<p><strong>With the adoption by the EC of a Delegated Regulation (the “AIFM Regulation”), the Directive 2011/61/EC of the European Parliament and of the Council of November 11, 2010 on AIFM will be supplemented. The AIFM Regulation will be directly applicable as from July 22, 2013 without any implementation into national law by the Member States.</strong></p>
<p>These “Level 2 Measures” provide for a series of implementing rules with regard to exemptions, general operating conditions, depositaries, leverage, transparency and supervision.</p>

<p><strong>On 19 December of last year the European Securities and Market Authority (ESMA) issued two consultation papers - "Guidelines on key concepts of the AIFMD" and “Draft regulatory technical standards on types of AIFMs" - with a view to clarify certain criteria and key terms of the upcoming regulatory regime for AIFM and to give guidance as to the scope and applicability of the AIFMD.</strong></p>

A year ago, on 25 January 2012, the European Commission released draft amendments to the European data protection framework. The proposed Directive aims at increasing harmonisation and applying general principles of personal data protection, while continuing to respect specificities in the field.

<p><strong>In accordance with the new Luxembourg Law dated 21 December 2012 transposing the Omnibus I – Directive 2010/78/EU, investment advisors for specialised investment funds and UCIs do no longer benefit from an exemption under the Financial Sector Law of 5 April 1993. Going forward all professionals of the financial sector acting as investment advisors are required to apply for a authorization as <em>Conseiller en Investissements</em> (Investment Advisor, cf. Art. 24 of the Financial Sector Law).</strong></p>

<p><strong>Bill n°6497 was approved by the Luxembourg Parliament on 13 December 2012 and published in the official gazette (Memorial A) on 28 December 2012. The most salient amendments to Luxembourg tax legislation for 2013, which clearly aim to increase tax revenues, are as follows.</strong></p>
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<br />
CORPORATIONS</h3>
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<strong>Increase of the solidarity surcharge from 5% to 7%</strong></h4>

<p><strong>European Works Council Directive 2009/38/EC implemented in Luxembourg: rights of workers to information and consultation within transnational companies strenghtened.

<p><strong>La sécurité des données sensibles et confidentielles des entreprises européennes du secteur financier serait menacée faute de contrôle et d'efficacité de leurs stratégies de protection des données.</strong></p>

<p><strong>On 15 March 2013, the Luxembourg Government submitted to Parliament bill of law n°6556. The purpose of the bill of law is to amend some of the Luxembourg provisions regarding enterprise migration considered as not compliant with EU law.</strong></p>

<p><strong>La Cour de justice européenne a récemment rejeté  les recours de l'Espagne et de l'Italie contre l'autorisation d'une coopération renforcée au sein de l'UE dans le domaine du brevet unitaire, estimant que la décision contestée par les deux pays « ne porte pas atteinte au marché intérieur, ni à la cohésion économique, sociale et territoriale de l’Union ».

<p><strong>A new hobby horse</strong><br />