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
The Luxembourg government published bill of law n°8183 (the “Bill”) on 24 March 2023 that amends five existing laws on alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the UCI...more
3/28/2023
/ AIFM ,
AIFs ,
Annual Reports ,
Companies Act ,
CSSF ,
ELTIF ,
Liquidation ,
Luxembourg ,
New Legislation ,
Reserved Alternative Investment Funds (RAIF) ,
Shareholders ,
SICARs ,
UCIs ,
UCITS
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
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 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
Parliament Adopts Law on Register of Beneficial Owners -
Parliament has adopted the law of 13 January 2019 establishing a register of beneficial owners....more
2/8/2019
/ ALFI ,
Artificial Intelligence ,
Asset Management ,
Beneficial Owner ,
Cross-Border Transactions ,
CSSF ,
EU ,
Hong Kong Securities and Futures Commission (HKSFC) ,
Investment Funds ,
Luxembourg ,
Managers ,
Memorandum of Understanding ,
Money Market Funds ,
Real Estate Investments
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
CSSF Publishes Application Form for MMF -
The CSSF published a new application form for authorisation of a money market fund in accordance with Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14...more
Luxembourg and Australia enter agreement on Fintech and Regtech -
The CSSF published a press release noting that it and the Australian Securities & Investments Commission (“ASIC”) signed a Cooperation Agreement which...more
Parliament adopts general data protection law -
Parliament has adopted the law of 1 August 2018 on the organisation of the National Commission for Data Protection and implementation of Regulation (EU) 2016/679 of the...more
10/9/2018
/ AIF ,
AIFM ,
ALFI ,
Anti-Money Laundering ,
Asset Management ,
CSSF ,
Data Protection ,
Depository Institutions ,
EU ,
Investment Funds ,
Investment Management ,
Luxembourg ,
MMF ,
Money Market Funds ,
SICARs ,
UCITS
The Commission de Surveillance du Secteur Financier (CSSF) issued a circular on 23 August 2018 (Circular), which consolidates into one document the requirements for Luxembourg UCITS management companies, self-managed UCITS,...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
Where are we on implementation? Are we nearly there yet?
Yes and no. The UCITS V directive comes into force on 18 March 2016. But:
Additional implementing rules (known as "Level 2") on the duties of UCITS...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 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
A fine of over £18 million was recently imposed by the UK regulatory body, the Financial Conduct Authority (the “FCA”), on a fund manager for a range of compliance breaches, including failing to ensure that its KIIDs were...more
6/7/2014
/ Asset Management ,
Compliance ,
Derivatives ,
EU ,
Financial Conduct Authority (FCA) ,
Fines ,
Investment Funds ,
Investors ,
Popular ,
UCITS ,
UK
The Irish High Court recently considered the transferability of personal retirement savings accounts (“PRSAs”) to overseas jurisdictions. This decision could have important implications for the Irish pensions industry, which...more
As previously reported in Dechert's Fourth Quarter 2013 Financial Services Quarterly Report and DechertOnPoint, Luxembourg Law Transposing the AIFMD Passed by Luxembourg Parliament, Luxembourg’s transposition of the AIFMD...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