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

Dechert LLP

Suspension from Trading of Certain Financial Instruments Apropos Greece

Following a decision of the Hellenic Capital Market Commission (HCMC), the competent authority of Greece, to suspend the trading of certain securities and related financial instruments, the Commission de Surveillance du Secteur Financier (CSSF) has requested the suspension of the financial instruments issued by certain entities from trading on the regulated market of the Luxembourg Stock Exchange.

Read press release: "Suspension of Financial Instruments in Relation to the Situation in Greece" (30 June 2015)

ALFI Response to EBA Consultation Paper Regarding the Limits on Exposures to Shadow Banking Entities

The Association of the Luxembourg fund industry (ALFI) responded to the European Banking Authority (EBA) consultation paper on draft guidelines on the limits on exposures to shadow banking entities.

Read ALFI's response to the EBA Consultation Paper

ALFI 2020 Ambition Unveiled: Serving Investors and the Economy

In a recent press release, the Association of the Luxembourg Fund Industry (ALFI) unveiled its ambitions for the next four years. ALFI’s key objectives include (i) the promotion of practices that align the interests of investors and industry, (ii) the articulation of the essential role of investment funds for the global economy, (iii) connecting investors with worldwide market opportunities, (iv) ensuring Luxembourg remains the fund centre of choice for asset managers and (v) stimulating innovation, research, education and talent development.

Read press release: "ALFI unveils 2020 ambition: serving the interests of investors and the economy and a video are available in English (17 June 2015)

CSSF Circular Regarding ESMA Guidelines on Application of Definitions: MiFID-Commodity Derivatives

CSSF circular 15/615 transposes the “Guidelines on the application of the definitions in Sections C6 and C7 of Annex I of Directive 2004/39/EC (MiFID) (ESMA/2015/675)”, published on 6 May 2015, into Luxembourg regulations. The guidelines relate to the application of the definitions of commodity derivatives and their classification under points 6 and 7 of Section C (Financial Instruments) of Annex I of MiFID, transposed into Luxembourg legislation by the law of 13 July 2007 on markets in financial instruments. The guidelines clarify the definitions of commodity derivatives and aim to ensure a common, uniform and consistent application of MiFID and Regulation (EU) No 648/2012 (EMIR), as well as other directives and regulations that rely on the MiFID definitions of financial instruments.

Read CSSF Circular 15/615

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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