Background- European regulators have begun reviewing documentation and other information in connection with implementation of the EU’s Sustainable Finance Disclosure Regulation (SFDR)1 and the Taxonomy Regulation (RTS).2 On...more
The Luxembourg government published bill of law n°8183 (the “Bill”) on 24 March 2023 that amends five existing laws on alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the UCI...more
On 1 August 2022, the following delegated acts, which complement the Sustainable Finance Disclosure Regulation 2019/2088 (SFDR) entered into force...more
On 2 August 2021, changes to fund marketing rules will come into effect in the European Union (“EU”). The revised rules (the “Marketing Rules”) amend the existing regime relating to the marketing of alternative investment...more
With the transition period coming to an end by the end of 2020, many UK managers are questioning the implication of Brexit to the fundraising and management of Luxembourg-based funds. As forecasted in our previous market...more
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
The Luxembourg government and the CSSF recently have taken a number of measures to combat money laundering and terrorist financing. In other developments: the current Luxembourg Brexit laws will be rendered inapplicable by...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
This note sets out at a high level the potential impact of the United Kingdom’s (“UK”) exit (“Brexit”) from the European Union (“EU”) without a negotiated agreement on UK and European Economic Area (“EEA”) (a) alternative...more
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), has published guidance regarding procedures to be followed by non-EEA firms when providing certain investment services in...more
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), and the Luxembourg government recently have taken measures to prepare for Brexit. In other developments, the Law of the...more
Law on 21-month grandfathering period in a "hard Brexit" scenario - Parliament has adopted legislation that will allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up...more
In the middle of February 2019, Brexit continues to be debated between Westminster and Brussels, despite the rapidly approaching deadline for the United Kingdom (U.K.) to leave the European Union (EU) on March 29, 2019. With...more
The Luxembourg government has proposed legislation (Draft Bill), 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...more
Luxembourg has transposed MiFID II into its national law, albeit five months after the deadline for doing so. In other matters, the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF)...more
Parliament adopts general data protection law - Parliament has adopted the law of 1 August 2018 on the organisation of the National Commission for Data Protection and implementation of Regulation (EU) 2016/679 of the...more
The Commission de Surveillance du Secteur Financier (CSSF) issued a circular on 23 August 2018 (Circular), which consolidates into one document the requirements for Luxembourg UCITS management companies, self-managed UCITS,...more
ALFI Notes the Commission’s Plans to Amend the UCITS and AIFM Directives - ALFI issued a press release pointing out that they believe that a wider scope for the clarification of marketing and pre-marketing would have been...more
CSSF Circular CSSF-CPDI Dated 19 April 2017 - The CSSF published its Circular addressed, inter alia, to investment firms as well as AIFMs and UCITS management companies who manage portfolios on a discretionary basis...more
On 14 July 2016, the Luxembourg Parliament approved bill of law n°6929 introducing a new type of Luxembourg investment fund: the reserved alternative investment fund (RAIF - or fonds d’investissement alternatif réservé,...more
The entry into force of AIFMD in Europe has resulted in a double layer of regulation, as we now have regulation and supervision at the level of the product (regulated investment funds) and supervision at the level of the...more
Updated CSSF AIFM FAQ - The Commission de Surveillance du Secteur Financier (CSSF) issued an updated version (number 10) of the Frequently Asked Questions in relation to the law of 12 July 2013 on Alternative Investment...more
The Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF) published on 9 June 2016 an updated version of its FAQ concerning the Luxembourg law of 12 July 2013 on alternative investment...more
The law that transposed UCITS V1 into Luxembourg law (UCITS V Law) entered into force on 1 June 2016. Among other matters, the UCITS V Law: (i) implements a depository regime based upon – but more stringent than – the AIFMD...more
CSSF Press Release 16/17 on Global Situation of UCIs and SIFs at the End of February 2016 - CSSF press release 16/17 of 31 March 2016 summarizes the global situation of Undertakings for Collective Investment and...more