Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles - Issue 12, 2019: Luxembourg

Dechert LLP

Dechert LLP

Bill to set up a 21-month grandfathering period in a "hard Brexit" scenario

The Luxembourg government has proposed legislation which would allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up to 21 months after the date when the UK withdraws from the EU. This would potentially allow UK-based AIFMs or UCITS management companies to continue to directly manage their existing Luxembourg funds following a "hard Brexit" during the transitional period.

Read: The Bill (in French)   

Read: Our OnPoint

Law of 14 February 2019 on digital ledger technologies

Parliament has adopted an amendment law to the law of 1 August 2001 on circulation of securities on 14 February 2019 which creates greater legal certainty by allowing securities to be registered and held via secure electronic registration devices including electronic registers.

Read: The adopted law (in French)

Grand-ducal regulation on the Register of Beneficial Owners issued

The government has issued a regulation on the terms of registration, payment and access to the register of ultimate beneficial owner, which will enter into force on March 1, 2019.

Read: The grand-ducal regulation on Parliament’s website (in French)

Read: Our OnPoint

CSSF publishes new forms for authorization of funds and a fund EMIR questionnaire

The CSSF has published new application forms for (i) UCITS and (ii) SIFs, SICARs and part II funds.

Read: The UCITS form 

Read: Review the SIF, SICAR and UCI part II form and the EMIR questionnaire 

CSSF publishes press release on start of the annual AML/KYC survey

The CSSF has published a press release to inform about the launch of its annual survey on key information concerning money laundering and terrorist financing risks to which the professionals under its supervision are exposed and the implementation of related risk mitigation and targeted financial sanctions measures. The survey launched on February 12, 2019.

Read: The press release

ALFI publishes press release on figures and outlook for 2018

ALFI has issued a statement on the figures of 2018 as well as the opportunities and challenges for the asset management industry in 2019. ALFI also set out its priorities for 2019, which include sustainable finance, the pan-European personal pension product and international distribution.

Read: The press release

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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