Luxembourg extends measures allowing nonphysical meetings to be held until 31 December 2020

News

Luxembourg extends measures allowing nonphysical meetings to be held until 31 December 2020

25 September 2020

Regulatory News Alert

Context and objectives

On 23 September 2020, the Luxembourg government published a press release on extending the measures that allow companies and legal persons to hold their general meetings and other essential meetings remotely, as the COVID-19 pandemic continues to affect the good governance of companies and other legal persons.

This measure concerning meetings for companies and other legal persons was initially provided for by the Grand-Ducal Regulation of 20 March 2020. Then, the Law of 20 June 2020 extended these measures.

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As the measures of the Law of 20 June 2020 will expire on 30 September 2020, the Luxembourg government is proposing that meetings of decision-making bodies of companies and other legal persons can be held remotely until 31 December 2020.

However, the deadline for filing annual accounts closed on 31 December 2019 with the trade register—as set by the Law of 22 May 2020 extending the deadlines for filing and publishing annual accounts, consolidated accounts and related reports during the state of crisis—has remained unchanged. These filings must be made before 31 October 2020.
 

What is in it for my institution?

This proposal is designed to help companies manage their corporate governance during the current crisis.

This rule is particularly important for any issuers of financial instruments (such as funds and corporates) that must file annual accounts and hold annual general meetings in Luxembourg.
 

How can Deloitte help?

Deloitte can help you prepare and facilitate the organization of these meetings, design any necessary procedures, and generally help your company become more digital.

Deloitte’s Regulatory Watch Kaleidoscope service helps you stay ahead of the regulatory curve to better manage and plan upcoming regulations.

Contacts

Subject matter specialists

Justin Griffiths
Partner – Audit
Tel : +352 45145 2692
jugriffiths@deloitte.lu

Yann Mérillou
Partner – Audit
Tel : +352 45145 2731
ymerillou@deloitte.lu

Laurent Berliner
Partner – Business Risk Leader
Tel : +352 45145 2328
lberliner@deloitte.lu

Thierry Bovier
Partner – International Tax
Tel : +352 45145 4079
tbovier@deloitte.lu

Raymond Krawczykowski
Partner – Tax Business Leader
Tel : +352 45145 2500
rkrawczykowski@deloitte.lu

Bernard David
Partner – International Tax Leader
Tel : +352 45145 2799
bdavid@deloitte.lu

Pascal Eber
Partner – Consulting Banking, Insurance and Non-FSI Leader
Tel : +352 45145 2649
peber@deloitte.lu

 


Regulatory Watch Kaleidoscope service

Simon Ramos
Partner – IM Advisory & Consulting 
Leader
Tel : +352 45145 2702
siramos@deloitte.lu

Jean-Philippe Peters
Partner – Risk Advisory
Tel : +352 45145 2276
jppeters@deloitte.lu

Benoit Sauvage
Director – Risk Advisory
Tel : +352 45145 4220
bsauvage@deloitte.lu

Marijana Vuksic
Manager – Risk Advisory
Tel : +352 45145 2311
mvuksic@deloitte.lu

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