Luxembourg brochure - Allen & Overy
Luxembourg brochure - Allen & Overy
Luxembourg brochure - Allen & Overy
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<strong>Luxembourg</strong><br />
www.allenovery.com
2<br />
Our <strong>Luxembourg</strong> office<br />
“ Thanks to its business friendly and economically<br />
stable environment, <strong>Luxembourg</strong> has evolved<br />
over the years into a leading business centre.<br />
<strong>Luxembourg</strong> is now a strategic gateway for<br />
investments into Europe and, generally, for<br />
structuring investments worldwide. At<br />
<strong>Allen</strong> & <strong>Overy</strong> <strong>Luxembourg</strong>, we make the<br />
most of this ideal constellation and of our highly<br />
efficient network of offices established around<br />
the world. Every day we deliver commercial<br />
advice with passion and design innovative<br />
solutions tailored to the needs of our clients.”<br />
Marc Feider, Senior Partner, <strong>Luxembourg</strong><br />
© <strong>Allen</strong> & <strong>Overy</strong> LLP 2012
<strong>Luxembourg</strong><br />
Introducing our office<br />
“We have a fantastic wealth of talent which<br />
enables us to build our ambitious plans with<br />
confidence and success.”<br />
Henri Wagner, Managing Partner, <strong>Luxembourg</strong><br />
Imagery: Peckvillercher, traditional <strong>Luxembourg</strong> whistles by Pascale Seil<br />
www.allenovery.com<br />
3
4<br />
Our <strong>Luxembourg</strong> office<br />
Because we have a<br />
common goal with you:<br />
Lead our businesses towards success<br />
<strong>Luxembourg</strong> Law Firm of the Year<br />
IFLR European Awards 2007, 2009 & 2010<br />
(International Financial Law Review)<br />
Benelux Law Firm of the Year<br />
FT Mergermarket M&A Awards 2007, 2008, 2009 & 2010<br />
<strong>Luxembourg</strong> Tax Firm of the Year<br />
ITR European Tax Awards 2010 & 2011<br />
IP Firm of the Year for <strong>Luxembourg</strong><br />
Managing Intellectual Property Global Awards 2009<br />
Prix de la Santé en Entreprise<br />
<strong>Luxembourg</strong> Health Ministry 2008<br />
© <strong>Allen</strong> & <strong>Overy</strong> LLP 2012<br />
2010<br />
258%<br />
of organic growth since the merger<br />
with <strong>Allen</strong> & <strong>Overy</strong> in 2000<br />
14<br />
languages spoken in the office<br />
12<br />
nationalities in the office<br />
3,000<br />
hours of pro bono work a year
Adding value is key. One of the best<br />
ways to achieve this is offering solution<br />
directed services by integrated teams<br />
from all required practices, both locally<br />
and internationally. This is something<br />
we are good at.<br />
www.allenovery.com<br />
5
6<br />
Our <strong>Luxembourg</strong> office<br />
Our comprehensive legal<br />
expertise in <strong>Luxembourg</strong><br />
Clients benefit from our expertise in <strong>Luxembourg</strong><br />
and international business law in connection with<br />
domestic and cross-border transactions. Core areas<br />
of our expertise include:<br />
© <strong>Allen</strong> & <strong>Overy</strong> LLP 2012
01_ Banking & Finance<br />
We advise on complex cross-border<br />
financings and domestic transactions in<br />
all major financial centres worldwide.<br />
Placed at the heart of the <strong>Luxembourg</strong><br />
banking and financial markets, our<br />
clients include outward looking banks<br />
and finance houses. In addition to the<br />
major restructurings that took place<br />
after the 2008/2009 financial crisis,<br />
we are seeing significant changes in the<br />
<strong>Luxembourg</strong> private banking sector,<br />
following discussions over <strong>Luxembourg</strong><br />
banking secrecy and an increase in bank<br />
mergers and spin offs. Thanks to our<br />
well-established relationships with high<br />
profile clients, we are their chosen legal<br />
partner when it comes to critical deals.<br />
Financing and lending transactions:<br />
– acquisition finance<br />
– asset finance<br />
– Islamic finance<br />
– leveraged finance<br />
– real estate finance and<br />
syndicated lending<br />
Restructuring and insolvency<br />
Regulatory issues:<br />
– bank licensing<br />
– bank capital requirements<br />
– code of conduct rules<br />
– consumer credit regulations,<br />
contractual terms of business<br />
and money laundering<br />
Private banking<br />
02_Capital markets<br />
We advise underwriters, arrangers and<br />
issuers on all aspects of international<br />
capital markets (ICM) transactions.<br />
Our lawyers are experienced in all<br />
traditional ICM product lines including<br />
debt capital markets, securitisation,<br />
derivatives and structured finance.<br />
We deal with the <strong>Luxembourg</strong> Stock<br />
Exchange and the <strong>Luxembourg</strong><br />
financial sector regulator (CSSF)<br />
on a regular basis.<br />
Key debt and equity capital<br />
market transactions include:<br />
– derivatives<br />
– listings on the <strong>Luxembourg</strong><br />
Stock Exchange<br />
– structured finance<br />
– securitisation and repackaging<br />
programmes<br />
– prospectus approval process<br />
– fiduciary bond issues<br />
03_Corporate/M&A<br />
Within <strong>Luxembourg</strong> we are the legal<br />
partner of choice for some of the<br />
world’s most sophisticated financial<br />
institutions, sponsors and multinational<br />
corporations. As well as being experts<br />
in and drivers of local <strong>Luxembourg</strong><br />
market practice, we draw upon the<br />
expertise of our global network of<br />
offices, which enables us to understand<br />
global trends and the wider context of<br />
clients’ instructions. Our lawyers are<br />
experienced negotiators, deal managers<br />
and draftsmen. We feel that these<br />
factors, as well as our responsiveness<br />
and high levels of client orientation, are<br />
why our clients come to us.<br />
– acquisition finance<br />
– antitrust<br />
– contracts and regulatory matters<br />
– corporate pre-litigation<br />
– corporate restructurings<br />
– corporate set-ups<br />
– equity listings and stock<br />
exchange-related work<br />
– joint ventures<br />
– M&A<br />
– public and private corporate<br />
compliance issues<br />
– private equity and venture capital<br />
– redomiciliations and expatriations<br />
www.allenovery.com<br />
7
8<br />
Our <strong>Luxembourg</strong> office<br />
04_Employment<br />
We handle both contentious and<br />
non-contentious employment law<br />
matters for employers, mainly in the<br />
banking, industrial and retail sectors.<br />
With our strong background in<br />
contentious labour law matters, we<br />
can support you in employmentrelated<br />
litigation before all<br />
<strong>Luxembourg</strong> courts including the<br />
Conseil arbitral des assurances sociales.<br />
Individual issues:<br />
– contract design<br />
– flexi time<br />
– retention and bonus agreements<br />
– secondment and expatriate<br />
agreements<br />
– retirement pension supplements<br />
and early retirement as well as<br />
individual dismissals and<br />
settlement agreements<br />
Collective issues:<br />
– negotiating collective agreements<br />
– contracts<br />
– staff representation<br />
– health and security<br />
in the workplace<br />
– code of ethics<br />
– stock options<br />
– collective dismissals<br />
– social plans<br />
– company agreements<br />
and mitigation plans<br />
– internal restructuring<br />
– due diligence on employment<br />
law issues<br />
© <strong>Allen</strong> & <strong>Overy</strong> LLP 2012<br />
05_ Intellectual property<br />
& Information<br />
technology<br />
We advise on both contentious and<br />
non-contentious issues in relation to IP<br />
and IT and are particularly strong in<br />
sectors such as consumer goods,<br />
research & development and life<br />
sciences, IT/outsourcing, digital trust<br />
and data protection. Our familiarity with<br />
the key legal and industry issues in<br />
these, and other, sectors gives us an<br />
informed, practical understanding of<br />
your markets and needs. We regularly<br />
advise the <strong>Luxembourg</strong> government on<br />
IP- and IT-related bills and are often<br />
involved in the drafting of legislation<br />
which gives us first-hand knowledge<br />
of any underlying issues.<br />
– advertising<br />
– copyrights<br />
– database rights<br />
– data protection law<br />
– domain names<br />
– e-commerce<br />
– internet<br />
– IP litigation<br />
– IT security<br />
– IT outsourcing<br />
– know-how<br />
– media<br />
– patents<br />
– software issues<br />
– telecom<br />
– trademarks<br />
– trade practices<br />
– trade secrets<br />
– unfair competition matters<br />
06_Investment management<br />
Our investment funds practice in<br />
<strong>Luxembourg</strong> is well known for<br />
advising on all aspects of structuring,<br />
managing, servicing and distributing<br />
regulated funds. We have continuously<br />
grown over the past five years and have<br />
a particularly strong track record in<br />
alternative investment strategies funds<br />
including hedge funds, private equity<br />
funds, real estate funds, infrastructure<br />
funds and funds of funds. Known for<br />
handling complex and innovative<br />
structures, we have advised on several<br />
breakthrough transactions.<br />
– structuring and setting up<br />
Undertakings for Collective<br />
Investment in Transferable Securities<br />
(UCITS), part II funds, Specialised<br />
Investment Funds (SIFs) and<br />
SICARs<br />
– advising fund counterparties and<br />
service providers – for example<br />
custodians and prime brokers –<br />
on their agreements with<br />
<strong>Luxembourg</strong> funds<br />
– advising institutional investors on<br />
their <strong>Luxembourg</strong> investment funds<br />
– listing of investment funds on<br />
stock markets
07_ Litigation<br />
We are the close legal adviser for<br />
many clients in the financial services<br />
industry as well as <strong>Luxembourg</strong> public<br />
authorities. Our lawyers actively pursue<br />
all avenues of dispute resolution<br />
available, helping you to select the<br />
most appropriate method for the<br />
matter we’re handling. We are experts<br />
in solving disputes before they get out<br />
of hand or, better still, before they arise<br />
in the first place.<br />
– administrative litigation<br />
– alternative dispute resolution<br />
– banking litigation<br />
– capital markets litigation<br />
– civil and commercial litigation<br />
– competition litigation<br />
– corporate litigation<br />
– employment and social security<br />
law litigation<br />
– energy<br />
– natural resources and<br />
infrastructure litigation<br />
– enforcement proceedings<br />
including exequatur and<br />
attachment proceedings<br />
– fraud and white-collar crime<br />
litigation<br />
– insolvency litigation<br />
– international arbitration<br />
– real estate and construction litigation<br />
– tax litigation<br />
08_ Real estate<br />
We offer strategic legal solutions<br />
on the full range of property related<br />
transactions to some of the most<br />
ambitious organisations in the world.<br />
In <strong>Luxembourg</strong> we deal with all legal<br />
and tax aspects of the construction,<br />
lease, purchase and sale of<br />
commercial properties and<br />
associated financing transactions.<br />
– advising real estate funds on the<br />
sale or purchase of property in<br />
<strong>Luxembourg</strong><br />
– advising on procedures for granting<br />
trade licences to department stores<br />
– advising retailers in relation to<br />
real estate<br />
– advising banks on their own real<br />
estate needs and projects<br />
– drafting and negotiating contracts<br />
(including sales, purchases,<br />
leases, long leases, financial leases,<br />
management and joint ventures)<br />
– advising on the tax structuring of<br />
real estate transactions and the<br />
set-up of acquisition vehicles<br />
and real estate funds in <strong>Luxembourg</strong><br />
– advising on environmental law<br />
issues such as liability proceedings<br />
and pollution<br />
– advising on international real estate<br />
sale and acquisition matters (asset<br />
and share deals)<br />
– advising on project financing<br />
– advising on title and land review<br />
– advising on town and country<br />
planning<br />
09_ Tax<br />
Our enterprising and knowledgeable<br />
tax team advises clients on tax aspects<br />
for <strong>Luxembourg</strong> investments and the<br />
structuring of international acquisitions<br />
via <strong>Luxembourg</strong> regulated and<br />
non-regulated vehicles. We are also<br />
experts in cross-border investments for<br />
institutional investors, private equity<br />
and real estate funds, acting for clients<br />
throughout Europe, the United States<br />
and Asia.<br />
– capital markets and other lending<br />
– collective investment schemes<br />
structuring<br />
– employee incentives<br />
– estate planning for<br />
high-net-worth individuals<br />
– Islamic finance<br />
– international tax planning<br />
– real estate taxation<br />
– structured finance and securitisations<br />
– tax aspects of M&A transactions and<br />
restructurings<br />
– tax-driven investment schemes<br />
– tax optimised exit schemes<br />
– VAT<br />
www.allenovery.com<br />
9
10<br />
Our <strong>Luxembourg</strong> office<br />
Our team<br />
Banking<br />
& Finance<br />
Real<br />
estate<br />
Capital<br />
markets<br />
© <strong>Allen</strong> & <strong>Overy</strong> LLP 2012<br />
Litigation<br />
Corporate/M&A<br />
Tax<br />
Employment<br />
Intellectual<br />
property &<br />
Information<br />
technology<br />
Investment<br />
management
“ This is ‘as close to perfection as it<br />
gets,’ report delighted clients of the<br />
<strong>Luxembourg</strong> office. The combination<br />
of local knowledge with a global<br />
network makes it a hit for major<br />
clients, including multinational<br />
corporations, who praise the team’s<br />
‘detailed knowledge of how a global<br />
company operates’.”<br />
Chambers Global 2009<br />
www.allenovery.com<br />
11
12<br />
Our <strong>Luxembourg</strong> office<br />
Our culture defines us<br />
and the values we share<br />
inspire the way we work<br />
and behave.<br />
© <strong>Allen</strong> & <strong>Overy</strong> LLP 2012
Culture and values<br />
As a globally integrated firm, our people work<br />
together across practice teams and offices<br />
globally in the pursuit of our clients’ interests.<br />
This engenders a client service approach that<br />
ensures the best skill set and expertise is made<br />
available to our clients in the right locations.<br />
Our culture defines us and the values we share<br />
inspire the way we work and behave:<br />
– excellence in everyone and everything<br />
– dedication to our clients<br />
– helping our people to achieve their potential<br />
– respecting and including every individual<br />
– working together as one firm<br />
– entrepreneurial spirit and energy<br />
www.allenovery.com<br />
13
14<br />
Our <strong>Luxembourg</strong> office<br />
Some milestones of our office<br />
We have highlighted below a selection of key deals on which<br />
<strong>Allen</strong> & <strong>Overy</strong> <strong>Luxembourg</strong> has been advising recently.<br />
1_Cegedel<br />
We advised Cegedel, the largest <strong>Luxembourg</strong> electricity<br />
provider, on the merger with Soteg, a <strong>Luxembourg</strong> gas<br />
provider, and Saar Ferngas, a German gas provider. This<br />
transaction reshaped the <strong>Luxembourg</strong> energy market,<br />
particularly the electricity and gas sectors, and it had<br />
cross-border significance for the greater region.<br />
2_ Deutsche Bank AG<br />
We advised Deutsche Bank AG, London Branch as<br />
arranger and investment agent in relation to a USD100m<br />
convertible murabaha facility made available by Sonata<br />
Securities SA (acting via a separate compartment) to Gulf<br />
Finance House (GFH), a leading Islamic investment bank<br />
whereby the strict requirements of Islamic Financing<br />
had to be reconciled with the requirements of the<br />
<strong>Luxembourg</strong> Securitisation Act 2004.<br />
3_ HBOS and Invista Real Estate<br />
Investment Management<br />
We advised HBOS and Invista Real Estate<br />
Investment Management on the establishment of<br />
their pan-European investment vehicle, being a listed<br />
<strong>Luxembourg</strong> Société d’Investissement à Capital Fixe (SICAF),<br />
which was successfully listed on the London Stock<br />
Exchange and was in effect the first pan-European REIT.<br />
4_ Kaupthing Bank <strong>Luxembourg</strong> SA<br />
We advised the interbank creditors on the groundbreaking<br />
restructuring of Kaupthing Bank<br />
<strong>Luxembourg</strong> SA which was operated by way of a demerger<br />
of Kaupthing <strong>Luxembourg</strong> by splitting its assets<br />
© <strong>Allen</strong> & <strong>Overy</strong> LLP 2012<br />
and liabilities between a new bank to be taken on by a<br />
new financial investor and a <strong>Luxembourg</strong> securitisation<br />
company that issued various classes of notes in order<br />
to service the debt of the creditors supporting the<br />
restructuring of Kaupthing <strong>Luxembourg</strong>. In a novel court<br />
order, the <strong>Luxembourg</strong> court of appeal accepted that only<br />
the interbank creditors vote on a restructuring plan (on<br />
the assumption that depositors and trade creditors will<br />
be repaid in full upon a successful restructuring).<br />
5_ Marguerite Fund<br />
We advised the European Investment Bank, Caisse<br />
des Dépôts et Consignations, Cassa depositi e<br />
prestiti SpA, Instituto de Crédito Oficial, KfW and<br />
Powszechna Kasa Oszczędności Bank Polski Spółka<br />
Akcyjna on the setting up of the Marguerite Fund, a<br />
pan-European infrastructure fund for both public and<br />
private long-term institutional investors. The Marguerite<br />
Fund will focus on investment in the transport, energy and<br />
renewable energy sectors. The fund, set up as a closedend<br />
investment company subject to the <strong>Luxembourg</strong><br />
specialised investment fund regime, will be one of<br />
the prime European equity financing vehicles<br />
for infrastructure.<br />
6_Tyco International Ltd<br />
We advised Tyco International Ltd as lead international<br />
counsel on the corporate restructuring for the spin-off of its<br />
healthcare and electronics businesses to Tyco International<br />
shareholders; separating Tyco International Ltd into<br />
three independent, publicly traded companies. This deal<br />
represented the world’s largest spin-off in 2007.
1_Cegedel<br />
3_HBOS and<br />
Invista Real<br />
Estate Investment<br />
Management<br />
5_Marguerite Fund<br />
2_Deutsche Bank AG<br />
4_Kaupthing Bank<br />
<strong>Luxembourg</strong> SA<br />
6_Tyco<br />
International Ltd<br />
www.allenovery.com<br />
15
16<br />
Our <strong>Luxembourg</strong> office<br />
Meet our partners and counsel<br />
Senior and managing partners<br />
Marc Feider<br />
Senior Partner,<br />
Corporate & Litigation<br />
Tel +352 44 44 55 415<br />
marc.feider@allenovery.com<br />
Jean Schaffner<br />
Tax Partner<br />
Tel +352 44 44 55 613<br />
jean.schaffner@allenovery.com<br />
Jean-Christian Six<br />
Investment Management Partner<br />
Tel +352 44 44 55 727<br />
jean-christian.six@allenovery.com<br />
© <strong>Allen</strong> & <strong>Overy</strong> LLP 2012<br />
Henri Wagner<br />
Managing Partner,<br />
Banking & ICM<br />
Tel +352 44 44 55 312<br />
henri.wagner@allenovery.com<br />
Fabian Beullekens<br />
Corporate Partner<br />
Tel +352 44 44 55 516<br />
fabian.beullekens@allenovery.com<br />
Frank Mausen<br />
ICM Partner<br />
Tel +352 44 44 55 140<br />
frank.mausen@allenovery.com<br />
Partners<br />
André Marc<br />
Banking, Employment<br />
& Real Estate Partner<br />
Tel +352 44 44 55 507<br />
andre.marc@allenovery.com<br />
Patrick Mischo<br />
Tax Partner<br />
Tel +352 44 44 55 459<br />
patrick.mischo@allenovery.com<br />
Counsel<br />
Cyril Pierre-Beausse<br />
IT Counsel<br />
Tel +352 44 44 55 508<br />
cyril.pierre-beausse@allenovery.com<br />
Pierre Schleimer<br />
Banking Partner<br />
Tel +352 44 44 55 716<br />
pierre.schleimer@allenovery.com<br />
Katia Manhaeve<br />
IP Partner<br />
Tel +352 44 44 55 508<br />
katia.manhaeve@allenovery.com<br />
Serge Hoffmann<br />
Real Estate Counsel<br />
Tel +352 44 44 55 725<br />
serge.hoffmann@allenovery.com
“ One of the largest and most prominent firms in the <strong>Luxembourg</strong> market,<br />
<strong>Allen</strong> & <strong>Overy</strong> occupies a prime position due to market opinion reflecting<br />
its ubiquity and the scale of its deals. The firm prides itself on strength<br />
across the board and it remains in the top tiers here again this year.”<br />
IFLR1000, 2012<br />
Bénédicte Kurth<br />
Banking Counsel<br />
Tel +352 44 44 55 718<br />
benedicte.kurth@allenovery.com<br />
Renaud Graas<br />
Investment Management Counsel<br />
Tel +352 44 44 55 502<br />
renaud.graas@allenovery.com<br />
Anne-Marie Nicolas<br />
Banking Counsel<br />
Tel +352 44 44 55 426<br />
anne-marie.nicolas@allenovery.com<br />
Donata Grasso<br />
Litigation Counsel<br />
Tel +352 44 44 55 308<br />
donata.grasso@allenovery.com<br />
Philippe Thiebaud<br />
Corporate Counsel<br />
Tel +352 44 44 55 325<br />
philippe.thiebaud@allenovery.com<br />
Gérard Neiens<br />
Tax Counsel<br />
Tel +352 44 44 55 520<br />
gerard.neiens@allenovery.com<br />
Vincent Naveaux<br />
Litigation Counsel<br />
Tel +352 44 44 55 422<br />
vincent.naveaux@allenovery.com<br />
Peter Myners<br />
Corporate Counsel<br />
Tel +352 44 44 55 460<br />
peter.myners@allenovery.com<br />
Bertrand Géradin<br />
Corporate Counsel<br />
Tel +352 44 44 55 416<br />
bertrand.geradin@allenovery.com<br />
Anne Lambé<br />
Employment Counsel<br />
Tel +352 44 44 55 724<br />
anne.lambe@allenovery.com<br />
www.allenovery.com<br />
17
FOr mOre InFOrmAtIOn, PLeASe cOntAct:<br />
<strong>Luxembourg</strong><br />
<strong>Allen</strong> & <strong>Overy</strong> <strong>Luxembourg</strong><br />
33 avenue J.F. Kennedy<br />
L-1855 <strong>Luxembourg</strong><br />
PO Box 5017<br />
L-1050 <strong>Luxembourg</strong><br />
Tel +352 44 44 55 1<br />
Fax +352 44 44 55 222<br />
Office contacts<br />
Marc Feider<br />
Tel +352 44 44 55 415<br />
marc.feider@allenovery.com<br />
Henri Wagner<br />
Tel +352 44 44 55 312<br />
henri.wagner@allenovery.com<br />
GLOBAL PRESENCE<br />
<strong>Allen</strong> & <strong>Overy</strong> is an international legal practice with approximately 5,000 people, including some 512 partners,<br />
working in 42 offi ces worldwide. <strong>Allen</strong> & <strong>Overy</strong> LLP or an affi liated undertaking has an offi ce in each of:<br />
Abu Dhabi<br />
Amsterdam<br />
Antwerp<br />
Athens (representative offi ce)<br />
Bangkok<br />
Beijing<br />
Belfast<br />
Bratislava<br />
Brussels<br />
Bucharest (associated offi ce)<br />
Budapest<br />
Casablanca<br />
Doha<br />
Dubai<br />
<strong>Allen</strong> & <strong>Overy</strong> means <strong>Allen</strong> & <strong>Overy</strong> LLP and/or its affiliated undertakings. The term partner is used to refer to<br />
a member of <strong>Allen</strong> & <strong>Overy</strong> LLP or an employee or consultant with equivalent standing and qualifications or an<br />
individual with equivalent status in one of <strong>Allen</strong> & <strong>Overy</strong> LLP’s affiliated undertakings.<br />
© <strong>Allen</strong> & <strong>Overy</strong> LLP 2012 I CS1009001<br />
www.allenovery.com<br />
Düsseldorf<br />
Frankfurt<br />
Hamburg<br />
Hanoi<br />
Ho Chi Minh City<br />
Hong Kong<br />
Istanbul<br />
Jakarta (associated offi ce)<br />
London<br />
<strong>Luxembourg</strong><br />
Madrid<br />
Mannheim<br />
Milan<br />
Moscow<br />
Munich<br />
New York<br />
Paris<br />
Perth<br />
Prague<br />
Riyadh (associated offi ce)<br />
Rome<br />
São Paulo<br />
Shanghai<br />
Singapore<br />
Sydney<br />
Tokyo<br />
Warsaw<br />
Washington, D.C.
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