Webinar: The Luxembourg Stock Exchange and the Luxembourg Green Exchange: market trends and regulatory developments

Last Monday 26th October, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organized a webinar on ‘The Luxembourg Stock Exchange and the Luxembourg Green Exchange: market trends and regulatory developments’ in collaboration with Luxembourg Stock Exchange (LuxSE), and with the participation of its Head of Regulatory Affairs, Paula Redondo Pereira. The webinar was organised within the framework of the Spanish Financial Forum, a committee of the Chamber focused on the financial services industry.

Marta González Benguria, General Secretary of the Chamber, introduced the speaker and acted as a moderator of the event.

Then, Paula Redondo took the floor and thanked the Chamber for their invitation, as well as to all the attendees for their interest in the event. The speaker began by explaining the activity and functioning of the LuxSE, an institution with more than 90 years of history. Paula explained that the LuxSE is owned by market participants (banks, financial institutions, etc.) as well as by the government of the Grand Duchy of Luxembourg. The different activities developed within the LuxSE were presented, with special emphasis on listing, which is the main activity. The position of Spanish issuers, which currently stands at 43, was then outlined. This number is expected to grow in the near future due to the significant benefits of the LuxSE for issuers and investors.

The second part of the webinar focused on the Luxembourg Green Exchange (LGX), the first and so far only platform dedicated exclusively to sustainable financial instruments, created in 2016. The LGX is contributing to the regulation that is taking place in this field on the initiative of the European Commission, as it is part of the ‘EU Commission’s High Level Expert Group (HLEG) on sustainable finance’ and the ‘EU Commission’s Technical Expert Group (HLEG) on sustainable finance’. Currently, the possibility of creating standardized Green Bonds at the European level is being considered, an initiative in which LuxSE takes part.

Following the presentation, a question time was opened during which the attendees could ask all the doubts that arose during the event.

From the Official Chamber of Commerce of Spain in Belgium and Luxembourg we would like to thank Paula Redondo Pereira for accepting the invitation and all participants for their attendance.

Virtual breakfast-debate with Carles Esteva, Deputy Director General of DG Competition at the European Commission

Last Thursday, October 22nd, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organized its first event within the framework of the Work Commission “Competencia España”, with the purpose to address specific issues of competition law and policy that may affect the member companies of the Chamber. The virtual breakfast-debate included the attendance of Carles Esteva, Deputy Director General of the DG Competition at the European Commission.

Juan Rodriguez-Villa and Pablo López Álvarez, respectively President and Vice-President of the Chamber, gave a welcome speech and thanked the attendees for their support to the Chamber’s working group “Competencia España“.

 

Miguel Troncoso,  managing partner of Gómez-Acebo & Pombo in Brussels and Chairman of the Commission, introduced Carles Esteva and reviewed his extensive professional career and thanked him for his participation in this first event of the Commission.

Esteva explained the challenges currently faced by the Commission and its projects, and outlined the main existing State aids. During the question time, the attendees were able to express their doubts and comments on numerous issues of interest.

These meetings are intended to be a platform for discussion in “neutral territory” between companies, lawyers and consultants associated with the Chamber with officials from the DG Competition, the CNMC and members of the Spanish and European judiciary.

New measures adopted in Brussels and Wallonia to fight the Covid-19 virus

In view of the gravity of the second wave of the epidemic in Wallonia, the governments of Wallonia and the Walloon-Brussels Federation, in agreement with the governors of the five Walloon provinces, have adopted a series of measures in addition to those decided by the Federal Coordination Committee on October 23.

These measures enter into force on Monday 26 October and will last at least until 19 November.

  • Curfew extended from 22h to 6h

This curfew applies except in the case of essential travel that cannot be postponed, such as:

o Access to medical care;
o Assistance and care of the elderly, minors, disabled and vulnerable persons;
o Business travel, including travel to and from work.

  • Stores and shops

Purchases must be made by a maximum of two people (except for children under 12).

  • Teleworking

Teleworking is mandatory. In the case of occupations where workers are unable to perform their activities through telework, employers and unions must ensure that rules on social distancing, the use of protection masks and other health measures are effective and monitored.

  • Residencial centers, retirement and nursing homes

Visits to the residencial centers, retirement and nursing homes are limited to a maximum of one visitor per resident, always the same for 15 days. After this first 15-day cycle, either the visitor begins a new 15-day cycle of visits or a new visitor begins a new 15-day cycle of visits.

The visits must take place in a dedicated space and not in the room (except in exceptional end-of-life situations or in the presence of a slip syndrome).

In order to reinforce the teams that are in the front line in the nursing homes and hospitals, the Walloon Government also calls on home care nurses, nursing students, care assistants and medical students. For nursing homes and residential centers for the disabled, educators are called upon. All these people can get involved on the website solidaire.aviq.be.

  • Higher education

All higher education classroom courses are suspended until November 19 (except for practical work, laboratories and internships).

  • Sports

All indoor sports are suspended until November 19, except for children under 12.

Amateur sports competitions and sports training for children over 12 are prohibited.

In addition, Brussels has also taken the measures announced below:

  • The curfew will be extended from 22h to 6h, as in Wallonia.
  • Protection masks are once again compulsory at all moment outdoors.
  • It will be forbidden to gather more than four people in the public space.
  • Drastic reinforcement of teleworking by making it compulsory.
  • The stores will have to close at 20h. Only one person will be allowed to enter the stores to do their shopping. Deliveries can be made until 22h.
  • Cultural centers, theaters and cinemas must close, as well as all sports facilities. All sports competitions are cancelled, even for children under 12, but training sessions for those under 18 will continue. Training sessions for those over 12 are also cancelled.
  • The rules regarding residencial centers do not change, visits are still limited to two people.
  • Marriage celebrations will only take place in the presence of the spouses, their witnesses and the registrar (civil marriage) or the officiant (religious marriage). For funeral ceremonies, only a maximum of 15 persons are allowed.

All these measures are applicable from today, October 26th until November 19th.

Sources: Wallonie and bx1

New measures adopted in Luxembourg to fight the Covid-19 virus

The Luxembourgish government has adopted new measures addition to the already existing ones. They are of three types and will apply during one month.

  • A curfew will be applied between 23h and 6h. At that time, you will have to be at home. Residents will have to organize themselves: 23h will not be the time they leave the restaurant table, but the time they are present at home.
  • Amateur sports competitions are suspended. This weekend, in the BGL League, only four of the eight scheduled matches took place. Therefore, the FLF has also decided to postpone all of them.
  • The social bubble narrows to four people. This is the maximum number of guests you will be able to receive under your roof at the same time and without protection masks. Specifically, you will be able to receive four people living in four different houses. Or more than four people if they belong to the same household. But not four groups of four people from different homes.
  • Four is now also the maximum number of people allowed in the same restaurant or café, unless they belong to the same family.

Source: Paperjam

The Chamber presented the EYE programme at the University of Antwerp

On the 22nd of October, the Chamber presented the Erasmus for Young Entrepreneurs programme to 24 masters students of the University of Antwerp.

The objective of this online session was on one hand, to discuss with the students about entrepreneurship and what does to be an entrepreneur mean. And on the other hand, to help them develop their business model canvas.

The students also had the possibility to present their business ideas to the project manager of the Chamber, Soraya Bravo, who gave them individualized recommendations to improve their business plans.

The result of this session will be known in December 2020, when the students will present their business projects in a pitching session. The project manager of the Chamber will attend the final presentation as an advisor for the students.

The Chamber thanks invitation to the University of Antwerp, and to Lieve Vangehuchten, Head of Spanish Business and Professional Communication at the Institute of Academic and Professional Communication (IPAC) of the University of Antwerp and looks forward to continue collaborating with them to promote entrepreneurship among university students.

If you would like to know more about the program Erasmus for Young Entrepreneurs, please contact: Soraya Bravo

erasmus4youngentrepreneurs@e-camara.com 

Online Breakfast-Debate with Clara Martínez Alberola, Deputy head of the ‘Task Force for Relations with the United Kingdom’ (UKTF)

Last Friday, October 23rd, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organized a new session of its online Breakfast-Debate in the framework of its Business Circle platform. This event featured Clara Martínez Alberola, Deputy Head of the United Kingdom Task Force (UKTF) of the European Commission. The topic of the debate was “Brexit: where are we heading in the future commercial relationship between the EU and the United Kingdom?“. 

Pablo López Álvarez, vice-president of the Chamber and event moderator, welcomed and thanked the speaker and all the attendees for their participation.

Then, on behalf of the partner and sponsor of the event, Van Bael & Bellis, Pablo Muñiz, partner of the Brussels office, took the floor and thanked the guest speaker for her participation in the Breakfast-Debate despite her busy schedule. Mr. Muñiz highlighted the growing importance regarding many customs law issues, that were thought to be forgotten, because of Brexit but will surely affect the future relationship between the United Kingdom and the European Union.

Clara Martínez Alberola began by thanking the invitation as an ideal opportunity to continue learning first-hand about the concerns of Member States and the various economic sectors in the Brexit negotiations. The speaker admitted that the negotiating teams are at a critical stage to achieve an agreement given that the transition period after the formal withdrawal of the United Kingdom from the European Union ends on 31 December 2020, with the aggravation of the Covid-19 crisis as a background. Despite the tight deadlines, the EU negotiating team is working tirelessly to reach a fair agreement for both parties based in coherent rules and effective mechanisms for dispute resolution. Martínez outlined the various issues that present more difficulties to reach an agreement as well as the issues where there is greater consensus such as British participation in research programs funded by the EU or police cooperation. Finally, the deputy head of the UKTF stressed that the no-deal scenario would not imply the impossibility of reaching such an agreement in the future in different areas, although it is certainly a much worse scenario than reaching a full agreement on time.

During the question time, the attendees were able to present their doubts and comments on many issues of interest such as the controversy surrounding the internal market protocol for Northern Ireland, the rules of origin in the post-Brexit era, the uncertainty regarding standardization and public procurement, financial supervision or the complexity of customs controls in the future relationship between the United Kingdom and the EU.

From the Official Chamber of Commerce of Spain in Belgium and Luxembourg we would like to thank Clara Martínez Alberola for her conference, our partner company Van Bael & Bellis for sponsoring this Breakfast-Debate and all those present for their attendance.

Event sponsored by:

Presentation of the EYE and MobiliseSME programmes as part of the EU OPEN FOR BUSINESS day

On the 21st of October, the Official Spanish Chamber of Commerce in Belgium and Luxembourg participated in the event EU Open for Business which took place in Luxembourg.

This annual event, coordinated by the European Commission, aims to highlight European SMEs by promoting the business spirit and helping to create an environment more supportive for small and medium enterprises.

This edition was focused on the economic recovery post-coronavirus and how SMEs in Luxembourg can access to finance, find new business partners, and adapt for the future. This 2-day digital event presented the different EU programmes available for entrepreneurs and SMEs in Luxembourg. Additionally, the visitors had the opportunity to virtually visit the stands of the local supporting organizations and get first-hand information from their experts.

In the context of the event, Soraya Bravo, Project Manager at the Chamber, presented the general objectives, requirements and registration process of the programmes Erasmus for Young Entrepreneurs and MobiliseSME.

She highlighted that both programmes offer a great added value for entrepreneurs and SMEs, such the exchange of knowledge and experience in the Erasmus for Young Entrepreneurs; or the possibility to boost the internationalization in the MobiliseSME.

Local organizations were very interested in promoting both initiatives and the participation of entrepreneurs and SMEs from Luxembourg, especially in the recently launched MobiliseSME programme.

They also stressed the opportunity that this crisis offers to small and medium-sized companies to reinvent themselves and internationalize, and invited them to take advantage of the European programs and projects at their disposal.

The Chamber thanks DG Grow, the Enterprise Europe Network and the Luxembourg Chamber of Commerce for the invitation and looks forward to collaborating with these institutions to promote both projects.

 

If you would like to receive more information about the program Erasmus for Young Entrepreneurs or MobiliseSME, please send an email to:

Contact people: Soraya Bravo | Noelia Sánchez Bravo

Email: erasmus4youngentrepreneurs@e-camara.com | mobilisesme@e-camara.com

 

Covid-19 Level 4 Alert: Stricter Rules from Monday 19 October

Following the worrying epidemiological situation, new, stricter measures will come into force from Monday 19 October. As of today, this situation brings the whole country to alert level 4 of the Covid-19 barometer (very high alert level).

The pressure on hospitals and on the continuation of health care not linked to Covid-19 is increasing. Some hospitals are facing numerous absences among their staff. Primary care, especially general medicine, also faces an increasing pressure.

The number of patients with Covid-19 in intensive care is now 2.5 times higher than at the end of March. To prevent hospitals from being further compromised, schools from closing, the economy from grinding to a halt and too many people from being isolated because of widespread containment, the Interinstitutional Concertation Committee has decided to take a number of measures:

  1. Close contacts are limited to a maximum of one person.
  2. Private meetings are limited to four persons for two weeks and always the same persons.
  3. Public meetings are limited to a maximum of four people.
  4. Teleworking becomes the rule, for the activities that allow it and with respect to the continuity of the management of companies and organisations, services and activities.
  5. Small markets and fairs remain open, but the consumption of drinks and food is prohibited. Markets and Christmas markets are prohibited.
  6. Cafes and restaurants are closed. This measure is valid for a period of four weeks and will be reviewed after two weeks. Take-away food can be collected from the establishment until 22h. Receptions and banquets organised by a professional restaurant or catering service are prohibited, except in hotels for guests staying there and funerary receptions (maximum forty people).
  7. Night shops must close at 22h. The sale of alcohol is prohibited after 20h.
  8. It is forbidden to be on the public highway between 24h and 5h, except for essential and non-delayable journeys, such as urgent medical reasons, business trips and travel between home and work.
  9. Indoor activities remain subject to existing protocols until their evaluation next Friday 23 October. The sale of food and drink is prohibited.
  10. Sports competitions: the space reserved for spectators will be halved from 400 to 200 (professionals) or made up solely of members of the same family unit (amateurs). Cafeterias and bars are closed.

The federal government and the governments of the federated entities will do their utmost to provide the best possible support to all those affected financially. Even so that the federal government will double the support it offers as a right of transition for self-employed people who are forced to close down. Existing support measures will be extended. An exemption from the ONSS (National Social Security Office) will also be introduced.

The measures enter into force today, Monday 19 October, and will remain in force for one month before being evaluated.

Source: belgium.be

Webinar on “Spain as remote working destination”

Last October 13th, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organized a Webinar on “Spain as a destination for teleworking“, in collaboration with Business Cluster, a group of companies formed by Euro Economics, AgioGlobal, MADSkills, Quintessence and with the participation of EPS, IFAS and Modern Nomads. The Webinar was held by Wim Zwaenepoel, lecturer at the IE Business School and consultant at Netexpat, and by Jeroen Oskam, founding partner of Euro Economics.

To begin with, during this Webinar the lecturers presented some general data on the impact of the Covid-19 on Spanish society, and specifically, the impact that the health crisis has had on the economic and labour fields. The trends of telework in Spain before the Covid-19 were explained, as was its evolution until today, in addition to the forecasts that analysts estimate about this modality of work in the future. Additionally, the economic and labour policies adopted by the Spanish authorities to try to mitigate the negative effects of the Covid-19 were reviewed.

Moreover, the speakers focused on analysing, in second place, the so-called “STEM” sector (“Science, Technology, Engineering and Mathematics”), highlighting the growing lack of technical workers in the Benelux countries. On the other end is Spain, where there is a large pool of STEM sector professionals with excellent technical training. In the Webinar, a vision of the possibilities offered by the different modalities of teleworking in Spain was presented as a way to overcome the lack of specialized STEM personnel in the Benelux.

Thirdly, the emerging trend called “new nomads“ was introduced, referring to professionals from the Benelux who are moving their workplace to Spain thanks to the advances in the implementation of teleworking. The speakers highlighted the many benefits of this new way of working and its advantages, such as a lower tax burden or a lower cost of living. An example of this trend is the Canary Islands, where more and more foreigners are choosing to work remotely while having settled in the archipelago. The speakers emphasized the attraction of Spain as a territory from which to work remotely, due to its infrastructure, connectivity, and availability of resources, among others.

Finally, our speakers addressed the legal and tax implications of this practice of teleworking from Spain for workers in the Benelux countries, pointing out several possible alternatives, both for employees and for freelance.

After the presentation, some time was spared for a round of questions, in which the attendees raised several questions to the speakers. These questions dealt with the tax implications for those Benelux workers whose stays in Spain are less than the 183 days established by tax regulations, or everyday issues to take into account when choosing to work remotely from Spain, such as having a private health insurance for greater security.

From the Official Chamber of Commerce of Spain in Belgium and Luxembourg, we would like to thank Business Cluster for its presentation, as well as all the attendees for their presence.

In collaboration with:

Online Breakfast-Debate with Alejandro Cainzos, Member of Cabinet of Margrethe Verstager, Executive Vice-President for A Europe Fit for the Digital Age

On Tuesday October 6th, the Official Spanish Chamber of Commerce in Belgium and Luxembourg organised a new session of its online Breakfast-Debate in the framework of its Business Circle platform. This event featured the participation of Alejandro Cainzos, Member of Cabinet of Margrethe Vestager, European Commission’s Executive Vice-President for a Europe fit for the digital age and focused on “EU Technological challenges for the next 5 years”.

Pablo López Álvarez, Vice-President of the Chamber and moderator of the event, welcomed and thanked the speaker as well as all the attendees.

Following this, David Luengo, director of the Brussels office of Indra, partner and sponsor of the event, took the floor and thanked the guest speaker for his participation in the Breakfast-Debate. Luengo made a brief presentation of the speaker along with a general description of the agenda for the digitisation that is managed from the Office of the Vice President Vestager. He also wanted to highlight Indra’s commitment with new international markets in this new wave of digital innovation.

Alejandro Caínzos began by presenting the digital agenda planned by the Commission for the current legislature, which aims to develop a common technology strategy based on the European model of digital transformation in which European citizens and civil society are expected to participate. Even if the European Union was late for the first wave of digital innovation based in the extraction of personal data, the Commission is working to make the next ten years the European digital decade based on industrial data through the appropriate regulatory framework together with productive investments that encourage the digitalisation of our economies and societies. For this strategy, it will be essential to have clear milestones on a number of topics such as connectivity, 5G, modernisation of public services, use of data to help SMEs and adaptation of the education system to digitisation. In all these areas, cyber security will be crucial. In the particular context of economic recovery in which we find ourselves, the speaker underlined the importance of the European digital development as 20% of all aid linked to the EU recovery fund (Next generation EU) will be used for the digitisation and modernisation of our economies. Finally, Cainzos highlighted the particular case of Spain, which will be one of the economies that will benefit from a greater volume of investment, given the impact of the pandemic. These funds will be the ideal opportunity to make decisive progress in digitisation by investing in the right technologies in this new wave of digital innovation.

During the round of questions, the participants were able to express their doubts and comments on various issues of interest such as the non-discrimination of people with disabilities in the use of new technologies, the portability and transfer of individual data, the role of professional training, the role of standardisation agencies or the establishment of horizontal rules in the regulation of state aid.

From the Official Spanish Chamber of Commerce in Belgium and Luxembourg we would like to thank Alejandro Caínzos, our partner company Indra for sponsoring this breakfast debate and all those present for their attendance.

 

Sponsored by:

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