Virtual shareholder and board meetings allowed until 31 December 2020
On 22 September 2020, the draft law n°7673 providing measures concerning the holding of meetings of companies and other legal entities was voted by the Luxembourg Parliament (the “Law n°7673”).
This is the 11th episode of our COVID-19 webcast series. In this new episode, Mark Shaw gives a quick run-down of where we are in terms of financial services regulation, corporate law and tax. A look back over the various responses to the COVID-19 pandemic to see which are still applicable while we are in this period between the initial wave and our ultimate return to normality.
On 6 July 2020, the Luxembourg government issued bill of law N°7625 implementing into domestic law Council Directive (EU) 2020/876 of 24 June 2020, which amends Directive 2011/16/EU (“DAC 6”) to address the urgent need
Yesterday, the draft law implementing the optional deadline extensions of EU Directive of 24 June 2020 (the “Directive”) amending the EU Directive on Administrative Cooperation to address the urgent need to defer certain time limits for the filing and exchange of information in the field of taxation because of the COVID-19 pandemic was presented to Parliament
In this 10th episode, Partner Mark Shaw talks about some recommendations of the European Systemic Risk Board in the wake of the COVID-19 pandemic. They focus on real estate and debt funds, but they are flagging issues relevant to all asset managers, so the recommendations are worth considering in a broader context.
On 29 May 2020, a new draft law n°7605 has been presented to Parliament which will end the state of crisis as soon as it has become law and been published in the Memorial.
This is the ninth episode of our COVID-19 webcast series. In this episode Partner Mark Shaw wants to talk more about market abuse during the COVID-19 pandemic. While, on the whole, markets are very much down as a result of COVID-19, there are a number of companies in the biotech sector looking at vaccines against the SARS-CoV-2 virus and cures for COVID-19 that have the potential to make investors extremely rich. As such, there has probably never been a greater incentive to commit market abuse.
In the context of the COVID-19 outbreak, most companies are currently facing unprecedented legal issues within their organisations. As a result, they have to adapt significantly their way of working to go through this unique time in the best possible and efficient manner.
The aim of the law is to extend the filing and publication deadlines for annual accounts, consolidated accounts and related reports as well as the holding of annual general meetings, in order to avoid exposing company managers and directors to liability and sanctions that are disproportionate given the exceptional circumstances
