The Partners of Arendt are delighted to announce that Stefan Staedter has been appointed the new Head of the New York office, effective 1 September 2023. Stefan Staedter will strengthen services to our clients in New York and North America. He will also promote Arendt’s entire value chain, which encompasses the Luxembourg Legal & Tax, Regulatory & Consulting and Investor Services aspects. Stefan will be responsible for overseeing all operations with the six-member team who work on site in New York. About...

Sika’s innovative reCO2ver® technology is now receiving targeted support as part of a climate protection program. The technology involves a novel concrete recycling process that allows old concrete to be entirely reused while facilitating the sequestration of CO2. To support the use of the technology, Switzerland’s Climate Cent Foundation is guaranteeing the purchase of CO2 certificates from the program for an initial amount of CHF 10 million. Almost 40% of global CO2 emissions are attributable to the construction and building sector. Around 30...

A Federal Court ruled that works that are entirely created by artificial intelligence (“AI”) systems cannot receive a copyright under United States law. Contrary to how this decision has been reported in news summaries, the case was decided on a relatively narrow issue, and kept the door open for future decisions to expand on this new area of the law. The plaintiff used an AI system called the “Creativity Machine” to generate a piece of visual art called “A Recent Entrance...

Treasury and the IRS on August 25 released proposed regulations on information reporting (Forms 1099, etc.) and calculation of gain or loss for digital assets. The 2021 Infrastructure Investment and Jobs Act expanded the rules regarding how digital assets should be reported by brokers. The proposed regulations provide guidance for how brokers and payors are to comply and provide rules to determine the amount realized for purposes of computing gain or loss upon the sale, exchange, or other disposition of digital...

On August 1, 2023, the U.S. Citizenship and Immigration Services (USCIS) released a revised version of the Form I-9, Employment Eligibility Verification, which may be used now but must be used for all new hires and rehires starting November 1, 2023. The new form is a major change from the last iteration in that it has returned to a one-page version, which had been used from 1986 until 2013. This one-page version, however, has two Supplements, A and B....

On 3 August 2023, the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s financial regulator, published a report of its Thematic Review on the implementation of sustainability-related provisions in the investment fund industry (CSSF Thematic Review). 1. Background After the entry into force of key sustainable finance regulations, such as the SFDR and TR, and the revision of the AIFMD and UCITS Directive frameworks, all imposing new disclosure obligations on financial market participants, the CSSF has recently reviewed how successfully these...

The IRS published, on July 31, competent authority agreements with Denmark, Luxembourg, Mexico, and Malta, effective July 1, 2020, pursuant to which, on a bilateral basis, references in the respective tax treaty with the United States to the North American Free Trade Agreement (NAFTA) will be treated as references to the United States-Mexico-Canada Agreement (USMCA), which entered into effect on July 1, 2020. Background In July 2020, the USMCA replaced NAFTA. As detailed in our insight, this created uncertainty for some...