws</h3>
<p><strong>ECJ, ERSTE Bank Hungary, C -527/10, July 05, 2012.</strong></p>
<p>Within the framework of the Luxembourg Government e-services campaign, the Luxembourg Maritime Administration recently announced the implementation of an electronic single window interface (“Guichet Unique”). It will allow the electronic processing of the following application forms:</p>
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Seamen :
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<em>application for a Seamen’s book</em></li>
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<em>application for Recognition of Certificates of Competency (RCC)</em></li>
<p class="rteleft"><em>"Insurance in Luxembourg began with the arrival and installation of the first foreign insurance companies after the introduction of the law of 20 March 1853 on insurance companies. The activity was principally focused on life and fire insurance. As from 1920, the first Luxembourg insurance companies were incorporated.</em></p>
<p>On 2 October 2012, Luc Frieden, the Finance Minister, submitted the 2013 budget bill to the Parliament.</p>
<p>In his speech, M. Frieden announced limited austerity measures in order to address the increasing hardship economic situation in Europe. These measures complement those presented in 11 May 2012 by the Prime Minister Jean-Claude Juncker in his annual «State of the Nation» speech.</p>
<p><strong>The most salient envisioned tax measures may be summarized as follows:</strong></p>
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<p><strong>The Luxembourg Financial regulator (<em>Commission de Surveillance du Secteur Financier</em>, the “CSSF”) issued the circular 12/546 on 24 October 2012 regarding the authorisation and organisation of Luxembourg management companies subject to chapter 15 of the law dated 17 December 2010 relating to undertakings for collective investments (the “2010 Law”) and investment companies (i.e.