Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - January 2016 - Issue 12: Luxembourg

Dechert LLP

Application Forms for ELTIFs

The CSSF informed that that they have made a dedicated application form available for ELTIFs and their management entities in a communication dated 21 December 2015. The relevant form should be completed and submitted to the CSSF by each applicant (or its representative) requesting agreement as an ELTIF in accordance with Regulation 2015/760 of the European Parliament and of the Council of 29 April 2015.

Prospectuses for securities: New CSSF Circular 15/632

CSSF press release 15/60 introduces the new CSSF Circular 15/632. The purpose of this circular is to detail the technical specifications regarding the submission to the CSSF, under the law on prospectuses for securities, of documents for offers to the public of securities and/or admissions of securities to trading on a regulated market. It takes into account the changes introduced by Directive 2014/51/EU to Article 5(4) of Directive 2003/71/EC and amends the process of filing of final terms of base prospectuses approved by the CSSF in accordance with Articles 8(4) and 32(4) of the law on prospectuses for securities. With effect from 1 January 2016 these final terms must be filed via email to CSSF Circular 15/632 sets out the requirements which each filing of such final terms must meet.

Reserved Alternative Investment Fund (RAIF) to Provide an Additional, Complementary, Alternative Investment Fund Regime

The government of the Grand Duchy of Luxembourg published a draft law relating to a new Luxembourg alternative fund structure; the Reserved Alternative Investment Fund (RAIF). The bill will run through the usual legislative process and is therefore still subject to change. A final text of the law might be adopted in the second quarter of 2016.

CSSF Newsletter for December 2015

The CSSF has published its December 2015 newsletter (number 179), which contains a summary of recent national regulation and statistics.

Law Concerning The Automatic Exchange of Financial Account Information in the Fields of Taxation

Aiming at implementing Directive 2014/107/EU, the law of 18 December 2015 concerning the automatic exchange of information relative to the financial accounts regarding taxes and carrying:

  1. Transposition of Directive 2014/107/EU of the European Council of 9 December 2014 modifying Directive 2011/16/EU as regards the automatic and compulsory exchange of information; and
  2. Modification of the modified law of 29 March 2013 on administrative cooperation in the tax arena.

The law entered into force on 1 January 2016.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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