Draft Law N. 6845 Published

The Luxembourg draft bill N. 6845, published on 5 August 2015 (i) transposes directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014, amending directive 2009/65/C on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards depositary functions, remuneration policies and sanctions, (ii) amends the Luxembourg law of 17 December 2010 on undertakings for collective investment and (iii) amends the law of 12 July 2013 regarding alternative investment fund managers, by including, amongst other changes, a new article 7bis on the conditions for granting authorization and which introduces the obligation for certain managers to have their accounting documents verified by an independent auditor. 

Read the draft bill (in French). 

CSSF Lifts Suspensions on Trading in Certain Financial Instruments in Relation to Greece

Following recent developments concerning the situation in Greece, the Commission de Surveillance du Secteur Financier (CSSF) has decided to lift the suspensions announced by means of CSSF press releases 15/28 dated 30 June 2015 and 15/29 - please refer to our previous coverage in issue 6 of Dechert's European funds update - on trading in the financial instruments issued by certain entities on the markets of the Luxembourg Stock Exchange.

Read the CSSF's press release: "Lifting of the Suspension of the Financial Instruments in Relation to the Situation in Greece" (24 July 2015).

Luxembourg Law of 23 July Implementing the Capital Requirement Directive

The law of 23 July 2015 which implements Directive 2013/36/EU in relation to access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms has been published. Among others, the law modifies certain provisions of the law of 5 April 1993 on the financial sector (including introduction of a cap on variable remuneration) and applies to all credit institutions and to certain investment firms.

Read the law in full (in French).

Luxembourg Holds Presidency of the Council of the EU for 12th Time

One of Luxembourg’s priorities, as it takes on presidency of the Council of the European Union, is to stimulate investment to boost growth and employment. To that effect, Luxembourg aims to implement the European Fund for Strategic Investments which seeks to raise up to €315 billion to finance strategic investment projects that will provide added value to the European Union. It will also promote the Capital Markets Union in order to enable capital markets to play a bigger role in the financing of the economy. Other projects include the banking structural reform and negotiations on a new legislative proposal regarding the resolution of market infrastructures.

Read the program and priorities.

Further details.