On 19 July 2024, the EU Commission formally adopted its delegated regulation supplementing the ELTIF Regulation. The delegated regulation seeks to set out the regulatory technical standards specifying when derivatives will be...more
ESMA has responded to the EU Commission’s March 2024 proposed amendments to the ELTIF 2.0 RTS.
ESMA has notably rejected the EU Commission’s alternative option of determining the maximum redemption amount by reference to...more
The CSSF has issued a new circular (Circular 24/856) aiming to protect investors in the event of certain errors and breaches.
Circular 24/856 will enter into force on 1 January 2025 and will repeal circular 02/77....more
European Securities Market Authority (ESMA) submitted draft ELTIF 2.0 Regulatory Technical Standards (RTS) to the European Commission in December 2023.
European Commission has informed ESMA it will only adopt the RTS once...more
3/29/2024
/ Anti-Dilution Terms ,
ELTIF ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Stability Acts ,
Liquidity ,
Proposed Amendments ,
Regulatory Standards ,
Right of Redemption ,
Sale of Assets ,
Technical Standards
ESMA has submitted its proposals for RTS supplementing ELTIF 2.0 to the European Commission -
The RTS detail stringent conditions on liquidity and redemption provisions including in principle maximum quarterly redemption...more
1/12/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Dilution Terms ,
CSSF ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Stability Board ,
Investors ,
IOSCO ,
Liquidity ,
Liquidity Management ,
NAV
On 11 July 2023, the Luxembourg Parliament adopted bill of law n°8183 which amends five existing Luxembourg laws relating to alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the...more
7/26/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
ELTIF ,
EU ,
Financial Institutions ,
Financial Services Industry ,
Fund Managers ,
Investment Funds ,
Investment Management ,
Luxembourg ,
New Regulations ,
UK
Background-
European regulators have begun reviewing documentation and other information in connection with implementation of the EU’s Sustainable Finance Disclosure Regulation (SFDR)1 and the Taxonomy Regulation (RTS).2 On...more
Since Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long term investment funds (ELTIF Regulation) was adopted, only a few European long-term investment funds (ELTIFs) have...more
1/18/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Borrowing Statutes ,
Conflicts of Interest ,
ELTIF ,
EU ,
European Economic Area (EEA) ,
FinTech ,
Fund of Funds ,
Long-Term Investment Funds ,
Private Funds ,
Reserved Alternative Investment Funds (RAIF) ,
Retail Investors ,
Suitability Requirements ,
UCITS
On 2 December 2022, Luxembourg’s supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF) published an FAQ that seeks to clarify certain items under the Sustainable Finance Disclosure Regulation...more
12/20/2022
/ Alternative Investment Funds ,
Consumer Financial Products ,
CSSF ,
Disclosure Requirements ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Institutions ,
Luxembourg ,
Proposed Guidance ,
SFDR ,
Sustainable Finance ,
UCITS ,
Websites
The Commission de Surveillance du Secteur Financier (CSSF), the Luxembourg financial services regulator, on 27 July 2022 issued a communication to the investment fund industry reminding it of the deadline of 1 January 2023...more
Since 1 January 2021, certain corporate Luxembourg investment funds (i.e. Part II UCI, SIF and RAIF, as defined below) that hold real estate assets located in Luxembourg are subject to a special taxation, the so-called real...more
In a letter dated 25 November 2021, the European Commission’s Director-General for Financial Stability, Financial Services and Capital Markets Union (the Director-General) confirmed that the date of application of the...more
The Sustainable Finance Disclosure Regulation (SFDR) empowered the European Supervisory Authorities (ESAs) to develop draft regulatory technical standards (RTS) on taxonomy-related product disclosures. On 15 March 2021, the...more
On August 2, 2021, a new pre-marketing regime for alternative investment funds (AIFs) promoted and distributed in Germany will come into force with the Fund Domicile Act making changes to the German Capital Investment Code....more
In this OnPoint we will look at some of the upcoming German legislative initiatives that will impact asset managers and financial services providers in Germany and abroad. We will cover the following items: Fund Domicile...more
On 4 February 2021, less than six weeks before the 10 March 2021 date on which the main operative provisions of the Sustainable Finance Disclosure Regulation (SFDR) start to apply, the European Supervisory Authorities (ESAs)...more
A brief recap -
The main operative provisions of the Sustainable Finance Disclosure Regulation (SFDR) will apply from 10 March 2021. The SFDR included provisions requiring the European Supervisory Authorities (ESAs) to...more
What is the law?
Directive (EU) 2017/828 (“SRD II”), amending the Shareholder Rights Directive (2007/36/EC), came into force on 9 June 2017 [link]. SRD II introduced new transparency obligations on “institutional...more
11/16/2020
/ AIFM ,
Asset Management ,
Corporate Governance ,
Environmental Social & Governance (ESG) ,
European Economic Area (EEA) ,
European Shareholders' Rights Directive II (SRD II) ,
Institutional Investors ,
Publicly-Traded Companies ,
Shareholder Rights ,
Stakeholder Engagement ,
UCITS
What is IORP II?
Directive (EU) 2016/2341 on the activities and supervision of institutions for occupational retirement provision, widely referred to as IORP II, sets out minimum harmonization rules for financial...more
10/20/2020
/ Collective Investment Schemes ,
Environmental Social & Governance (ESG) ,
EU Directive ,
IORP II ,
Managers ,
Member State ,
Pensions ,
Retirement ,
Retirement Funds ,
Risk Management ,
Social Security
Whilst to date no formal announcement has been made by the European Commission, in a letter to two trade associations (the German Bundesverband Investment und Asset Management (BVI) and the Italian Assogestioni) the...more
The draft regulatory technical standards (RTS) set out detailed information relating to the content, methodology and presentation of certain environmental, social, and governance (ESG) disclosures required under the EU...more
5/29/2020
/ Consultation Papers ,
Disclosure Requirements ,
Draft Implementation Regulations ,
Environmental Social & Governance (ESG) ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Services Industry ,
Popular ,
Regulation Technical Standards (RTS) ,
SFDR ,
Sustainable Finance
The outbreak of the COVID-19 coronavirus is causing business disruption on an unprecedented scale. After more than a decade of sustained economic growth, market volatility and central bank intervention has...more
4/1/2020
/ Business Continuity Plans ,
Business Interruption ,
Capital Markets ,
Closed-End Funds ,
Contract Terms ,
Coronavirus/COVID-19 ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Force Majeure Clause ,
Form ADV ,
Fund Managers ,
ISDA ,
Liquidity ,
Margin Requirements ,
Nonperformance ,
Open-Ended Fund Companies (OFCs) ,
Private Equity ,
Real Estate Investments ,
Securities and Exchange Commission (SEC) ,
Short Selling ,
Trading Policies ,
UK ,
United States
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
3/6/2020
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
CSSF ,
Equivalency Determinations ,
EU ,
EU-27 ,
Free Trade Agreements ,
Implementation Day ,
Ireland ,
Luxembourg ,
Member State ,
Temporary Permissions Regime (TPR) ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit
The Luxembourg government and the CSSF recently have taken a number of measures to combat money laundering and terrorist financing. In other developments: the current Luxembourg Brexit laws will be rendered inapplicable by...more
1/23/2020
/ AIFM ,
Anti Tax Avoidance Directive (ATAD) ,
Anti-Money Laundering ,
Banking Sector ,
CSSF ,
Digital Data ,
EU ,
European Securities and Markets Authority (ESMA) ,
FATF ,
Financial Institutions ,
Financial Services Industry ,
Investment Funds ,
IOSCO ,
Liquidity Risk Management Rule ,
Luxembourg ,
MiFID ,
New Circular ,
Risk Assessment ,
Terrorist Financing Regulations ,
UCITS ,
UK Brexit