Post-Brexit, third-country firms are increasingly interested to provide banking services/activities and investment services/activities in Luxembourg. The provision of both investment and banking services/activities by third-country firms is largely subject to national law. Directive 2014/65/EU,...

Recently, a new amended MiCAR draft proposal has been published. The proposal provides for a dedicated and harmonized framework for crypto-assets and related activities and services and includes all types of crypto-assets that are not yet covered by EU financial law (especially Directive...

European banking law restrictions have so far prevented “alternative lending solutions”, such as debt funds and crowdlending platforms, to operate on a Pan-European scale. Consequently, crowdlending platforms currently do not benefit from a European passport and are restricted in attracting...

The emergence of blockchain, other distributed ledger technologies (‘DLT’) and the potential of asset tokenization has led to a lot of attention in the past three years. Despite ‘ICO scams’ in 2017 and 2018, the use of DLT-based tokens in financial markets has nevertheless kept growing,...

In accordance with the Europe 2020 strategy, long-term finance is a crucial enabling tool for putting the European economy on a path of smart, sustainable and inclusive growth with high employment, and competitiveness for building tomorrow’s economy in a way that is less prone to systemic...

Venture capital provides finance to undertakings that are generally very small, that are in the initial stages of their corporate existence and that display a strong potential for growth and expansion. In addition, venture capital funds provide undertakings with valuable expertise and knowledge,...

Increasingly, investors also pursue social goals and are not only seeking financial returns. For that reason, a social investment market is emerging in the EU, comprising, in part of, of investment funds targeting social undertakings. Such investment funds provide funding to social undertakings...

On the 10th of November 2021, the European crowdfunding regulation (“ESCPR”), as well as a related directive to amend Directive 2014/65/EU (“MiFID II”), entered into force. The ESCPR facilitates the scaling up of crowdfunding services across the internal market to increase access to...