Acting together for resilience and growth.

The Digital Operational Resilience Act (DORA) is a new regulation that was put into effect in the European Union in January 2023 and will apply from January 17, 2025. Its goal is to regulate the use of information and communication technology (ICT) and digital operational resilience in the financial sector. DORA applies to various financial institutions, including banks, insurance companies, and investment firms, as well as to service providers that offer critical ICT services to these entities. One of the main objectives of DORA is to ensure that the boards of directors of financial institutions take an active role in guiding and adapting the overall strategy for ICT risk management and operational resilience. This means that the board is ultimately responsible for the ICT risk management of the entity. To meet this responsibility, boards must define, oversee, and be accountable for the implementation of all arrangements relating to the ICT risk management framework.

In May 2022, the Court of Appeal issued judgment no. 99/22 on the autonomy of a sub-fund of an open-ended investment company (SICAV). The SICAV was governed by the law of 13 February 2007 on specialised investment funds and was constituted as a limited partnership with shares (SCA). The sole limited partner held 100% of the assets of the sub-fund and requested the general partner to convene a general meeting to consider liquidation. The general partner refused and the sole limited partner applied to the court for the appointment of an ad hoc representative to convene the meeting. The SCA appealed the decision of the District Court, arguing that the sole limited partner did not have the right to request the convening of a general meeting at the sub-fund level. The SCA argued that Article 450-8 of the 1915 law, which allows shareholders representing one tenth of the share capital to request a general meeting, was not applicable in this case as it only applies to public limited companies and not to limited partnerships with shares. The court analysed the request of the sole limited partner and found that the 10% requirement of article 450-8 was met because each compartment of the SICAV was treated as a separate pool of assets with separate rights for investors and creditors. The Court also noted that the Articles of Incorporation of the SCA did not derogate from Article 71(1) of the SIF law, which confirmed the existence of a certain autonomy of each compartment. Based on the capital of a specific compartment and not the capital of the fund as a whole, the Court determined that shareholders holding one tenth of the share capital of a specific compartment were authorized to request the convening of a general meeting relating to that compartment. The information in this article is of a general nature and is provided for informational purposes only. If you need legal advice for your individual situation, you should seek the advice of a qualified attorney.

With this step, concilio et labore GmbH commits itself as an employer to recognise, promote and utilise the diversity of its employees. concilio et labore GmbH has joined the Diversity Charter. The aim is to create a respectful working environment for all employees - regardless of age, ethnic origin and nationality, gender and gender identity, physical and mental abilities, religion and belief, sexual orientation and social origin. The Charter of Diversity is backed by Charta der Vielfalt e.V., a non-profit organisation dedicated to promoting diversity in business and society.

UN Working Group on Business and Human Rights concluded visit to Luxembourg. Today the United Nations Working Group on Business and Human Rights concluded the Working Group’s visit to the Grand Duchy of Luxembourg. This is the first visit of any United Nations Human Rights Council’s Special Procedures mandate-holder to the country. The purpose of the visit was to assess how the Government and the business sector discharge their respective duties and responsibilities under the UN Guiding Principles on Business and Human Rights (UNGPs). These include the duties and responsibilities to prevent, respect and remedy adverse human rights impacts of business activities. In a statement at the end of the visit, the Working Group encouraged Luxembourg to support the inclusion the financial sector and investment funds within the European Union Directive on Corporate Sustainability Due Diligence (CSDDD). “These activities can and have led to adverse human rights impacts,” the experts said.

concilio et labore is a member of the corporate network „Erfolgsfaktor Familie“. The compatibility of work and family is an essential part of our human resources work. As a new member of the nationwide company network „Erfolgsfaktor Familie“, we now benefit from the experience and good examples of the more than 8,300 members that the network now comprises. With the logo „Mitglied im Unternehmensnetzwerk Erfolgsfaktor Familie“ we want to show externally and internally that the compatibility of work and family plays a major role in our company“”, explains Bastian Schwind-Wagner, Managing Director of concilio et labore GmbH.