On 28 July 2023, the law of 21 July 2023, which modernises the laws governing UCITS, Part II UCIs, SIFs, SICARs, RAIFs and Luxembourg asset managers, enters into force (the Law).
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Make sure that your policies and procedures are up-to-date.
A series of amendments were introduced into the amended act of 12 November 2004 on the fight against money laundering and terrorist financing (the AML Act 2004)...more
On 1 August 2022, the following delegated acts, which complement the Sustainable Finance Disclosure Regulation 2019/2088 (SFDR) entered into force...more
Part II UCIs, SIFs and RAIFs in the form of an SA, SCA or Sàrl must declare by 31 May 2022 and pay by 10 June 2022 to the Luxembourg tax authorities a 20% tax on income and gains derived from Luxembourg real estate. Part II...more
On 2 December 2021, the CSSF published a communiqué to remind financial market participants under the Taxonomy Regulation of certain Taxonomy Regulation pre-contractual disclosures required before 1 January 2022 and to offer...more
On 18 December 2020, the Commission de Surveillance du Secteur Financier (CSSF) published a new FAQ in relation to the use by Luxembourg-domiciled UCITS of the following Securities Financing Transactions (SFTs): securities...more
On 10 March 2020, the ESG – Sustainable Finance Disclosure Regulation (EU) 2019/2088 (SFDR) will start to apply. SFDR disclosures will be applicable both to financial products (e.g., alternative investment funds (AIFs),...more
On 6 November, the CSSF released a new press release 19/54 which is intended to replace the reference date to a hard Brexit (i.e. 31 October 2019) in all previous CSSF communications with the new Brexit date, 31 January 2020....more
The ability of Chapter 15 management companies to manage FCP-RAIFs was controversial due to diverging readings of the RAIF Law. Also, the RAIF Law did not expressly provide for the possibility of conversion of an FCP-RAIF...more
Last year, investment fund managers (IFMs) were caught by surprise with the immediate application of Circular 17/654 on IT outsourcing relying on a cloud computing infrastructure (the Cloud Circular), but every cloud has a...more
Three questions relevant for UK managers still considering whether to apply or not.
1. We are a UK manager acting as portfolio manager based on a delegation from a Luxembourg AIFM or UCITS management company. Should we...more
On 1 August 2019, the Luxembourg legislator implemented the second shareholder right directive (SRD II) by amending the law of 24 May 2011 relating to the exercise of certain shareholder rights at general meetings of listed...more
We would like to bring the publication of Circular BCL 2018/241 dated 18 May 2018 (the Circular) to your attention. The Circular aims at informing non-regulated alternative investment funds (AIFs) of new statistical reporting...more
The Luxembourg act of 12 July 2013 on alternative investment fund managers (AIFMs) implemented the AIFMD into Luxembourg law (the AIFM Act). The AIFMD is a maximum harmonisation Directive, which means that EU Member States...more