<p><strong>On 14 January 2014, the European Parliament and the Council have reached an agreement in principle on updated rules for the market in financial instruments. </strong></p>

<p>Following the compromise reached between the European Council (the <strong>“Council”</strong>) and the European Parliament (the <strong>“Parliament”</strong>) on December 20, 2013, the Parliament has approved the proposal for a new Directive on criminal sanctions for market abuse (<strong>“MAD”</strong>) on February 4, 2014.</p>

<p><strong>The <em>Commission de Surveillance du Secteur Financier </em>(“CSSF”) issued on February 20, 2014 an updated version of the frequently asked questions (“FAQ”) relating to the Luxembourg Law of July 12, 2013 on alternative investment fund managers (the “AIFM Law”).</strong></p>

<p><strong>Lors de la conclusion d’un contrat de bail, qu’il s’agisse d’ailleurs d’un bail à usage d’habitation régi par les articles 1713 à 1762-2 du Code civil et la loi du 21 septembre 2006 sur le bail à usage d’habitation, telle que modifiée (la « Loi sur le bail d’habitation ») ou bien d’un bail commercial soumis aux dispositions de droit commun du Code civil sur le louage des choses, il est de pratique courante que le bailleur exige que le locataire lui fournisse une garantie locative communément appelée « caution » au Luxembourg.</strong></p>

<p>On 17 March 2014 the <em>Commission de Surveillance du Secteur Financier</em> (“CSSF”) issued an updated version of its frequently asked questions (the “FAQ”) relating to the Luxembourg law of 12 July 2013 on alternative investment fund managers (the “AIFM Law”).</p>
<p>Such update concerns the reporting to be filed with the CSSF.<br />
 </p>
<h3>
Reporting deadlines</h3>
<ol><li class="rteleft">

<p><strong>In December 2012, the European Securities and Markets Authority (“ESMA”) published its guidelines on Exchange-Traded Funds (“ETFs”) and other Undertaking for Collective Investment in Transferable Securities (“UCITS”) issues (the “Guidelines”) (ESMA/2012/832).</strong></p>

<p>On 4 December 2013, the Permanent Representatives Committee agreed on behalf of the Council its own position on the proposal directive of the European Parliament and of the Council amending the UCITS IV Directive¹.

<p>The Luxembourg Council of State has issued its opinion dated 29 April 2014 on the <strong>bill of law to introduce in Luxembourg the private foundation (the “Bill”)</strong>. It has raised certain issues and suggested certain amendments to the Bill:<br />
 </p>

<p><strong>During the last plenary session of the current legislature on April 15, the European Parliament approved three pieces of legislation considered as central for the establishment of a solid and efficient Banking Union, namely:</strong><br />
 </p>
<h3>1. Bank Recovery and Resolution Directive (RRD)</h3>

<p><strong>The draft bill n°6376 was adopted by the Chamber of Deputies on 09 July 2013.</strong></p>
<p>The law dated 30 July 2013 reformed the Commission of Accounting Standards (the “<strong>Law</strong>”)¹ and amended various provisions relating to the accounting and annual accounts of undertakings as well as consolidated accounts of certain forms of companies and modified:</p>
<ul><li><em>title II of the book I of the Commercial Code²;</em></li>