The recently adopted Luxembourg Act of 10 August 2016, modernising Luxembourg company law, reinforces the rights of minority shareholders. The four major changes in this respect relate to the rights of such shareholders to (i) bring an action against the company's management (action sociale), (ii) request the adjournment of a shareholders' meeting, (iii) request an independent investigation, and (iv) consent to a transfer of shares in an S.à r.l. (société à responsabilité limitée).

On 31 August 2016 a law proposal was submitted to the Luxembourg Parliament in order to abolish several authorisation regimes that are currently foreseen in the 2002 Luxembourg Data Protection Act ("Loi luxembourgeoise du 2 août 2002 relative à la protection des personnes à l'égard du traitement des données à caractère personnel").

Thanks to the Act of 10 August 2016 modernizing Luxembourg company law, which entered into force on 23 August 2016 (the “New Act”), the Grand Duchy now officially recognizes the possibility for companies to be wound up by means of a simplified procedure. This is unquestionably a useful tool which will further enhance Luxembourg's business-friendly reputation. Click here for more.

The Act of 10 August 2016 modernising Luxembourg company law (the "Act") introduced new rules on share transfers. For the SARL (société à responsabilité limitée), the procedure to transfer shares to non-shareholders has been amended, while for the SA (société anonyme) there is now a statutory framework for share transfer restrictions. Click here for more.

The Grand-Duchy is one of the last European countries in which UBER does not offer its services. It will however probably not be the case for much longer. Representatives of the company already approached the Luxembourg Minister of Sustainable Development and Infrastructures. The latter indicated in a parliamentary response (2437) that the Luxembourg legislation may, under certain conditions, enable the offer of some UBER services.

Earlier intervention in case of distress to preserve value and save jobs. That is the goal of the proposed 'EU Business Restructuring Directive', which was presented yesterday by the European Commission and aims to ensure a minimum harmonization of restructuring procedures within the European Union. Click here for more.

The Act of 10 August 2016 (the "Act") modernising the Luxembourg Companies Act of 10 August 1915, as amended, provides a statutory framework for the well-established practice of voting arrangements by shareholders of an S.A. (société anonyme), S.C.A. (société en commandite par actions) and S.à R.L. (société à responsabilité limitée) and thus further enhances the attractiveness of these types of entities as joint venture or co-investment vehicles.

On 1 June 2016, the Luxembourg official gazette (Mémorial C) was replaced by an electronic central publication platform (called "RESA"). Legal notices about Luxembourg companies and associations will now be published automatically on RESA when filed with the Luxembourg Trade and Companies Register ("RCS"). The new publication procedure is expected to be quicker and more cost-effective. Read more.

It took decades for the Espirito Santo family to build a multinational financial group that was worth about €8 billion and whose fortune was swept away in just a year. Espirito Santo’s financial collapse is one of the worst 21st century banking failures, which has left thousands of creditors stranded and pushed many trustees to find their way through the tangle of cross-funding within the group.

Activities on the stock markets and bond markets in Europe have been important during the first half of 2015. This has continued despite the volatility in May and June 2015 and uncertainties regarding Greece. IPO activity is still important and the trend of NASDAQ listings of European biotechs is strengthening, with the listing of two Belgian/Dutch biotechs in the US over the last months. Read more