Our client, a leader in the software industry, recently prevailed in the Luxembourg Court of Appeal and received a favorable judgment that tacitly reconfirms a Supreme Court judgment (“Cour de Cassation”) of January 24, 2020. The judgment is of particular importance since it touches upon the essential elements of Luxembourg commerce and contract law and we were gratified that the Luxembourg Court of Appeal followed our reasoning.
Faced with the prospects of a severe global pandemic, we want to draw our clients’ attention to the implications of an inability to perform contractual obligations and consequently finding themselves or counterparties in potential breach of contract situation(s).
Data Protection is now in full swing and has extensive extraterritorial effects outside the EU. It is a complex matter which we want to highlight and which we wish to reiterate in this update.
IFLR1000 has recognized RJ Gaito as a distinguished Luxembourg transactional practice. See https://www.iflr1000.com/Firm/RJ-Gaito/Profile/34072
Ronnen J. Gaito receives recognition and recommendation from Who’s Who Legal for corporate transaction and M&A
On 13 January 2019 – with the 4th 'AML Directive' of May 2015 (the AML Directive), Luxembourg introduced a Register of Beneficial Owner ('RBO') (a.k.a Registre des Bénéficiaires Effectifs).
The law of 13 January, 2019 (the 'Law'), published on 15 January 2019, established the RBO thereby transposing article 30 of the AML Directive.
The Luxembourg prevention of money laundering and terrorist financing is embodied in the Law of 12 November 2004 and recently amended by the Law of 13 February 2018 (the 'AML Law'). The AML Law firmly reinforces the requirements of inter alia, financial institutions and a variety of service providers such as lawyers, trust service providers, auditors and accountants to identify the beneficial owners of their customers. This is often referred to as 'Know-Your-Customer' ('KYC') and also requires such service providers to make a risk assessment of money-laundering and fund originations now often referred to in the banking industry as 'Know-Your-Transaction' ('KYT').
The General Data Protection Regulation (GDPR) was published in April 2016 and will apply from 25 May 2018. This new regulation will change substantially the legal landscape in the data protection area.
Amidst a regulatory limbo ISMA admits “ICOs may fall outside existing rules and hence outside of the regulated space”.