Luxembourg

Abstract Luxembourg is a civil law country and a founding member of the European Union. Being a civil law country implies that courts place a great emphasis on statutory law. There are three potential legal basis for prospectus liability. The first legal basis is the Prospectus Regulation of 2017 and the Prospectus Act of 2019. There are three potential legal basis for prospectus liability: the Prospectus Act, the 1915 Companies Act, » but only as to directors and the Civil Ccode (fault or negligence). Although civil liability for prospectus could be considered to be contractual, the Luxembourg securities supervisor (CSSF) and lawyers consider that it should be treated as tort law. Luxembourg courts have yet to decide on damages and would probably follow the ‘« loss of chance’ » theory applied by French courts or full compensation if they follow Belgium courts.