What sources of law do you navigate in order to address questions of director and officer liability, and what trends do you see among the regulatory agencies and courts that supervise these issues?

In Luxembourg, the main legal sources in matters of director and officer liabilities are the law of 10 August 1915 on commercial companies, the law of 19 December 2002 concerning the commercial and companies register and the accounting and annual accounts of companies and the Commercial and Civil Codes, as primary general references.

Companies active in the financial sector are also regulated by either the law of 5 April 1993 on the financial sector, the law of 17 December 2010 on collective investment undertakings or the law of 12 July 2013 on alternative investment funds managers. Circulars and regulations issued by the Commission de Surveillance du Secteur Financier, the Luxembourg financial regulator are also important.

EU directives and regulations, as well as guidelines issued by the main EU agencies (EBA, ESMA) and the codes of conduct promoted by the Luxembourg Stock Exchange, the Luxembourg association of investment funds (ALFI) or by ILA constitute also an important set of rules we must maintain acquaintance with.