One of the two main objectives of the Law is to implement the 2019/1023 Directive, which itself aims to foster the proper functioning of the EU internal market and remove hindrances to the exercise of fundamental rights and...more
11/2/2023
/ Corporate Restructuring ,
Creditors ,
Debt Restructuring ,
Debtors ,
EU ,
EU Directive ,
Insolvency ,
Legislative Agendas ,
Luxembourg ,
Modernization ,
New Legislation
On 9 March 2023, the Luxembourg Parliament adopted the Blockchain III Law. The Blockchain III Law – which was published on 17 March 2023 – amends, amongst others, the Financial Sector Law2 and the Financial Collateral Law....more
On 9 February 2022, the Luxembourg Parliament voted to adopt a law that will bring about long-awaited reform of the Luxembourg’s securitisation regime.
The law of 25 February 2022 – which was published in the Luxembourg...more
The Luxembourg Stock Exchange (“LuxSE”) has recently released its first set of guidelines for the listing of Special Purpose Acquisition Companies (“SPACs”) on the LuxSE’s regulated market (Bourse de Luxembourg) and Euro MTF...more
On 15 June 2021, the Luxembourg financial services regulator, the Commission de Surveillance du Secteur Financier (the "CSSF") updated its Questions and answers on statuses of "PFS" – part II (the "PFS Q&A") by providing...more
At the end of May 2021, the Luxembourg government submitted a bill of law (the Bill of Law) to the Parliament amending the Luxembourg law dated 22 March 2004 on securitization (the 2004 Law). This long-awaited update of the...more
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), and the Luxembourg government recently have taken measures to prepare for Brexit. In other developments, the Law of the...more
4/20/2019
/ AIFM ,
Beneficial Owner ,
Blockchain ,
CSSF ,
Distributed Ledger Technology (DLT) ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Foreign Investment ,
Grace Period ,
Grandfathered Status ,
Luxembourg ,
Memorandum of Understanding ,
Portfolio Managers ,
Reserved Alternative Investment Funds (RAIF) ,
Securities ,
SICARs ,
UCIs ,
UCITS ,
UK Brexit
On 26 March 2019, the Luxembourg Parliament adopted the first few of a series of Brexit laws, including bill of law n°7401. In the event of a no deal Brexit, this bill will entrust the Luxembourg supervisory authorities for...more
3/27/2019
/ CSSF ,
EU ,
Financial Services Industry ,
Grandfathered Status ,
Luxembourg ,
New Rules ,
No-Deal Brexit ,
Parliamentary Procedure ,
Passporting ,
SIFs ,
UCIs ,
UCITS ,
UK ,
UK Brexit
The scope of the New Law is quite broad, and applies to all forms and types of entities.4 This encompasses companies and partnerships, whether or not regulated, including Luxembourg investment funds such as UCITS, Part II...more
1/18/2019
/ AIFs ,
Anti-Money Laundering ,
Banks ,
Beneficial Owner ,
Board of Directors ,
Corporate Criminal Fines ,
Corporate Entities ,
EU Directive ,
Filing Deadlines ,
Investment Funds ,
Luxembourg ,
Member State ,
Partnerships ,
Registration Requirement ,
Reserved Alternative Investment Funds (RAIF) ,
SICARs ,
SIFs ,
UCITS
The EU AML4 Directive (Directive)1 – an EU directive aimed at combatting money laundering and terrorist financing – has finally been transposed into Luxembourg law through the adoption of bill 71282. This occurred several...more
4/10/2018
/ AMLD IV ,
Anti-Money Laundering ,
Beneficial Owner ,
Board of Directors ,
Compliance ,
Criminal Penalties ,
CSSF ,
Due Diligence ,
EU ,
Fines ,
Luxembourg ,
Political Candidates ,
Risk Mitigation ,
Terrorist Financing Regulations
Luxembourg recently published two important bills to combat money laundering and terrorism financing – one transposes the EU AML4 Directive1 into Luxembourg law; the second establishes a central register of beneficial owners,...more
1/17/2018
/ Amended Legislation ,
Anti-Money Laundering ,
Beneficial Owner ,
Company Law ,
Customer Due Diligence (CDD) ,
EU ,
Financial Action Task Force ,
Financial Institutions ,
Financial Services Industry ,
Internal Controls ,
Luxembourg ,
Policies and Procedures ,
Terrorist Financing Regulations ,
Transparency
The Luxembourg Stock Exchange (the LSE) has called upon Luxembourg and foreign issuers (collectively Issuers) of financial instruments listed in Luxembourg, whether on the LSE’s regulated market (Bourse de Luxembourg) or...more
The Luxembourg Parliament adopted two new laws on 18 July 2016 (the “New Laws”), which update key features of some of Luxembourg’s long-established and most frequently used corporate structures and introduce new structures....more
The entry into force of AIFMD in Europe has resulted in a double layer of regulation, as we now have regulation and supervision at the level of the product (regulated investment funds) and supervision at the level of the...more
7/15/2016
/ AIF ,
AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
CSSF ,
EU ,
Institutional Investors ,
Investment Companies ,
Investment Funds ,
Luxembourg ,
Professional Investors ,
Reserved Alternative Investment Funds (RAIF) ,
SICAV
The Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF) published on 9 June 2016 an updated version of its FAQ concerning the Luxembourg law of 12 July 2013 on alternative investment...more
Publication of corporate documentation in accordance with Luxembourg law will become fully digitalized. Luxembourg corporate entities – including investment funds – will benefit as instant publication results in savings of...more
Following hot on the heels of the introduction of the bill to implement the reserved alternative investment fund (RAIF), on 18 January 2016, the Luxembourg government deposited with Parliament a bill of law (Bill) to amend,...more
The Luxembourg Stock Exchange (the LuxSE) has implemented changes to its Rules and Regulations (the Rules) to adapt them to new practices and requirements of the market and its operators, as well as to bring the Rules into...more
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), has recently issued FAQs regarding the immobilisation of bearer shares and units, as well as a press release to remind...more
One of the key drivers for the AIFMD1 is to monitor systemic risk by, among other means, collecting relevant information through harmonized reporting by alternative investment fund managers (“AIFMs”) on their alternative...more
The Luxembourg tax authorities have confirmed, by means of the long-expected Circular Letter L.I.R. nº 14/4 (the “Circular”), the treatment of tax transparent Luxembourg limited partnerships in the form of a société en...more
Developments in the Luxembourg Financial Sector -
The Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier, has published two circulars pertaining to UCITS. The first is aimed at...more
At the time of the transposition of the AIFMD into Luxembourg law, the Luxembourg government took the opportunity to reform the limited partnership regime, from both a corporate and fiscal perspective. The reform aims to make...more
The Commission de surveillance du secteur financier (the “CSSF”), the Luxembourg supervisory authority, issued a circular on the authorization and organization of Luxembourg UCITS management companies and self-managed SICAVs....more