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NautaDutilh is an international law firm practising Dutch, Belgian and Luxembourg law. We have offices in Amsterdam, Rotterdam, Brussels and…
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NautaDutilh | 29 Jun 2021

Clarification of PFS status of professionals engaged in lending activity

Pursuant to Article 28-4 of the Financial Sector Act, an authorisation as a specialised professional of the financial sector is required for professionals engaged in lending activity (ie, the extension of loans to the public on their own behalf). The Luxembourg Financial Supervisory Authority recently issued a clarification regarding this provision.
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NautaDutilh | Luxembourg | 15 Jun 2021

Applicability of law on financial collateral agreements to insolvency proceedings

The law of 5 August 2005 on financial collateral agreements, as amended (the 2005 law), provides an attractive legal framework for creditors. The Luxembourg Arrondissement Court recently ruled on whether the beneficiary or pledgee of a Luxembourg law pledge granted over a bank account could benefit from the protection granted by the 2005 law with respect to insolvency proceedings initiated......
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NautaDutilh | Luxembourg | 8 Jun 2021

Publication of bill to amend Securitisation Law

Bill of Law 7825, which aims to amend the Securitisation Law, was recently introduced to the Chamber of Deputies. The bill clarifies the existing legal framework for securitisations and adapts it in a flexible way to the requirements of the securitisation market. The bill demonstrates the Luxembourg financial sector's aim to allow securitisation transactions to be carried out under Luxembourg......
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NautaDutilh | Luxembourg | 1 Jun 2021

Implementation of new EU framework relating to covered bonds

A draft bill relating to the issuance of covered bonds was recently deposited to implement EU Directive 2019/2162/EU into Luxembourg law. Covered bonds are generally considered sources of stable refinancing, even in tense market conditions. Access to this activity will enable issuing credit institutions to diversify their sources of financing and strengthen their resilience to market shocks,......
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NautaDutilh | Luxembourg | 16 Mar 2021

New bill brings Luxembourg to the forefront of distributed ledger technology

Parliament recently approved Bill 7637, which modified the Law of 5 April 1993 on the financial sector and the Law of 6 April 2013 on dematerialised securities. The bill introduces important modifications with respect to the direct issuance of dematerialised securities using distributed ledger technology (DLT) and strengthens Luxembourg's position as one of the most DLT-friendly and important......
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NautaDutilh | Luxembourg | 9 Mar 2021

New CSSF platform for submission of prospectuses and related documents

Submissions of documents under the EU Prospectus Regulation and the Law of 16 July 2019 on prospectuses for securities must now be made through the e-Prospectus platform developed by the Luxembourg Financial Supervisory Authority. The e-Prospectus platform covers submissions and tracking of applications and submissions of notification requests, among other things.
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NautaDutilh | European Union, Luxembourg, United Kingdom | 2 Feb 2021

Amendment to Insurance Contract Act in relation to Brexit

The Act of 19 December 2020 implementing the Budget Act 2021 introduced into the Insurance Contract Act a new provision to secure the outcome of insurance policies underwritten by UK insurers post-Brexit. Among other things, the legislature has relieved any doubt as to the validity of insurance contracts in the event that an EEA or third-country insurance undertaking loses its approval to......
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NautaDutilh | Global | 15 Sep 2020

Distance insurance contracts: points to consider during pre-contractual phase

The COVID-19 pandemic has highlighted the usefulness of new communication techniques and provided greater legitimacy to digitalisation projects in the broader context of adapting to new consumer expectations. The insurance sector is not immune to these changes. This article provides a review of the provisions on distance insurance contracts, which reveals that insurers are subject to complex......
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NautaDutilh | European Union, Luxembourg | 25 Aug 2020

Application of EIOPA guidelines on outsourcing to cloud service providers by insurers and reinsurers

The European Insurance and Occupational Pensions Authority recently issued new guidelines on outsourcing to cloud service providers which apply to insurers and reinsurers. The guidelines supplement the general regulatory framework based on the EU Solvency II Directive and EU Delegated Regulation 2015/35. The Insurance Commission has since confirmed that it will apply the guidelines in full....
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NautaDutilh | Luxembourg | 28 Jul 2020

New act on professional payment guarantees

The law of 10 July 2020 on professional payment guarantees, which aims to create greater freedom of contract while ensuring legal certainty in the provision of personal guarantees governed by Luxembourg law, recently entered into force. The new law is undoubtedly a welcome addition, especially in times of heightened uncertainty, and demonstrates once again Luxembourg's attractiveness as a......
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