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Luxembourg's legislative machinery did not stop working over the summer. Quite the contrary, in fact, the Bill of law n°7968 on the use of digital tools and processes in company law, transposing Directive (EU) 2019/1151 of the European Parliament and of the Council of 20 June 2019 amending Directive (EU) 2017/1132, was adopted by the Luxembourg Parliament and entered into force on 1 August 2023.
This law marks the start of a new digital era and is certain to shake up Luxembourg's legal landscape by simplifying a number of procedures.
In particular, the new law introduces the possibility of incorporating companies electronically, provides a legal framework for electronic authentic deeds (cf. new article 1317-1 of the Luxembourg Civil Code) and will see the introduction of a notarial electronic exchange platform, which, although still in the implementation phase, will evolve over time.
We anticipate that the measures that will be put in place will take time to be accepted by the various actors on the market but we can only welcome this new law and other related measures and hopefully this will make the notarial processes quicker and smoother.
We are in close contact with notaries in the coming months to follow the implementation of such tools. We will be holding a technical conference in early 2024 to provide feedback on the implementation of this law, both in our own practice and amongst notaries.
Please contact the members of our corporate team should you need any assistance or should you have any question in relation to the above.