On 9 July 2013 a new law amending the Code of Commerce was enacted in Luxembourg (the “Law”). The Law introduces the right for a depositor to claim the recovery of intangible and non-fungible (i.e., identifiable and separable) goods from a bankrupt company. The parliamentary file aims clearly at including data from a bankrupt cloud computing service provider.
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From 11 June 2013, any person or company alleging that its right to use a ".lu" domain name has been infringed may file a claim with DNS-LU (a service operated by Restena, the public service provider in charge of managing the country code toplevel domain). Once the claim is filed, any transfer of rights on
the domain name to a third party will be blocked, except if the rights are transferred to the claimant (if the underlying dispute concerning the domain name is resolved between the parties).
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The Law aims at modernizing, among others, the law of 10 August 1915 on commercial companies and the law of 1st August 2001 on the circulation of securities and other fungible financial instruments by allowing Luxembourg issuers to issue dematerialized securities.
1. THE NEW PLAYERS
Listed fungible securities must all be recorded in a single "issuer" account held by a clearing entity.
Unlisted fungible securities must all be recorded in a single "issuer" account held by a clearing entity or a central account holder ("teneur de compte central").
Only securities settlement systems whose operator is located in Luxembourg (Clearstream, for instance) will be entitled to act as clearing entities.
The implementation of the EU Directive of 15 February 2011 in domestic law opening the way of automatic exchange of information.
Chronique de jurisprudence de droit bancaire luxembourgeois (mars 2011 - mars 2012)
Comme cela fut le cas précédemment, la présente chronique aura pour objectif de rendre compte des décisions des juridictions luxembourgeoises intervenues en ce qui concerne les activités des établissements de crédits, sans néanmoins déborder sur la matière du droit financier au sens général du terme, ou, à tout le moins, en ne tenant compte que des décisions relevant directement des activités bancaires en cette matière.
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