KATIA PANICHI. Resident Partner in Hong Kong

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1 Hong Kong Office

2 Today, Chinese investors may have access to foreign investment funds, including UCITS. Further, the relaxation of investment regulations in China could be an opportunity for Luxembourg funds to increase their exposure to Renminbi-denominated securities. With respect to outbound investments, Luxembourg is the place of choice for structuring these investments under the most favourable legal and tax-efficient conditions. KATIA PANICHI Resident Partner in Hong Kong

3 Luxembourg and China - A long history of cooperation and success Dear Friends, It is only a few months ago that I took over my position as Ambassador of Luxembourg to China, a rather short time considering the various dimensions of this fascinating country. It will take me many years to even start to understand the country. After postings in Delhi and then Tokyo, I was keen to represent the Grand Duchy in the world s second largest economy, to discover its vibrancy and learn more about its cultural, artistic and historical treasures. Only six months yet the tremendous amount of business and activities make me feel as if I have been here for a much longer time. Elvinger Hoss & Prussen will soon celebrate their second anniversary in China. As a former lawyer in Luxembourg myself, I am proud to witness their expansion in Hong Kong and China mainland. Relations between Luxembourg and China date from more than one hundred years ago, when our engineers actively contributed to the development of the nascent steel industry, leading to China s industrial revolution. Since then, Luxembourg pioneers, engineers, business men, entrepreneurs, bankers and financiers have successfully developed their businesses in China. In 2012, we celebrated the 40th anniversary of our diplomatic relations, also recognising once again what our business communities have achieved. Following the steel industry, our countries have increasingly developed a mutually beneficial relationship in the field of finance. The major Chinese banks have all set up their European headquarters in Luxembourg. Tourism is another success story: more than 160,000 Chinese come to the Grand Duchy each year to enjoy good shopping, excellent food, the green valleys and dense forests. Education is one of our great priorities: numerous bilateral agreements between our universities allow for student exchanges. Most importantly, we are witnessing greater cooperation in the high technology, aerospace and automotive industries where Luxembourg companies also benefit from the economic development of China. Luxembourg has positioned itself as a major hub for RMB cross border activities and it offers its supports for the internationalisation of the Chinese currency, a priority of its Government. Recent figures show that Luxembourg hosts the largest pool of RMB in the Eurozone, with 56bn RMB in deposits, 67.2bn RMB in loans, 24.5bn in RMB bond listings and over 228bn RMB assets in mutual funds. It is the only country in Europe to offer RMB denominated mutual funds. A government-led initiative, headed by the Ministry of Finance and supported by Luxembourg banks, including Luxembourg subsidiaries of Chinese banks, Luxembourg s banking and fund associations, as well as the securities and the banking regulator, will ensure that my country will hopefully always remain a step ahead of others in establishing Luxembourg as the first centre for international renminbi business in the Euro Area. Together with my team in Beijing and in Shanghai, I am keen to contribute to the further deepening of our relationship with China. I will continue to encourage Luxembourg companies like Elvinger Hoss & Prussen to seize the vast business opportunities which lay ahead of us. PAUL STEINMETZ Ambassador of Luxembourg to China HONG KONG OFFICE MARCH

4 Our Hong Kong office WHY? With the recent developments of the economic environment and the rapid growth of the Asian markets, it has been a natural move for the firm to open its first overseas office in Hong Kong. A PARTNER IN RESIDENCE The local team is headed by Katia Panichi, a partner who has relocated to Hong Kong and who has experience in both regulated funds and unregulated investment structures. She is seconded by senior associate Emmanuel Gutton from the firm s investment funds department and supported by a dedicated team in Luxembourg. The office has local Chinese lawyers and staff. ADDED VALUE FOR EXISTING CLIENTS Existing Asian clients receive Luxembourg legal advice in the firm s key areas of practice during their business hours. Being closer to the firm s clients allows the team to even better understand their needs and to assist them rapidly in facing the challenges arising from ongoing changes in the legal and regulatory environment and turning these into opportunities for their businesses. The Hong Kong team thus allows the firm to tighten its relationships with local actors and continue the uncompromising and continuous focus on excellence of its services both in terms of quality and timing. 4 HONG KONG OFFICE MARCH 2014

5 WHAT OTHERS SAY ABOUT US Elvinger, Hoss & Prussen remains in tier one according to colleagues who says its quality and quantity justify its position. I have a lot of respect for them, they are really good lawyers. A satisfied client says: In terms of delivery we have exactly what we re looking for A client who also uses other major firms in Luxembourg feels that this firm has better staffing [Investment Funds]. With the opening of its first overseas office in Hong Kong, this will help Elvinger, Hoss & Prussen gain further exposure to the Asia-Pacific region. (IFLR 1000 WESTERN EUROPE, 2013) Local powerhouse Elvinger, Hoss & Prussen has a marketleading reputation for being solution-driven. The firm understands our needs and has an in-depth knowledge of our bank Stands out for his commercial viewpoint (LEGAL 500, 2013) It is hard to find a better firm or a better service than Elvinger, Hoss & Prussen [Corporate/Commercial team]. It is absolutely first-rate. The team has great contacts and knows all the right buttons to push. It is wired into what needs to be done. The lawyers are sensitive to the needs of demanding clients. Elvinger, Hoss & Prussen is our go-to firm in Luxembourg. The lawyers are responsive, commercial, and strong technicians. The lawyers are available, responsive, collaborative and commercially astute. (CHAMBERS EUROPE, 2013) According to Monterey Insight, a company that provides data on Luxembourg domiciled funds (as was previously done by LIP- PER), as at 31 December 2012 Elvinger, Hoss & Prussen acted as legal adviser to 3,139 Luxembourg funds or compartments thereof with 1,170 billion USD net assets representing 45% of the net assets and 32.5% of the number of Luxembourg funds that have appointed a legal adviser. (Source: MONTEREY INSIGHT, Luxembourg Fund Survey 2013) NEW OPPORTUNITIES FOR YOU Access to the expertise of the resident partner and direct contact with the team in Hong Kong will allow you to explore the opportunities and advantages of setting up an investment structure or a business in the Grand Duchy of Luxembourg. As an unaffiliated firm, EHP also offers direct access to the best Asian and international firms to handle complex crossborder transactions. As part of its services in Hong Kong the team offers bespoke seminars and training sessions on specific topics of Luxembourg law. PRACTICE AREAS The Hong Kong office advises exclusively on Luxembourg law in the following key areas of practice: investment funds and asset management corporate law private equity and real estate acquisition finance corporate finance and capital markets tax law Our expertise encompasses in particular advice relating to investment fund structures using Luxembourg regulated or unregulated vehicles benefiting from the favourable legal, regulatory and tax environment which Luxembourg offers. HONG KONG OFFICE MARCH

6 Why Luxembourg? LUXEMBOURG IS A GATEWAY TO EUROPE AND TO THE WORLD Located in the heart of Europe Founding Member of the United Nations, the European Union and the EUR zone 68 double tax treaties in force including with China and Hong Kong A STABLE INDEPENDENT STATE Independent State since 1839 Political and economic stability based on a culture of consensus A diversified economy (international industrial groups, finance, media and communication, e-commerce ) Rating agency Standard & Poors has confirmed Luxembourg s long-term AAA rating A BUSINESS FRIENDLY ENVIRONMENT A developed financial centre combining expertise in private banking, insurance (including captive reinsurance), investment fund and asset management and other areas including securitisation, Soparfis and holding companies. 142 banks (including 3 Chinese banks, ICBC, BOC and CCB), over 300 investment firms and other professionals of the financial sector (investment managers and advisers, brokers, domiciliary agents etc), over 75 insurance companies and almost 250 reinsurance companies Fully developed infrastructure of financial services and support functions Wide range of products and strong innovative capacities Tradition of comprehensive, customised and pragmatic financial regulations including a flexible corporate law allowing, among other things, the setting up of joint ventures Highly skilled multilingual workforce 6 HONG KONG OFFICE MARCH 2014

7 THE 2 ND LARGEST INVESTMENT FUND DOMICILE IN THE WORLD More than 3,900 legal fund structures with more than 13,700 sub-funds totalling net assets in excess of 2,615 billion euros as at 31/12/2013 World-wide acceptance of the Luxembourg UCITS label About 25 years experience in global fund distribution Large experience in fund set-up and structuring capabilities Innovative and collaborative approach between government, regulator and fund industry Predictability of regulatory planning World class fund infrastructure & support: administration, custody and transfer agency Recognised by private equity and venture capital professionals (with assets under management above 100 billion euros) as well as real estate and hedge fund groups AN EFFECTIVE TAX SYSTEM An effective tax system within the European Union in line with OECD standards An extensive double tax treaty (DTT) network (68 countries) Lowest standard VAT rate in the European Union Predictability of tax planning An attractive tax framework for holding and finance companies: Luxembourg is a traditional platform and hub for cross-border investments made by large corporates, sovereign wealth funds and private equity funds An attractive tax environment for investment funds and their investors and for structured finance transactions and securitisations HONG KONG OFFICE MARCH

8 UCITS Undertakings for Collective Investments in Transferable Securities («UCITS») are investment funds domiciled in a European Union (EU) Member State and organised under EU Directive 2009/65/EC (UCITS Directive). Since the creation of the UCITS regime in 1985, UCITS have become the only worldwide recognised investment fund brand offering a high level of protection to investors and investment fund cross-border marketability not only in the European Union (through a European market passport) but also across other countries in Europe, Asia, the Middle East and South America. UCITS have as exclusive object to invest in transferable secu rities and/or other eligible liquid financial assets, namely money market instruments, units of UCIs, deposits with credit institutions and financial derivative instruments. Luxembourg is the leading jurisdiction for the setting up of a UCITS. As at December 2013, the aggregate net assets under management of Luxembourg UCITS exceeded 2,121 billion euros (Source: CSSF). Luxembourg has more than 25 years of experience in UCITS structuring and in global fund distribution and the largest asset management groups have predominantly chosen Luxembourg to establish their UCITS platform for crossborder distribution. Elvinger, Hoss & Prussen is the leading law firm in terms of net assets of Luxembourg investment funds advised by an independent legal adviser. STRUCTURING The following structures are typically used: investment company with variable share capital (société d investissement à capital variable) or investment companies with a fixed share capital (société d investissement à capital fixe) or common fund (fonds commun de placement) multiple compartments (umbrella fund) or stand-alone structure self-managed (if set up as an investment company) or managed by a management company (mandatory if set up as a common fund and optional for investment companies). UCITS are open-ended and must repurchase their units or shares at the investors request at least twice per month. UCITS are available to both retail and institutional investors. 8 HONG KONG OFFICE MARCH 2014

9 A STRUCTURING EXAMPLE FOR A UCITS SET UP AS UMBRELLA SICAV USING A MANAGEMENT COMPANY WOULD BE: Sub-Fund (1) RMB Bond Fund Sub-Fund (2) China A Shares Sub-Fund (3) Asian Bonds Sub-Fund (4) North European Equity UCITS SICAV Custodian in Luxembourg MANAGEMENT COMPANY option: Third party management company in Luxembourg Administration in Luxembourg Investment Management by Hong Kong-based asset manager option: different investment managers for each Sub-Fund Distribution centralised through Hong Kong based distributor UCITS AND ASIA International asset managers and asset managers domiciled in Asian jurisdictions such as Hong Kong, Japan or Singapore have set up UCITS to expand their marketing to investors in Asia and/or Europe. In Hong Kong, as at 11 February 2014, of the 1775 unit trusts and mutual funds authorised by the SFC, 1242 (i.e. 70%) were UCITS (Source: Securities and Futures Commission). UCITS have been used for accessing the PRC markets and creating RMB exposure for years. In 2011, the CSSF authorised the first UCITS to invest up to 100% of their assets in the Hong Kong OTC Bond Market and in deposits denominated in offshore Renminbi. It also authorised UCITS to launch share classes denominated in CNH. In 2013, the CSSF authorised the first UCITS to invest up to 100% of its assets in China A-Shares which are listed and traded on the Shanghai and Shenzhen stock exchanges in the context of a Renminbi Qualified Foreign Institutional Investor (RQFII) scheme. Both such UCITS have been advised by Elvinger, Hoss & Prussen. HONG KONG OFFICE MARCH

10 ALTERNATIVE INVESTMENT FUNDS The Alternative Investment Fund Manager Directive (the «AIFMD») came into force in July 2011 and had to be applied in all EU Member States from July The Directive imposes requirements for the authorisation and the supervision of AIFM. The term «AIF», as used in the Directive, refers to collective investment undertakings, which raise capital from a number of investors with a view to investing it in accordance with a defined investment strategy for the benefit of those investors, and which do not qualify as UCITS. Hedge funds, real estate and infrastructure funds, private equity and venture capital funds, etc. are therefore targeted by the AIFMD, regardless of their current legal regime, i.e. regulated or non-regulated, their legal form, and to a certain extent, their location within or outside the EU. Funds and managers located in third countries are potentially covered by the Directive: third country funds, insofar as they are marketed in the EU or managed by an EU AIFM; and third country managers, insofar as they manage EU AIF or market (EU or non-eu) AIF in the EU. The Directive will therefore also have a significant impact on certain Managers based in Asia. The provisions of the AIFMD also impose requirements on the Funds as regards, inter alia, appointment of depositary, valuation, disclosure to investors and content of annual reports. The AIFMD introduced a passport available to compliant Managers for the marketing of the Funds they manage to professional investors in all EU Member States (in a similar manner as the UCITS passport allows distribution of UCITS to retail investors in all EU Member States). WHAT ARE THE OPTIONS FOR ASIA-BASED MANAGERS? Asia-based Managers are affected if they raise funds in the EU or if they manage EU Funds. The three main options they have are described below, where the first two have been available since July 2013 and the last will be available from July 2015 only. Option 1: Asian Managers managing AIFs can (with no intervention of an authorised AIFM) continue to market these Funds on a private placement basis until 2018 (deadline to be confirmed by EU regulations) subject to compliance with certain requirements of the AIFMD. The most important requirements in that respect are: the need for cooperation agreements to be entered into between the competent regulatory authorities in (i) their home jurisdiction, (ii) the jurisdiction of the Fund and (iii) each of the EU jurisdictions where the Funds are privately placed; and the requirement for the Manager to undertake reporting on its activities and on the activities of the Funds to the supervisory authorities in each of the EU Member States in which the Funds are marketed on a private placement basis. Nevertheless, this option 1 remains subject to the provisions of the AIFMD pursuant to which it is up to each EU Member State to decide whether and under which additional requirements private placement is possible in their jurisdiction. Some EU Member States have already adopted more restrictive private placement rules or announced that going forward private placements will no longer be possible in their jurisdiction. Option 2: Asian Managers can restructure their Funds in such a manner that the latter appoint an EU-based AIFMDcompliant Manager who, in turn, delegates the investment management to the Manager in Asia. This will result in the EU passport being available for distribution to professional investors under the AIFMD. Option 3: From July 2015, through an EU Member Country of Reference to be designated/selected in accordance with the provisions of the AIFMD, Asian Managers can themselves become authorised as AIFM under the AIFMD. 10 HONG KONG OFFICE MARCH 2014

11 WHY LUXEMBOURG? Under the first option, Asian Managers who manage Luxembourg Funds will have the assurance that Luxembourg has entered or will enter into appropriate cooperation agreements with regulators in the main Asian countries (where the Manager is based) and all the EU regulators (where the Luxembourg Fund can then be privately placed). Under the second option, Asia Managers will find in Luxembourg a choice of authorised AIFM (including UCITS Management Company who will have upgraded to become also an authorised AIFM), which can act as AIFM for the relevant Funds and delegate investment management to the relevant Asian Manager while retaining risk management functions. Setting up their own AIFM in Luxembourg is obviously another possibility for Asian asset management groups. Under the third option, Asian Managers will find Luxembourg to be an appropriate EU Member Country of Reference with a sound political and financial environment and a competent and pragmatic supervisory authority. SPOTLIGHT ON SPECIALISED INVESTMENT FUNDS The specialised investment fund («SIF») was first introduced by the Law of 13 February 2007 («SIF Law»). It has since enjoyed great success as it offers a regulated label whilst maintaining flexibility in terms of investment scope and structuring and benefiting from an efficient tax regime. The SIF regime was amended by the Law of 12 July 2013 on alternative investment fund managers which transposes the AIFMD into Luxembourg law (the «AIFM Law»). Whilst the AIFM Law mainly purports to regulate AIFM(s) it also contains various provisions applicable to AIF(s), for which certain SIFs will qualify. Investment into SIFs is limited to well-informed investors that are able to adequately assess the risks associated with an investment in such a vehicle. The SIF Law defines well-informed investors as (i) institutional investors and (ii) professional investors but also (iii) other well-informed investors who confirm in writing that they adhere to the status of well-informed investors and either invest a minimum of 125,000 euros or benefit from an assessment made by a financial institution, certifying their expertise. Within the latter category, sophisticated retail or private investors are authorised to invest in SIFs. The SIF Law allows significant flexibility with respect to the assets in which SIFs may invest 1. SIFs are subject to the principle of risk-spreading. The SIF Law does not provide for specific investment rules or restrictions but only refers to the concept of risk-spreading. However, the Commission de Surveillance du Secteur Financier, being Luxembourg s regulatory authority of the financial Sector («CSSF»), issued regulatory guidelines in this regard, via its Circular 07/309, relating to risk-spreading in the context of SIFs. 1 It permits the structuring of, inter alia, equity funds, bond funds, money market funds, real estate funds, hedge funds, private equity funds, debt funds, microfinance funds, social entrepreneurship funds, venture capital funds, green funds or infrastructure funds but also funds investing in tangible assets like art, luxury goods, wines, etc. HONG KONG OFFICE MARCH

12 SPECIALISED INVESTMENT FUNDS TAX ASPECTS A SIF benefits from an exemption from Luxembourg corporation taxes and from wealth tax and is only subject to an annual subscription tax (taxe d abonnement) of 0.01% levied on a quarterly basis on the SIF s net asset value. Exemptions from the 0.01% subscription tax are available under certain circumstances. A SIF (or any other UCI) set-up as a corporate (SICAV or a SICAF) may benefit from a certain number of double tax treaties concluded by Luxembourg. The Luxembourg tax authorities have published a list of countries which grant treaty access to corporate UCIs. There are currently more than 40 countries granting treaty access to corporate SIFs, including Hong Kong and the People s Republic of China. Management services (investment advisory services, management of the portfolio and certain administrative services) provided to a SIF (and generally to a Luxembourg UCI) are exempt from VAT. Non-resident investors in a SIF which are not acting via a Luxembourg permanent establishment will not be subject to taxation in Luxembourg in respect of any income or capital gains derived in respect of shares or securities in a SIF. Luxembourg has become the largest investment fund centre in Europe and the second largest in the world. The development of the UCITS brand has been a major contributor to this success. In a similar manner as was the case for the UCITS Directive, the AIFM Directive aims at harmonising in the European Union the rules applicable to alternative investment funds and their managers. After its success in the UCITS area, Luxembourg is well prepared to become the jurisdiction of choice for regulated alternative investment funds and thereby support Managers in their management and marketing activities worldwide. JACQUES ELVINGER Partner Head of Investment Funds Luxembourg 12 HONG KONG OFFICE MARCH 2014

13 SOPARFI A Soparfi is not a specific type of company but refers to a fully taxable limited company, carrying out holding and finance activities and which may benefit from the participation exemption regime and has double tax treaty access. Soparfis are widely used as investment and finance platforms for a large range of investors from all over the world. The key benefits of a Soparfi are, in a nutshell: Treaty access to all 68 double tax treaties (including those with Hong Kong and the People s Republic of China) currently in force & access to EU directives Full exemption of dividends and capital gains derived from qualifying participations No withholding tax generally on dividend distributions made to qualifying shareholders located in treaty jurisdictions (subject to minimum holding requirements) No withholding tax on dividend distributions made to a HK/PRC company (other than a partnership) holding at least 10% or a shareholding of EUR 1.2 million No withholding tax on interest payments and on the distribution of a liquidation bonus HK/PRC Company loan shares interest dividends SOPARFI loan shares interest dividends shares dividends Subsidiary Subsidiary HONG KONG OFFICE MARCH

14 IP Holding Regime Luxembourg s commitment to innovation and research has motivated the authorities to introduce, as of 2007, a highly competitive special tax regime for intellectual property («IP») rights. This IP regime provides for an 80% exemption on income and capital gains derived from patents, trademarks, designs, models, software copyrights and domain names. In addition, there is a full exemption from wealth tax on such qualifying IP rights. For qualifying IP rights, the effective rate of taxation is less than 6%. Any kind of commercial enterprise can benefit from the IP regime and an IP holding company may benefit from the EU Council Directive 2003/49/CE on interest and royalty payments. Under this directive, and subject to certain conditions, royalty payments may be paid free of withholding tax from EU licensees. An IP holding company also enjoys treaty benefits and reduced or no withholding tax may be achieved on royalty payments by licensees from all over the world. Distributions of profits may be made free of withholding tax by the IP holding company to an HK/PRC parent company, subject to minimum holding requirements. HK/PRC Company shares dividends Luxembourg IP Company licence royalties licence royalties Licensee Licensee 14 HONG KONG OFFICE MARCH 2014

15 The firm in brief Elvinger, Hoss & Prussen was founded in 1964 by lawyers committed to excellence and creativity in the provision of legal services. The founders of the firm were among the first to foresee the role that Luxembourg was about to play as a leading European financial centre. For decades, the partners of the firm have played an instrumental role in the construction of the legal and regulatory environment which is crucial to the success of the Luxembourg financial sector. In this context, the firm pioneered instruments and legal structures before they were recognised by law and regulations and used on a daily basis in financial transactions. Today the firm advises on high-profile local and international transactions for a global client base. Over the years the firm has grown with the financial centre and earned the reputation of being one of the most prestigious and highly respected law firms in Luxembourg. Despite the strong international character of our practice, we have deliberately chosen to remain an independent, non-affiliated firm. We have developed close working relationships with distinguished law firms throughout the world who share the same philosophy and seek to attain the same standards of quality. Independence for us means freedom to choose the law firm in each jurisdiction most competent to handle today s increasingly complex cross-border transactions to the advantage of our clients. Independence also means freedom to accept clients and treat each of them with the same level of commitment whatever their size or sector. Our firm currently has 46 partners and counsel and 80 associate lawyers working with a secretarial and administrative staff of more than 110 persons. HONG KONG OFFICE MARCH

16 Firm milestones EHP was founded. EHP acted as legal adviser in the structuring and creation of the first Luxembourg investment fund in corporate form, under the name The United States Trust Investment Fund. EHP acted as legal adviser in the structuring and the setup of the first Luxembourg Investment Fund to be publicly offered in Japan under the name Fidelity World Fund. Partners of EHP were instrumental in drafting, in cooperation with the Luxembourg supervisory authority, the first comprehensive set of Luxembourg investment fund legislation EHP assisted ARCELOR in its defence against the initially unsolicited takeover by Mittal Steel which ended in a friendly merger of both companies to create Arcelor Mittal the world s number one steelmaker headquartered in Luxembourg. EHP acted as Luxembourg legal adviser to the first UCITS 130/30 fund to be registered in Hong Kong. EHP acted as legal adviser to the liquidators of Kaupthing Bank in Luxembourg in the first successful reorganisation of a Luxembourg credit insti tution involving as a novelty the use of a securitisation vehicle to act as "bad bank". EHP acted as legal adviser to the first UCITS RMB bond fund permitted to invest up to 100% of their net assets in the RMB OTC bond market in Hong Kong. 16 HONG KONG OFFICE MARCH 2014

17 / EHP advised on the first bond issue structured in the form of a fiduciary contract since then customarily used among others to structure tier 1 financings for banks. EHP acted as legal adviser to the first investment fund that was authorised as a UCITS in Luxembourg (and Europe!), under the name of The World Capital Fund. EHP acted as lead adviser in the first tripartite merger in the form of three interconditional public exchange offers between ARBED (Luxembourg), USINOR (France) and ACERALIA (Spain) to create ARCELOR, the then largest steelmaker in the world. EHP advised the first Investment Company in Risk Capital (SICAR) to be registered with the CSSF after the adoption of the SICAR law in TODAY Opening of our Hong Kong office. EHP acted as legal adviser to the first Luxembourg UCITS IV Management Company that was authorised with the full benefit of the EU passport. EHP advised the first UCITS authorised by the CSSF to invest 100% in China A Shares under the RQFII quota. EHP advises investment funds with assets under management exceeding 1,000bn euros. EHP advises numerous Luxembourg companies and foreign issuers seeking to be listed or who are already listed on the Luxembourg stock exchange. EHP advises numerous banks, professionals of the financial sector, insurance companies and other corporations on all relevant aspects of their activities including litigation and arbitration. EHP advises the major private equity players. EHP is ready to assist YOU in ASIA on all aspects of Luxembourg law. HONG KONG OFFICE MARCH

18 Key contacts Hong Kong Office KATIA PANICHI Asset management and investment funds Banking, insurance and finance Capital markets, structured finance and securitisation Commercial Corporate and M&A EMMANUEL GUTTON Asset management and investment funds Private funds Phone: (+852) Phone: (+852) Luxembourg Office JACQUES ELVINGER Asset management and investment funds Pension funds Private funds Phone: (+352) PIT RECKINGER Banking, insurance and finance Capital markets, structured finance and securitisation Commercial Corporate and M&A Tax GAST JUNCKER Asset management and investment funds Private funds Phone: (+352) Phone: (+352) KARL PARDAENS Banking, insurance and finance Capital markets, structured finance and securitisation Commercial Corporate and M&A Insolvency and restructuring JEAN-LUC FISCH Tax Phone: (+352) Phone: (+352) HONG KONG OFFICE MARCH 2014 BR

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20 Hong Kong Office Suite 503 5/F ICBC Tower Citibank Plaza 3 Garden Road Central Hong Kong Phone (+852) Fax (+852) Luxembourg Office 2, Place Winston Churchill BP 425 L-2014 Luxembourg Phone (+352) Fax (+352)

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