Bertrand Mariaux

Compliance | Board of Directors | Conseil d'administration | Corporate | Corporate Governance | Financial Regulation | Regulatory | Société anonyme

FDR & Dual-Class Share Structure / FDRs : ingénierie financière luxembourgeoise et gouvernance d’entreprise
ByBertrand Mariaux 04/10/202504/10/2025

How can a company access deep public capital markets without relinquishing long-term strategic control? The answer often lies in sophisticated corporate engineering unique to jurisdictions like Luxembourg. The latest episode of The Luxembourg Fundcast examines the powerful combination of a dual-class share structure with Fiduciary Depositary Receipts (FDRs). Here is a brief analysis of the…

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Compliance | Corporate Governance | Financial Regulation | Market Abuse | Regulatory | Société anonyme

Market Abuse Regulation’s Insider List for Market Integrity
ByBertrand Mariaux 29/09/202530/09/2025

Under the Market Abuse Regulation (MAR), the insider list is more than a compliance task—it’s a critical instrument for market integrity. How you manage it is a direct reflection of your company’s governance culture, especially after a major transaction. Here are a few key insights on transforming this obligation into a strategic asset: Apple Podcasts:…

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Corporate Governance | Financial Regulation | Sustainability / ESG

CSRD in Luxembourg: Sustainable Governance
ByBertrand Mariaux 21/09/202521/09/2025

The recent two-year delay for certain CSRD reporting requirements isn’t a pause button—it’s a strategic recalibration point. The “Stop-the-Clock Directive” has shifted the timeline, but not the fundamental trajectory. For boards in Luxembourg, this period is a critical opportunity to move beyond a compliance mindset and integrate sustainability into the core of corporate strategy. A…

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Corporate | Board of Directors | Conseil d'administration | Luxembourg Investment Funds Law | Regulatory | Société anonyme

Board Delegation in a Luxembourg S.A.
ByBertrand Mariaux 15/09/202515/09/2025

In a Luxembourg S.A., poor board delegation isn’t just inefficient—it’s a direct path to personal liability for directors. Key points to avoid governance failure: • Define “Daily Management”: The legally undefined “gestion journalière” is a major risk. Document its scope and financial thresholds explicitly to prevent conflict. • Inalienable Duties: A board delegates authority, not…

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Luxembourg Investment Funds Law | Compliance | Regulatory | Uncategorized

Depositary Liability Clauses in Luxembourg Fund Agreements: Legal Boundaries and Drafting Pitfalls
ByBertrand Mariaux 23/03/202502/05/2025

Under Article 19(10) of the Luxembourg Law of 12 July 2013 on AIFMs, the depositary is strictly liable for the loss of financial instruments held in custody. This liability regime is non-negotiable. Contractual clauses that attempt to exclude or limit this responsibility are considered invalid, particularly where they conflict with the core investor protection principles…

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Corporate | Partnerships | SCA

The Luxembourg Partnership Limited by Shares – Sociétés en Commandite par Actions (SCA): Bridging Partnership Flexibility with Corporate Strength
ByBertrand Mariaux 18/03/202502/05/2025

The Luxembourg partnership limited by shares – Société en Commandite par Actions (SCA) – is a unique hybrid structure that combines the flexibility of partnerships with the corporate attributes of a public limited company – Société Anonyme (SA). This dual nature makes it an attractive choice for investors and fund managers seeking a balance between…

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Compliance | Luxembourg Investment Funds Law | Regulatory

Due Diligence in Luxembourg AIFs: Strengthening Compliance and Governance
ByBertrand Mariaux 25/02/202502/05/2025

Luxembourg’s position as a leading hub for alternative investment funds (AIFs) hinges on its rigorous regulatory framework, particularly in anti-money laundering (AML) and countering the financing of terrorism (CFT). For compliance officers (Responsable du Contrôle or RC) and senior management (Responsable du Respect or RR), understanding the nuances of simplified due diligence (SDD), enhanced due diligence (EDD),…

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Compliance | Luxembourg Investment Funds Law | Regulatory

Nominee Intermediary Arrangements in Luxembourg AIFs: Best Practices
ByBertrand Mariaux 18/02/202502/05/2025

Luxembourg’s alternative investment fund (AIF) sector, a cornerstone of Europe’s financial landscape, faces evolving challenges in anti-money laundering (AML) and counter-terrorist financing (CFT) compliance. Among these, nominee intermediaries – entities holding assets on behalf of underlying investors – require meticulous oversight to align with Luxembourg’s stringent regulatory framework. For Responsables du Respect (RRs) and Responsables Compliance (RCs), balancing operational…

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Compliance | Luxembourg Investment Funds Law

Implementing a Risk-Based Approach in Luxembourg’s Fund Sector: Key Considerations
ByBertrand Mariaux 17/02/202502/05/2025

In Luxembourg’s dynamic financial sector, the risk-based approach (RBA) remains a cornerstone of anti-money laundering and counter-terrorist financing (AML/CFT) frameworks. For professionals serving as Responsable du Respect (RR) and Responsable Compliance (RC), understanding the legal obligations, practical implementation, and evolving supervisory expectations is critical. This article explores the RBA’s foundations, operational challenges, and best practices under Luxembourg’s regulatory hierarchy….

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Luxembourg Investment Funds Law | Special Purpose Vehicle (SPV) Management

SPVs in Luxembourg
ByBertrand Mariaux 10/02/202502/05/2025

Luxembourg, a leading European hub for securitisation and structured finance transactions, provides a pragmatic and secure legal and tax framework for establishing Special Purpose Vehicles (SPVs). These vehicles, which are crucial in private equity, real estate, leveraged buyouts (LBOs), debt issuance, and listings, benefit from the jurisdiction’s innovative approach and adaptability. Core Technical Requirements for…

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