Accessible font Atkinson Hyperlegible improves readability.
We are now using the Atkinson Hyperlegible font, which is named after the founder of the Braille Institute, J. Robert Atkinson.
This typeface differs from traditional typography in that it focuses on the differentiation of letterforms to improve the
recognisability of characters and thus legibility.
The European Banking Authority (EBA) has released its findings from a review of competent authorities’ risk-based approaches and governance systems to combat money laundering and terrorist financing (ML/TF) risks in the supervised entities of the banking sector.
In their approach to supervision of financial services, the report indicates that progress has been made by the supervisors, with some authorities implementing significant changes in their Anti-Money Laundering and Counter Terrorism Financing (AML/CFT) risk management systems within banks.
Through its promotion of a holistic approach to supervision, the EBA’s efforts have resulted in tangible progress by many authorities in addressing ML/TF risks through prudential supervision and improving their systems and controls. To effectively tackle ML/TF risks and ensure compliance,
most supervisors in the financial services sector must strengthen their supervisory processes, and adopt a risk-based approach in their respective banking sectors.
The Intellectual Property Office of the Ministry of Economy, in collaboration with the Intellectual Property Institute of Luxembourg (IPIL GIE), is organising today, Tuesday 25 April,
the 15th edition of the Luxembourg Intellectual Property Day. Under the title “Intellectual Property, an economic stake”, the event will focus on the interest of intellectual property in
the context of the dual green and digital transition of the national, European and international economy.
This is a good opportunity to recall a recent judgment of the Luxembourg Court of Cassation (Judgment No. 02/23). In it, the Court of Cassation clarified the issue of the transfer of
intellectual property rights, stating that in the absence of a written document, the transfer of an author’s economic rights is deemed not to have taken place, even in the context of
an employment contract.
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.
