A new law has been adopted and published on 30 June 2021 to extend, with immediate effect, until 31 December 2021 the measures contained in the amended law of 23 September 2020
The Act of 30 June 2021 has extended the possibility for Luxembourg-based companies to hold virtual board and shareholder meetings until 31 December 2021.
Micro and mid-sized companies having a social or societal impact (société d’impact societal) – referred to here as “SIS” – with turnover or net assets below EUR 1,000,000 are no longer required to appoint an independent auditor.
Since the Covid-19 pandemic continues to impact the good governance of legal entities, the Luxembourg Government decided to extend for the second time the period during which companies and other legal entities will be able to hold their corporate body meetings remotely.
What’s new? The Law of 20 May 2021 (“Law" – available in French) transposes the requirement introduced by Directive (EU) 2019/878 (“CRD5”) that financial holding companies and mixed financial holding companies (together “(M)FHCs”) must be approved by their consolidating supervisor.
Following the boom of special purpose acquisition companies (“SPACs”) or “blank check companies” in the United States, SPACs have also gained momentum in EU markets.
What's new? In a Communication of 26 Mars 2021, the European Commission published new guidance on the application of the referral mechanism set out in Article 22 of the EU Merger Regulation (“EUMR”).
On 29 April 2021, following the release of the widely commented European Commission guidance on Art. 22 of the EU Merger Regulation (EUMR), the Luxembourg Competition Council published a statement on the recent policy change.
On 26 March 2021, the European Commission (the “Commission”) published “Commission Guidance on the application of the referral mechanism set out in Article 22 of the Merger Regulation to certain categories of cases”
While SPACs have existed for decades on public markets, a revival seems to be taking place, with SPACs representing about 60 percent of IPOs in the US in 2020.
