Developments in the Luxembourg Financial Sector (UCITS V bill, AIFMD FAQ update, FATCA)
As reported in Issue 8 of Investment Funds Update in September, the Luxembourg government has brought to Parliament a bill of law transposing UCITS V into Luxembourg’s UCI Law and AIFM Law. The Luxembourg CSSF published a new version of its AIFMD Frequently Asked Questions, among other matters clarifying the definitions of “marketing” and “reverse solicitation” from a Luxembourg perspective, and the Luxembourg “FATCA Law” recently came into effect. These developments are further discussed in a recent article published by Dechert (Luxembourg) LLP.
ALFI releases FAQs on RQF II
Further to the announcement by the People’s Bank of China on 29 April 2015 of a RMB 50 billion Qualified Foreign Institutional Investor (“RQFII”) quota being granted to Luxembourg, the Association of the Luxembourg Fund Industry (ALFI) has announced the publication of Frequently Asked Questions on RQF II to provide general guidance to Luxembourg investment funds and their management companies wishing to apply for an RQFII licence and an RQFII quota.
The RQFII scheme was launched in Hong Kong in 2011 and has been expanded to other jurisdictions since 2013, allowing an increased volume of offshore RMB to be reinvested into the Mainland securities markets.
Read the press release 'FAQs on RQFII', 30 September 2015.
Audit Regulators in the United States and in Luxembourg Enter into Cooperation Agreement
The USA’s supervisory authority of audit firms, the Public Company Accounting Board and the Commission de Surveillance du Secteur Financier in Luxembourg, have entered into a cooperative agreement with regard to the oversight of audit firms subject to the regulatory jurisdiction of both regulators.
Accessible Compendium of Investment Fund Laws and Regulations
The Luxembourg Stock Exchange in cooperation with the Association of the Luxembourg Fund Industry have published two compilations of texts related to investment fund laws and regulations in Luxembourg (one in relation to UCITS and one in relation to AIFs).
