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”.
Ronnen J. Gaito comments, "We were pleased to continuously provide support for our clients from the seed phase, add-on investments to exist. It is a further enhancement of our track record in venture capital and complex technology transactions as well as an additional dimension to our cross industry technology experience in IT, software, Fintech, Cleantech, communications and satellite technology, equipment manufacturing, clean energy and Pharmaceuticals.
RJ Gaito assisted Gornitzky in representing ADO Group LTD, from Shikun& Binui group in its issuance of new public bonds series that is supported by securities.
RJ Gaito is speaking at the International Section of New York State Bar Association at its Seasonal Meeting in Paris On October 19, 2016 on Legal Opinion Practice in international transactions.
RJ Gaito is speaking at the International Section of New York State Bar Association at its Seasonal Meeting in Paris On October 19, 2016 on the risks of using “Boiler Plate” clauses in international agreements.
The new investment RAIF vehicle will not require the CSSF's approval for its creation and launch. Consequently, investors in a RAIF will benefit from somewhat less protection than those in a Luxembourg SIF, however the time to market for a RAIF's launch will significantly improve in comparison with that of the SIF's.
The Law firm of RJ Gaito, in cooperation with the law firm of Meitar, was pleased to advise Sirin Labs on its seed round of USD 72,000,000.