While the coronavirus pandemic situation continues to have an impact on the sound governance of companies and other legal entities, the bill of law 7673 (the Bill) suggested the extension of the measures enabling the companies and legal entities
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”).
Entry into force of the law creating a register of fiducies and trusts: new register for beneficial owners of fiduciary arrangements and express trusts complementary to the register of beneficial owners for legal entities
On 1 July 2020 the Luxembourg Parliament adopted the much anticipated Bill of Law n°7216B (the “Law”) that repeals the existing law on the information of beneficial owners of trusts and fiduciary agreements by transposing in its entirety article 31 of the EU Directive 2015/849
On 1 July 2020, bill of law 7216B setting up a Luxembourg register of fiducies and trusts (the “RFT”), under the supervision of the Administration de l’Enregistrement, des Domaines et de la TVA (the “AED”), was passed in Parliament (the “RFT Law”).
Extension of the effects of the Grand Ducal Regulation of 20 March 2020 regarding the means used to hold general meetings and other meetings of companies' corporate bodies. Extended period for the approval and filing of the annual accounts.
On 25 June 2020, the law extending crisis measures relating to the holding of meetings of companies and other legal entities after the end of the state of crisis was published in the Luxembourg official gazette (Memorial A) and therefore entered into force as from this date.
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
