Newsweek country report: Luxembourg
Posted - 15.03.2022
Newsweek has published a report on Luxembourg. In it our firm is also represented with an article on Luxembourg legal services.
The leading business law firm, Elvinger Hoss Prussen, opens up financial and commercial opportunities in Luxembourg for foreign investors.
Since 1964, Elvinger Hoss Prussen has provided worldwide clients that include corporations, financial institutions and entrepreneurs with a full range of expert legal services based around four core practice groups: asset management and investment funds; corporate, banking and finance; dispute resolution and commercial; and tax.
Our firm is independent and only provides advice relating to Luxembourg, explains Joachim Cour, partner and one of over 400 members of the law firm. “Very few other firms in Luxembourg have the scale to absorb the volume of work and knowledge that is necessary to advise clients in all areas of their business.” In addition to its Luxembourg headquarters, it has teams of partners that operate from offices in New York, in association with Elvinger S.à r.l. PLLC, and Hong Kong. “These provide the same quality of advice, but are closer to clients for whom time-zone alignment is important,” he says. As a result of its independence, the firm is also able to form cross-border relationships with its peers across the world to suit any case.
Luxembourg’s stability and a multicultural reality that is reflected in the firm make it an excellent European base for enterprises and investors, Cour asserts. The fact that Luxembourg is at the forefront of environmental, social and governance (ESG) issues is another key advantage, adds Virginie Lebbe, new regulations and knowledge development. “The biggest challenge for the next years facing asset managers, for instance, will be to choose the right path for their ESG strategy, to be transparent about it and to be able to evidence it. With its long experience in implementing European Union (EU) asset-management legislation and developing ESG activities, Luxembourg is well placed to help the asset-management industry.”
While most of its financial law is driven by the EU, Luxembourg always aims to add value, notes Cour. “We try to have a toolbox that satisfies all cultures. For example, when we implemented the EU’s Alternative Investment Fund Managers Directive, we also introduced a partnership vehicle inspired by Anglo-Saxon law. It was the first time that U.S. and other asset managers could find an investment tool in continental Europe that is extremely similar to what they are accustomed to. That’s just one translation of Luxembourg’s positive and smart approach to legislation."
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