PRESS RELEASE
23 December 2022

Arendt Advised On Luxembourg Aspects Of The Launch Of GS DAP™, A Digital Assets Platform By Goldman Sachs

AM
Arendt & Medernach

Contributor

About Arendt

Arendt combines the entire value chain of services dedicated to Asset Managers, Banks, Insurers, Public Institutions and Private Clients operating in Luxembourg.

-Legal & Tax
-Regulatory & Consulting
-Investor Services

Legal & Tax

We assist clients in structuring and running their business from a legal and tax standpoint across Luxembourg. Our teams directly serve international clients or work in close collaboration with foreign partner law firms.

Together with our regulatory consultants and investor services experts, we bridge the gap between legal/tax advice and its implementation. We deliver best-in-class services along our clients’ business life cycles.

The 450 legal experts of Arendt & Medernach have a wealth of experience in a wide variety of specialisations. Together, they are able to advise on a complete range of 15 complementary practice areas

Luxembourg, December 2022 – We have assisted Goldman Sachs in relation to Luxembourg law aspects of its new, cutting-edge Distributed Ledger Technology platform GS DAP™.
Luxembourg

ARENDT HAS ASSISTED GOLDMAN SACHS IN RELATION TO LUXEMBOURG LAW ASPECTS OF ITS NEW, CUTTING-EDGE DISTRIBUTED LEDGER TECHNOLOGY PLATFORM GS DAP".

DEAL - BANK - BLOCKCHAIN

Luxembourg, December 2022 – We have assisted Goldman Sachs in relation to Luxembourg law aspects of its new, cutting-edge Distributed Ledger Technology platform GS DAP". The platform is built on private permissioned blockchain technology augmented by a smart contract application layer and will be used to facilitate the issuance, registration, settlement and custody of digital assets, including but not limited to digital bonds.

This innovative platform has been inaugurated hosting the issuance of a 100 million euro denominated digital bond by the European Investment Bank.

The bond is governed by Luxembourg law and is leveraging the possibilities of Luxembourg blockchain legislation, and in particular the law of 6 April 2013 on dematerialised securities. Other innovative features are the involvement of the Luxembourg and French Central Banks providing a tokenised representation of euro central bank money enabling settlement on the same day as the issuance, the use of smart contracts and on-chain subscription.

Marc Mouton, partner in the Banking & Financial Services practice of Arendt & Medernach has led on Luxembourg law aspects. A multi-jurisdictional Ashurst team led by Etay Katz and Sidika Ulker have covered English, German and French law aspects of the development and launch of the new platform.

Commenting, Marc Mouton said: "We are very pleased and honoured to have advised Goldman Sachs on the Luxembourg aspects of setting up an exciting new DLT platform which gives an outlook on the future of capital market transactions. The fact that the first transaction hosted on the platform is governed by Luxembourg law is a significant illustration of the success of the innovative and robust Luxembourg DLT legislation."

Learn more about our Banking & Financial Services practice area_

Contributor

About Arendt

Arendt combines the entire value chain of services dedicated to Asset Managers, Banks, Insurers, Public Institutions and Private Clients operating in Luxembourg.

-Legal & Tax
-Regulatory & Consulting
-Investor Services

Legal & Tax

We assist clients in structuring and running their business from a legal and tax standpoint across Luxembourg. Our teams directly serve international clients or work in close collaboration with foreign partner law firms.

Together with our regulatory consultants and investor services experts, we bridge the gap between legal/tax advice and its implementation. We deliver best-in-class services along our clients’ business life cycles.

The 450 legal experts of Arendt & Medernach have a wealth of experience in a wide variety of specialisations. Together, they are able to advise on a complete range of 15 complementary practice areas

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