The percentage of accumulated pension benefits a member can take as a tax-free lump sum upon retirement.

Contract under which the contractor agrees to carry out the works for a specific sum (subject to variations and, if applicable, fluctuations)—ie on a fixed price basis.

This is a cash payment arising on the death of a pension fund member.

An order may be made within divorce/dissolution, separation or nullity proceedings providing for either party to the marriage or civil partnership to pay to the other, or for a child of the family, a lump sum or sums.

Court’s powers Under section 23(1)(c) of the Matrimonial Causes Act 1973 (MCA 1973), and the equivalent provisions of the Civil Partnership Act 2004 (CPA 2004), the court may order one party to a marriage/civil partnership to pay to the other ‘such lump sum or sums’ as may be specified. The court is not limited to ordering the payment of one lump sum and can order the payment of a series of lump sums. However, there can only be one application for a lump sum. Thus the court's power, under the legislative provisions, is limited to the ability to award one or more lump sums under the ambit of a single application. (This restriction does not apply to lump sums ordered to be paid to or for the benefit of a child of the family, the court’s power being exercisable ‘from time to time’). The court may however order one lump sum to be payable by a series of instalments, as opposed to a series of individual lump sums. Regard should be had to the nature of the lump

CASE HUB (Appeals lodged at the General Court in Cases T- 460/13 (Sun Pharma), T- 467/13 (Arrow), T- 469/13 (Generics UK), T- 470/13 (Merck), T- 471/13 (Xellia) and T- 472/13 (Lundbeck)–see Cases T- 472/13 Lundbeck v Commission, et al (Pay-for-delay) [Archived]) ARCHIVED–this archived case hub reflects the position at the date of the decision of 19 June 2013; it is no longer maintained. See further, timeline, commentary and related cases. Case facts Outline European Commission Article 101 TFEU investigation into Lundbeck and others (Citalopram) (case number COMP/39.226). Latest development On 19 June 2013, the Commission issued its enforcement decision and imposed fines totalling €146m. The breakdown of the fines imposed was: •

Arbitration analysis: The recent developments brought by the Luxembourg Court of Cassation’s decision on Micula v Romania have raised questions and concerns in the legal sphere. The case has shown how enforcing arbitral awards in EU Member States has become more complicated, making international investments risky and precarious. Luxembourg Court of Cassation and Court of Appeal therefore have dissimilar interpretations of the relevant moment in which Romania waived its right to jurisdictional immunity. This situation leads to the need for clarification on the scope of arbitration clauses included within existing bilateral investment treaty on the promotion and reciprocal protection of investments (BITs), given the application in time of EU legislation, once a state becomes a new Member of the EU, or is going to become one, in order to protect investors’ rights. Written by Laure-Hélène Gaicio-Fievez and Magedeline Mounir, Avocat à la Cour, Bonn, Steichen & Partners.

1. What is the applicable legislation? Luxembourg adopted, on 14 July 2023, the law establishing a national screening mechanism for foreign direct investments likely to undermine security or public order, which came into force on 1 September 2023 (Law of 14 July 2023) to implement Regulation (EU) 2019/452 of the European Parliament and of the Council of 19 March 2019 establishing a framework for the screening of foreign direct investments in the European Union. This law has been supplemented by a government decree of 28 July 2023 determining the composition and operation of the interministerial investment screening committee (Decree of 28 July 2023). As of 1 September 2023, non-European investors have to notify their investment projects in a Luxembourg entity conducting activities in a critical sector in the territory of Luxembourg. 2. Which governmental or other body (or bodies) reviews foreign investments? Minister of Economy Foreign direct investments falling under the scope of the Law of 14 July 2023 have to be notified to the Minister of Economy. Interministerial investment screening committee The Decree of 28 July 2023 provides

This table summarises all completed investigations by Luxembourg’s competition authority (the Conseil de la Concurrence Grand Duché de Luxembourg—the Commission) into alleged cartels, anti-competitive agreements and abuses of dominant positions (Articles 101/102 TFEU and national equivalents) since 2018. Note—only investigations that have been made public are included in this table. 2024 Investigations under Article 101 TFEU/Article 3 of the Luxembourg Law on Competition The Commission did not issue any decisions under Article 101/Article 3 in 2024 Investigations under Article 102 TFEU/Article 5 of the Luxembourg Law on Competition The Commission did not issue any decisions under Article 102/Article 5 in 2024 2023 Investigations under Article 101 TFEU/Article 3 of the Luxembourg Law on Competition Case name, companies under investigation and industry Issues Developments PC video games• Valve• Bandai• Capcom• Focus Home• ZeniMax Restrictive agreement—market allocation • Infringement decision announced—27/29/2023; fines totalling €7.8 imposed Coffee distribution• Peter Hennen GmbH Restrictive agreement—resale price

Tax analysis: In TP, the Court of Justice held that an independent director of a Luxembourg public limited company carries out an economic activity for VAT purposes if they supply services for consideration on an ongoing basis, but does not do so independently if they do not act on their own behalf or under their own responsibility and bear no economic risk.

Loan market and developments Please provide a brief overview of the current state of the loan markets in your jurisdiction and any significant recent market developments. The Grand Duchy of Luxembourg (Luxembourg) has a well established reputation as a financial and business centre. Luxembourg’s geographic position, political stability, competent and well trained workforce, together with a solid legal and tax framework have contributed to this reputation and to Luxembourg’s role as a hub for international trade and financing. The loan markets, whether bank-led or private loan financing markets, play a major role in Luxembourg and in the considerable volume of debt financing structured through Luxembourg. Since the launch of the first worldwide listing of green bonds on the Luxembourg Stock Exchange (the ‘Climate Awareness Bond’ issued by the European Investment Bank in 2007), the Luxembourg financial market has made significant steps towards creating a legal framework for loans financing renewable energies and adopted on 22 June 2018 a law amending certain provisions of the law of 5 April 1993 on the financial sector (the Financial

Law360: The Cour de Cassation of Luxembourg overturned an order enforcing a $US 506m Arbitration Institute of the Stockholm Chamber of Commerce (SCC) award against Kazakhstan that was issued to two Moldovan energy investors, ruling that the lower court improperly dealt with evidence allegedly backing the former Soviet state’s claims that the award was procured through fraud.