On February 5, 2016, the Luxembourg Caisse de
Consignation has released a series of frequently asked
questions summarising the key aspects related to the Luxembourg law
of 28 July 2014 regarding immobilisation of bearer shares and units
(the "2014 Law").
The FAQ provides useful information with regard to the scope of
the 2014 Law and the obligations for companies that issued bearer
shares before and after the entry into force of the 2014 Law.
Further on, the paper covers inter alia (i) the method
to calculate the price of the shares when cancelling
non-immobilised bearer shares, (ii) the procedure for the reduction
of capital, (iii) the required documents to be submitted when
depositing the assets with the Caisse de Consignation,
(iv) applicable fees, and finally (iv) the list of documents that
must be presented to the Caisse de consignation by the
holder of a certificate representing the bearer share(s) cancelled
in order to receive the price corresponding to the capital
The Luxembourg Bankers' Association (ABBL) and the
Association of the Luxembourg Fund Industry (ALFI) have prepared an
English language translation of the FAQs that can be accessed here. Additionally, the Commission de Surveillance du Secteur
Financier has prepared its own version of FAQ regarding the
main aspects regulated by 2014 Law. The CSSF FAQ can be accessed
Confidentiality of corporate documents and information is one of
the key attractions of incorporating a company in the BVI. A
company search of the BVI Registrar of Corporate Affairs will only
disclose certain information and documents.
The Panamanian Law 52 of October 27, 2016 (the "Law"), which relates to accounting records and the annual franchise tax of Panamanian entities (corporations and foundations), came into effect on 1 January 2017.
Following the successful introduction of ‘failure to prevent' offences in the areas of bribery and tax evasion, the UK government is priming another possible corporate offence with a call for evidence launched on 13 January 2017, to end on 24 March 2017, on ‘corporate liability for economic crime'.
In many of my writings I try to bring together my fascination for history with my professional and academic interest in the law.
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