News & Analysis as of

European Undertakings for Collective Investment in Transferable Securities Luxembourg

A&O Shearman

Luxembourg introduces tax relief package for corporates and individuals

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On July 17, 2024, the Luxembourg Minister of Finance submitted Bill of Law #8414 to the Luxembourg Parliament. The Bill proposes a series of tax measures aiming to make Luxembourg a more attractive place to work, do business...more

Goodwin

New Tax Measures Designed to Reinforce Luxembourg’s Attractiveness

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On 17 July 2024, the Luxembourg government introduced, under new Bill n° 8414, a comprehensive legislative package meant to modernise and enhance Luxembourg’s tax system. ...more

Goodwin

What DORA Means for Fund Managers

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Q: What is DORA? “DORA” stands for the Digital Operational Resilience Act, an EU regulation that creates a new framework for the EU financial sector with regard to information and communications technology (ICT)....more

Dechert LLP

New Luxembourg-UK Double Tax Treaty Will Introduce Key Changes Including Access to Treaty Benefits for CIVs / Investment Funds

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Following the Luxembourg parliament’s ratification of the new Luxembourg-UK double tax treaty (“DTT”) on 19 July 2023, the new DTT should take effect in 2024. The UK ratified the new DTT on 7 June 2022....more

A&O Shearman

New law modernising Luxembourg investment funds takes effect

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On 28 July 2023, the law of 21 July 2023, which modernises the laws governing UCITS, Part II UCIs, SIFs, SICARs, RAIFs and Luxembourg asset managers, enters into force (the Law). ...more

Dechert LLP

CSSF SFDR/ Sustainable Finance Related Developments March/April 2023

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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

Dechert LLP

Luxembourg Publishes Bill of Law Aimed at Modernization of Product Laws Including Part II AIFs

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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

Dechert LLP

Luxembourg’s CSSF SFDR Guidance: What You Need to Know

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On 2 December 2022, Luxembourg’s supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF) published an FAQ that seeks to clarify certain items under the Sustainable Finance Disclosure Regulation...more

A&O Shearman

Additional sustainable finance requirements for Luxembourg UCITS management companies and AIFMs

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On 1 August 2022, the following delegated acts, which complement the Sustainable Finance Disclosure Regulation 2019/2088 (SFDR) entered into force...more

Goodwin

Pre-Marketing, Marketing and Discontinuation of Marketing - How to Notify in Luxembourg?

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​​​​​​​The purpose of this Insights post is to consider some practical issues for alternative investment fund managers (“AIFMs”) when undertaking pre-marketing/marketing activities in the European Union following the...more

A&O Shearman

Great Fund Insights: Taxonomy Regulation disclosures: Luxembourg guidance for funds and asset managers

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On 2 December 2021, the CSSF published a communiqué to remind financial market participants under the Taxonomy Regulation of certain Taxonomy Regulation pre-contractual disclosures required before 1 January 2022 and to offer...more

A&O Shearman

CSSF FAQ – Use of Securities Financing Transactions by UCITS (and AIFs) – three months left

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On 18 December 2020, the Commission de Surveillance du Secteur Financier (CSSF) published a new FAQ in relation to the use by Luxembourg-domiciled UCITS of the following Securities Financing Transactions (SFTs): securities...more

A&O Shearman

Sustainable Finance Disclosure Regulation will apply from 10 March 2021

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On 10 March 2020, the ESG – Sustainable Finance Disclosure Regulation (EU) 2019/2088 (SFDR) will start to apply. SFDR disclosures will be applicable both to financial products (e.g., alternative investment funds (AIFs),...more

Goodwin

Sustainable Finance In Luxembourg — What Managers Should Do Now

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Regulation (EU) 2019/2088 of 27 November, 2019 on sustainability-related disclosures in the financial services sector, as amended by Regulation (EU) of 18 June, 2020 on the establishment of a framework to facilitate...more

Goodwin

Protecting Luxembourg Investment Funds and Companies Operating During the COVID-19 Crisis

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Under emergency legislation applicable with immediate effect for three months with a view to contain the rapid spread of COVID-19 in Luxembourg, Luxembourg enacted on 20 March 2020 temporary measures applicable to all...more

Dechert LLP

Brexit Done? Eight Things UK Managers Need to Know About the Brexit Transition Period

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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

Kramer Levin Naftalis & Frankel LLP

Alternatives domiciled in Luxembourg outperform, draw attention outside EU

The growth of Luxembourg-domiciled alternative investment funds remains on an upward trajectory as they become increasingly attractive outside of the EU, Preqin showed. The average size of a private equity fund domiciled in...more

Dechert LLP

Financial Services Quarterly Report - Fourth Quarter 2019: Developments in the Luxembourg Financial Sector

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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

A&O Shearman

Management and conversion of FCP-RAIFs: the end of an uncertainty

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The ability of Chapter 15 management companies to manage FCP-RAIFs was controversial due to diverging readings of the RAIF Law. Also, the RAIF Law did not expressly provide for the possibility of conversion of an FCP-RAIF...more

Dechert LLP

Brexit Manoeuvres: Potential Implications of a "Hard Brexit" for Fund Managers: A UK Perspective - October 2019

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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

A&O Shearman

Brexit – 5 days to go for applying for the Luxembourg transitional period

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Three questions relevant for UK managers still considering whether to apply or not. 1. We are a UK manager acting as portfolio manager based on a delegation from a Luxembourg AIFM or UCITS management company. Should we...more

Dechert LLP

Financial Services Quarterly Report - First Quarter 2019: Developments in the Luxembourg Financial Sector

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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

Dechert LLP

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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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

Dechert LLP

Luxembourg Adopts Brexit Law for Financial Services

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On 26 March 2019, the Luxembourg Parliament adopted the first few of a series of Brexit laws, including bill of law n°7401. In the event of a no deal Brexit, this bill will entrust the Luxembourg supervisory authorities for...more

Dechert LLP

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

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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...more

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