Elvinger Hoss Prussen

Bonne Année 2025 ! Happy New Year 2025! Frohes neues Jahr 2025 ! Schéint neit Joer 2025 ! Elvinger Hoss Prussen and its team members wish you a year full of health, happiness and success. #ElvingerHossPrussen #LuxembourgLaw #2025 #NewYear 

✔️ WORK HIGHLIGHT - Under the lead of Ana Bramao and Stéphanie Pautot, Elvinger Hoss Prussen assisted CREAHAUS S.A., a leading Luxembourg based real estate group, in connection with the implementation of a senior secured loan of €34 million granted by a German asset manager, Prime Capital AG, with its recently closed Prime Real Estate European Debt Fund.  The purpose of the loan was the refinancing of the existing debt incurred by Creahaus in connection with a premium residential building located in Luxembourg city which has the highest energy performance rating, making it an energy-passive building and one of the most sustainable in Luxembourg. Partner Ana Bramao was assisted by associate Olivier Lantus on the financing aspects and partner Stéphanie Pautot was assisted by senior associates Elodie Leopold and Inès Goeminne as well as associate Lucy Furtado on the real estate aspects. Read this and other work highlights on our website: https://lnkd.in/ec8jhHus #ElvingerHossPrussen #LuxembourgLaw #RealEstate #Refinancing

📢 NEWSFLASH - EMIR 3 Package in force: immediate compliance required for most changes Regulation (EU) 2024/2987 (EMIR 3 Regulation) and Directive 2024/2994 (EMIR 3 Directive), known as EMIR 3 Package, aim to mitigate excessive exposures to third-country central counterparties and enhance the efficiency of Union clearing markets by introducing a series of substantial amendments to the existing framework. The EMIR 3 Regulation modifies not only EMIR, but also CRR and MMF Regulation, whilst the EMIR 3 Directive amends CRD, IFD and the UCITS Directive. The EMIR 3 Package was published in the Official Journal of the European Union on 4 December 2024 and enters into force on 24 December 2024. Due to the absence of explicit transitional provisions in the EMIR 3 Regulation (except for Article 1 points (4) and (9) which is subject to the entry into force of related RTS), the requirements of the EMIR 3 Regulation are applicable as from today, 24 December 2024. By contrast, the EMIR 3 Directive provisions must be transposed into national laws by 25 June 2026. The European Securities and Markets Authority (ESMA) is tasked with developing various sets of draft regulatory technical standards (RTS). Notably, the RTS concerning the active account requirement under EMIR 3 Regulation must be developed by 25 June 2025 and ESMA has already initiated a consultation in this respect, which began on 20 November 2024. The consultation will remain open until 27 January 2025, with a public hearing scheduled for 20 January 2025. The lack of the relevant RTS at the date of the entry into force of the EMIR 3 Regulation raises concerns on the market. It is worth noting that the EBA published on 17 December 2024 a no action letter stating that competent authorities (CAs) should not prioritise any supervisory or enforcement action in relation to the processing of applications for initial margin (IM) model authorisation received as a result of the entry into force of EMIR 3 until key RTS under the EMIR 3 Regulation become applicable. Read the full article with footnotes on our website: https://lnkd.in/eQyh3y5v Tiago Nogueira, Karolina Szpinda-Orlando, Floris Van Rymenants, Tiphaine Dourte #ElvingerHossPrussen #LuxembourgLaw #EMIR3

✔️ WORK HIGHLIGHT - Elvinger Hoss Prussen assisted a Luxembourg investment firm with the voluntary return of its MiFID license, as well as with the corporate restructuring of its investment firm activities. The team was led by Partner Tiago Nogueira, assisted by associates Pauline Bazin and Lili Mesenburg. Read this and other work highlights on our website:  https://lnkd.in/ec8jhHus #ElvingerHossPrussen #LuxembourgLaw #mifid #cssf

📢 NEWSFLASH - SFDR update: ESMA Q&As on ESG fund names guidelines and update of CSSF SFDR FAQ On 13 December 2024, the European Securities and Markets Authority (ESMA) published three UCITS and AIF Q&As specifying certain aspects of the practical application of its Guidelines on funds' names using ESG or sustainability-related terms (the "ESG Fund Names Guidelines") with the aim of ensuring a smooth application of the Guidelines through a common understanding of key concepts. A few days later, on 18 December 2024, the CSSF updated its SFDR FAQ in order to remove and update a number of Q&As. Click on the link to read the full article with further details from Partner Tom Göricke and Senior Associate Eva Brauckmann: https://lnkd.in/enDuphdJ #ElvingerHossPrussen #LuxembourgLaw #Blockchain

On 7 December, we gathered over 400 people to celebrate our end-of-year party and a year full of achievements.   Our Managing Partner Manou Hoss took this opportunity to thank our team members for their dedication and share the vision for the years ahead, as we continue delivering the best service to our clients from Luxembourg as well as from our offices in Hong Kong, Paris, and New York. As 2024 comes to a close, we look forward to 2025 with determination and excitement.   Look back at our 2024 end-of-year party: https://lnkd.in/egN_3EkR   #ElvingerHossPrussen #LuxembourgLaw #Celebration #EndOfYearParty

📢 NEWSFLASH - Luxembourg Parliament votes on Blockchain IV Law On 19 December 2024, the Luxembourg Parliament voted on an amendment to the Law of 6 April 2013 on dematerialised securities, as amended (Blockchain IV) which aims at enabling the financial sector to take advantage of new technologies, while benefiting from enhanced legal certainty. Blockchain IV is designed to complement the current framework, offering more flexibility, security and transparency for issuers and investors in the issuance, holding and reconciliation of dematerialised securities. Click on the link to read the full article with further details: https://lnkd.in/eNHq5XFp For any questions, please contact our team: Tiago Nogueira, Karolina Szpinda-Orlando, and Koenraad Mertens LL.M #ElvingerHossPrussen #LuxembourgLaw #Blockchain

📢 NEWSFLASH - Luxembourg Active ETF News: Relaxation of transparency rules and subscription tax exemption Relaxation of Portfolio Transparency Rules On 19 December 2024, the Luxembourg regulator (CSSF) published an updated version of its FAQ concerning the Luxembourg Law of 17 December 2010 on undertakings for collective investment, which includes new rules relating to disclosures of portfolio holdings of actively managed UCITS ETFs.  While active UCITS ETFs were traditionally required to disclose their full portfolio holdings daily, such information shall now be published at least on a monthly basis with a maximum time lag of one month. This new regulatory position enables managers to better protect their proprietary information and prevent other market participants from being able to replicate their investment strategy. The relaxation of the portfolio transparency rules comes along with a number of principles and good practices, such as principles relating to the transmission of the portfolio composition files (PCF) to authorised participants and market makers, confidentiality requirements and compliance with the Market Abuse Regulation. Abolition of Subscription Tax  Actively managed UCITS ETFs will be exempt from the annual subscription tax following the vote by Parliament on 11 December 2024 of a bill of law amending, amongst other things, Articles 175 and 176 of the Law of 17 December 2010 on undertakings for collective investment. The exemption is expected to apply as from 1 January 2025. As a reminder, passively managed UCITS ETFs already benefit from such exemption. Under the current CSSF regulatory practice, it is possible to have ETF and non-ETF sub-funds and/or share classes within the same UCITS fund, in which case the ETF sub-funds and/or ETF share classes can also benefit from such exemption. For any questions, please contact our team: Gast Juncker, Olivia Moessner, Yves Elvinger, Benjamin Rossignon, Tom Göricke Read this and other insights on our website: https://lnkd.in/dZNYw34n #ElvingerHossPrussen #LuxembourgLaw #ETF

📢 NEWSFLASH - New CSSF FAQ clarifying AML/CFT asset due diligence obligations On 13 December 2024, the CSSF published a new FAQ on AML/CFT asset due diligence obligations (CSSF FAQ) in relation to the implementation of Article 34(2) of CSSF Regulation 12-02.  The objective of the CSSF FAQ is to provide additional guidance and new clarifications to professionals subject to CSSF supervision and within the scope of CSSF Regulation 12-02 (Professionals), including Luxembourg investment fund managers and investment funds supervised by the CSSF for AML/CFT purposes, on the scope and frequency of the ML/TF risk assessment (RA) and related AML/CFT due diligence measures (DD) to be conducted depending on the assets invested, in particular when they are considered as less exposed to ML/TF risks. Read the full article on our website for the CSSF's position and new clarifications conveyed through the CSSF FAQ: https://lnkd.in/eW-kSdUP #ElvingerHossPrussen #LuxembourgLaw #CSSF #AML #CFT #DueDiligence

✔️ WORK HIGHLIGHT - Elvinger Hoss Prussen represented Stonepeak Partners as to matters of Luxembourg law in the establishment of Stonepeak Asia Infrastructure Fund (Lux) SCSp, the Luxembourg parallel fund of Stonepeak Asia Infrastructure Fund LP (“SAIF” or the “Fund”) being Stonepeak’s first pan-Asia infrastructure fund.  Stonepeak has announced that SAIF closed with $3.3 billion, exceeding its target of $3.0 billion.  The Elvinger Hoss Prussen team included Partner Joachim Cour on investment funds aspects, supported by Associates Julien Gigliarelli, Federico Ciarrocchi, Sophie Rasqui, and Valeria López Sáez, as well as Partner Karl Pardaens on fund finance aspects, with Senior Associate Benoit Nerriec. Read about this and other work highlights on our website: https://lnkd.in/esjYzmWm #ElvingerHossPrussen #LuxembourgLaw #InvestmentFunds