Investment Funds Update - Europe: Legal and regulatory updates for the funds industry from the key asset management centres and primary European fund domiciles: March 2016 - Issue 3: Luxembourg

Dechert LLP

Latest Statistics Regarding Luxembourg UCITS

ALFI (the Luxembourg Fund Association) released figures outlining the footprint of Luxembourg domiciled UCITS on 9 March 2016, showing the volume of assets under management in various markets globally as at December 2015 and giving a breakdown in those markets of the percentage of Luxembourg UCITS and other foreign and domestic open-ended funds. 

Practical Issues in Relation to the UCITS V regime and Depositary Aspects in Relation to Part II UCIs

CSSF press release 16/10, dated 2 March 2016, outlines CSSF guidelines in relation to (i) applicable UCITS V provisions, (ii) timing of UCITS V related changes to the UCITS Key Investor Information Document (KIID), UCITS prospectuses and UCITS depositary contracts and changes to UCITS remuneration policies and (iii) UCITS depositary bank aspects as per CSSF Circular 14/587, and (iv) UCIs established under Part II of the Law of 17 December 2010 relating to Undertakings for Collective Investments.

Changes in the Institutional Architecture of the Deposit Guarantee and Investor Compensation Schemes in Luxembourg

In its press release 16/09, dated 25 February 2016, the CSSF draws attention to the changes in the institutional architecture of the deposit guarantee and investor compensation schemes in Luxembourg following the entry into force of the law of 18 December 2015 on the failure of credit institutions and of certain investment firms. The changes include the transformation of the private ex post financed deposit guarantee scheme into a public ex ante financed scheme, the replacement of the existing “AGDL” by a new public guarantee scheme (“FGDL”), and the creation of an entity which administers the deposit guarantee scheme (“CPDI”) in accordance with the provisions of directive 2014/49/EU on deposit guarantee schemes.

CSSF Newsletter – February 2016

The CSSF published its February 2016 newsletter (number 181), providing updates in relation to recent national regulation and statistics.

Summary of the Global Situation of UCIs and SIFs 

In its press release 16/12, dated 4 March 2016, the CSSF summarizes the global situation of Undertakings for Collective Investment as at the end of January 2016 by providing (i) an overview thereof and (ii) an indication of the number of net assets of (a) Undertakings for Collective Investment in accordance with Part I and II of the Law of 17 December 2010 relating to Undertakings for Collective Investments, and (b) Specialised Investment Funds in accordance with the law of 13 February 2007 on Specialised Investment Funds.


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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