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Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Law of 16 July 2019 implementing the EuVECA and EuSEF regulations and amending the RAIF law

October 2019 - Finance. Legal Developments by Chevalier & Sciales .

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The Law of 16 July 2019 implementing the regulations on EuVECA, EuSEF, ELTIF and MMF (the “Regulations”) and amending the RAIF law entered into force on 22 July 2019 (the “Law of 16 July 2019”).

Although these Regulations are directly applicable to the EU member states, they do allow certain provisions to be regulated on a national level. In view of this, the Law of 16 July 2019 introduces inter alia the following:

Temporary Permissions Regime & the Brexit deadline

April 2019 - Finance. Legal Developments by Arendt & Medernach.

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We would like to kindly remind you that from 7 January 2019 to 28 March 2019, the Financial Conduct Authority ("FCA") online system ‘Connect’ is open for EEA-based firms and fund managers of EEA-domiciled investment funds (UCITS and AIF) currently passported into the UK to notify the FCA about their intention to participate in the temporary permissions regime (“TPR”).

Luxembourg Newsflash - Brexit: the Luxembourg emergency legislation - 27 February 2019

April 2019 - Finance. Legal Developments by Arendt & Medernach.

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On 31 January 2019, the bill of law n°7401 (the “Bill”) was issued on measures to be taken in relation to the financial sector in case of the withdrawal of the United Kingdom (“UK”) and North Ireland from the European Union (“EU”) (“Brexit”).

Amendments of Level 2 Regulations regarding safekeeping obligations for AIF and UCITS depositaries

January 2019 - Finance. Legal Developments by Chevalier & Sciales .

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Commission delegated regulations (EU) 2018/1618 and (EU) 2018/1619, both of July 12, 2018 and regarding the safe keeping duties of depositaries, were published in the European Official Journal on October 30, 2018. The measures amend previous delegated regulations from 2013 and 2016 respectively.

CSSF issues circular on governance and organisation of non-UCITS fund depositaries

December 2018 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier, published on August 23 CSSF Circular 18/697 on organisational requirements applicable to depositaries of funds that are not subject to the UCITS rules set out in Part I of the investment fund legislation of December 17, 2010 and to their branches.

New draft of AIFMD update eases pre-marketing requirements

December 2018 - Finance. Legal Developments by Chevalier & Sciales .

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The European Commission has put forward amendments to the 2011 Alternative Investment Fund Managers Directive that includes clarifying and setting out uniform rules on what constitutes ‘pre-marketing’ activity, a topic that has been an area of controversy since the directive came into force in 2013. However, the rules have been eased in a fresh draft following criticism from the alternative fund industry.

The fifth anti-money laundering and terrorist financing directive (AML 5) - Key aspects and changes

August 2018 - Finance. Legal Developments by Arendt & Medernach.

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On 19 April 2018, the European Parliament adopted the new directive on the prevention of the use of the financial system for the purposes of money laundering or terrorism financing.

5th AML Directive - Key aspects

August 2018 - Finance. Legal Developments by Arendt & Medernach.

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The 5th AML Directive was published in the Official Journal of the European Union on 19 June 2018, and will enter into force 20 days thereafter.

MiFID 2 and its distinctive Luxembourg features

August 2018 - Finance. Legal Developments by Arendt & Medernach.

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On 31 May 2018, the law on markets in financial instruments (the “2018 Law”) as well as the grand-ducal regulation relating to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits (the “Grand-Ducal Regulation”) were published in the Luxembourg official gazette.

Luxembourg Stock Exchange unveils Securities Official List for non-traded securities

April 2018 - Finance. Legal Developments by Chevalier & Sciales .

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The Luxembourg Stock Exchange has launched the Securities Official List, a dedicated section of the exchange’s official list that enables securities to be listed without requiring them to be admitted to trading on either its regulated Bourse de Luxembourg or Euro MTF market. The SOL, which involves a simplified and rapid registration process, is specifically designed for issuers seeking only the visibility of having their securities on a recognised official list and for which admission to trading is not essential, but that can benefit from the enhanced distribution and diversification of their investor base the new listing section offers.

Cross-border distribution of investment funds: a proposal for harmonisation

March 2018 - Finance. Legal Developments by Arendt & Medernach.

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Reducing barriers for cross-border distribution of investment funds within the EU, thus reducing the costs of going cross-border, while deepening the single marketing procedure for investment funds is the proclaimed purpose of the two legislative proposals published by the EU Commission today, on 12 March 2018. According to the EU Commission proposal, the envisaged harmonisation of rules for cross-border distribution should occur through a new directive amending both the UCITS and AIFM Directives with regard to the cross-border distribution of collective investment funds, and through a new regulation on facilitating cross-border distribution of collective investment funds and amending the EuVECA Regulation (Regulation on European venture capital funds) and the EuSEF Regulation (Regulation on European social entrepreneurship funds).

Clarification of the scope of the UCITS and AIFMD depositary regimes

March 2018 - Finance. Legal Developments by Arendt & Medernach.

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A significant number of so-called Part II UCIs may remain within the scope of the AIFMD depositary regime. Luxembourg’s Parliament (Chambre des DĂ©putĂ©s) has voted yesterday to amend the respective legislation to this effect. This amendment clarifies the scope of the UCITS-like and the AIFMD depositary regimes in Luxembourg for these funds.

Outsourcing made easier: professional secrecy in the financial and insurance sector softened

March 2018 - Finance. Legal Developments by Arendt & Medernach.

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Through the law of 27 February 2018 implementing the EU regulation (UE) 2015/751 on interchange commissions for card based payments, which amends various laws relating to the financial sector (and was published in the Luxembourg official gazette on March 1st 2018), the Luxembourg parliament has now relaxed the rules on professional secrecy for banks, investment firms, other regulated professionals of the financial sector, payment institutions, electronic money institutions and insurance undertakings (together the « financial institutions ») to facilitate outsourcing arrangements.

Permanent exemption from variation margin obligation for FX forwards?

March 2018 - Finance. Legal Developments by Arendt & Medernach.

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Earlier this week, the European Supervisory Authorities (ESAs) published draft amendments to EMIR-related regulatory technical standards (RTS) that align the treatment of variation margin (VM) for FX forwards with the supervisory guidance applicable in other key jurisdictions. More specifically the draft amendments propose that the requirement to exchange VM for physically settled FX forwards shall only target transactions between institutions (credit institutions and investment firms).

CSSF sets out more restrictive policy on UCITS investment in non-UCITS funds

February 2018 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg’s Financial Sector Supervisory Authority (CSSF) has announced changes to its policy regarding investment by UCITS funds in non-UCITS undertakings for collective investment, amending the guidance contained in its Frequently Asked Questions document addressing the law of December 17, 2010 on undertakings for collective investment. In the interests of convergence at EU level regarding the UCITS regime, the CSSF now says that UCITS may no longer invest in other UCIs and those that have done so are required to divest their holdings as soon as possible, unless the eligibility of each target fund has been confirmed specifically through case-by-case analysis.

 

Registers of beneficial ownership: new rules to be implemented soon

January 2018 - Finance. Legal Developments by Arendt & Medernach.

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The draft laws implementing AMLD 4 set out strict rules to allow for protection against improper access to the information on BOs.

Permanent exemption from variation margin obligation for FX forwards?

January 2018 - Finance. Legal Developments by Arendt & Medernach.

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Earlier this week, the European Supervisory Authorities (ESAs) published draft amendments to EMIR-related regulatory technical standards (RTS) that align the treatment of variation margin (VM) for FX forwards with the supervisory guidance applicable in other key jurisdictions. More specifically the draft amendments propose that the requirement to exchange VM for physically settled FX forwards shall only target transactions between institutions (credit institutions and investment firms).

PRIIPs KID: are you ready?

November 2017 - Finance. Legal Developments by Arendt & Medernach.

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In less than 4 months the Priips-Kid regulation will come into force. The exercise of ensuring compliance with this regulation is not an easy one.

- What should the Kid include?

- What are the key questions to ask before building your Kid?

- What are the actions to take before building your Kid?

ESMA issues new updates to UCITS and AIFMD Q&As

October 2017 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority has issued fresh updates on October 5 to its Questions and Answers documents containing guidance on and interpretation of the EU’s Undertakings for Collective Investment in Transferable Securities (UCITS) and Alternative Investment Fund Managers Directive (AIFMD) regimes. ESMA says the Q&A documents aim to promote common supervisory approaches and practices in the practical application of the various UCITS directives and the AIFMD through responses to questions posed by industry members and regulators themselves.

Foreign issuers on Luxembourg Stock Exchange must now provide LEI codes

October 2017 - Finance. Legal Developments by Chevalier & Sciales .

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The Luxembourg Stock Exchange now requires all domestic and foreign issuers operating on the regulated market, the Bourse de Luxembourg, or its Euro MTF multilateral trading facility, to provide the exchange with their legal entity identifier codes. The exchange has called on foreign issuers to check the ongoing validity of their LEI codes with local operating units designated by different countries and to send them to the exchange by e-mail to bolide@bourse.lu.

CSSF provides guidance on PRIIPs KID for Luxembourg alternative funds

September 2017 - Finance. Legal Developments by Chevalier & Sciales .

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In the latest update of its Frequently Asked Questions document on the legislation governing alternative investment fund managers, published on July 6, 2017, Luxembourg financial regulator CSSF has addressed issues raised by the introduction in January 2018 of the European Union’s regulation on Packaged Retail and Insurance-based Investment Products and its requirement for such products to provide investors with a Key Information Document.

 

PRIIPs KID: The final pieces of the puzzle

August 2017 - Finance. Legal Developments by Arendt & Medernach.

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The pieces of the puzzle are finally falling into place. The long-awaited level 3 and 4 measures have been published earlier this week, half a year before the PRIIPs KID becomes compulsory.

Luxembourg exchange becomes international leader for green securities

April 2017 - Finance. Legal Developments by Chevalier & Sciales .

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Since the autumn of 2016, the Luxembourg Stock Exchange has operated the first listing and trading platform worldwide reserved exclusively for environment-focused financial instruments. The Luxembourg Green Exchange (LGX) provides access to securities from a broad range of issuers that are recognised globally as authentically green and offers enhanced information about their environmental characteristics.

ESMA sets out new rules for UCITS share classes

February 2017 - Finance. Legal Developments by Chevalier & Sciales .

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On January 30, the European Securities and Markets Authority issued an opinion on the minimum principles that management companies must apply when establishing different UCITS share classes. The opinion is aimed at ensuring a harmonised approach throughout the EU, where different national approaches have been observed up to now.

UCITS investment limits to be applied to umbrella funds on look-through basis

December 2016 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority has updated its Q&A documents on details of the UCITS rules in November of this year with two additional queries regarding the interpretation of investment limits when a UCITS invests in an umbrella fund.

Modernisation of Luxembourg Company Law: changes affecting the S.Ă  r.l.

November 2016 - Finance. Legal Developments by Chevalier & Sciales .

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The law of 10 August 2016 modernising the law concerning commercial companies of 10 August 1915 and amending the Civil Code as well as the law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of companies (the “Law”), entered into force on 23 August 2016. The Law is immediately applicable for all newly incorporated companies. Existing companies have been granted a period of 24 months to adapt their articles of association. The below is a summary of the main changes which affect private limited liability companies (“sociĂ©tĂ© Ă  responsabilitĂ© limitĂ©e” (“S.Ă r.l.”)):

Luxembourg regulator updates rules for UCITS depositaries

November 2016 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg’s Financial Sector Supervisory Authority (CSSF) has issued on October 11, 2016 Circular 16/644, which sets out revised rules applicable to all Luxembourg credit institutions acting as depositary banks for UCITS funds as well as to all Luxembourg UCITS, including self-managed funds, and/or their management companies. The circular sets out regulatory requirements clarifying rules under the updated Luxembourg investment fund law implementing the UCITS V directive, which came into force on June 1, and the European Commission’s Level 2 delegated regulation EU2016/438 regarding the obligations of depositaries, as well as various other matters.

UCITS V regulation on depositaries’ obligations comes into force

October 2016 - Finance. Legal Developments by Chevalier & Sciales .

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The Commission’s delegated regulation (EU) 2016/438 of December 17, 2015, which updates the UCITS regime provisions on the obligations of depositaries, has taken effect as of October 13. The UCITS V Level 2 regulation sets out detailed uniform rules in particular regarding the duties of the depositaries of UCITS funds. The regulation lays down requirements regarding depositaries’ duties, delegation arrangements and the liability regime for UCITS assets under custody, designed to provide a high level of investor protection.

 

CSSF confirms AIFs’ ability to grant loans in updated AIFM law FAQ

June 2016 - Finance. Legal Developments by Chevalier & Sciales .

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On June 9, 2016 the CSSF issued the latest update of its Frequently Asked Questions document on the Luxembourg law of July 12, 2013 implementing the AIFMD and the European Commission’s Level 2 regulation on implementation of the directive, last revised on August 10, 2015. The new version provides clarity about the ability of Luxembourg-domiciled alternative funds to conduct loan origination, participation and acquisition, an important issue given the role of Luxembourg as a leading centre for funds conducting or investing in loans.

UCITS V legislation to come into force in Luxembourg in June

May 2016 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg’s Chamber of Deputies has approved legislation incorporating the European Union’s UCITS V directive into national law, following a legislative odyssey lasting just over nine months. Bill of law no. 6845 amends the grand duchy’s fund legislation of December 17, 2010, which transposed UCITS IV, and was finalised by publication on May 12 in the MĂ©morial, the country’s official journal, as the Law of May 10, 2016, the day it was signed by Grand Duke Henri. The legislation will come into force at the beginning of June.

Proposed Luxembourg legislation introduces changes affecting SIFs, SICARs and Part II Funds

April 2016 - Finance. Legal Developments by Chevalier & Sciales .

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The Luxembourg government has placed before parliament on January 18 draft legislation amending provisions relating to specialised investments funds (SIFs), risk capital investment companies (SICARs) and non-UCITS funds issued under Part II of the grand duchy’s collective investment fund legislation. The proposals would notably restrict SIF funds and sub-funds that invest in so-called exotic assets to professional investors, a tighter definition than that for eligibility for SIF investments in general.

ESMA issues additional updates to AIFM Directive Q&A

November 2015 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority has issued a fresh update on October 1 to its Questions and Answers document providing guidance and interpretation of the EU’s Alternative Investment Fund Managers Directive as well as the European Commission’s level II delegated regulations on implementation of the directive issued in December 2012 and May 2013.

Luxembourg moves ahead with UCITS V adoption

October 2015 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg is pushing ahead with legislation to adopt the UCITS V directive into national law. Bill no. 6845, transposing Directive 2014/91/EU of July 23, 2014, was approved by the cabinet on July 10 and placed before parliament on August 5. It is expected to be debated and adopted during the fourth quarter of the year.

CSSF clarifies marketing rules in updated AIFMD law Q&A

September 2015 - Finance. Legal Developments by Chevalier & Sciales .

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On August 10, the CSSF issued the latest update of its Frequently Asked Questions document on the grand duchy’s law of July 12, 2013 implementing the AIFMD and the European Commission’s Level 2 regulation on implementation of the directive, last revised on December 29, 2014. The FAQ document has now run to nine versions over the past year and a half. Its aim is to highlight aspects of the AIFMD rules from a Luxembourg perspective, for the benefit primarily of alternative funds and managers established in the grand duchy. It complements Q&A documents on the AIFMD published by ESMA, itself most recently updated last month, and by the European Commission.

 

CSSF circular 15/612: information to be communicated to the CSSF by Luxembourg-established AIFMs

June 2015 - Finance. Legal Developments by Chevalier & Sciales .

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On May 5 the Luxembourg Financial Supervisory Authority issued CSSF Circular 15/612, addressed to all managers of alternative funds subject to the 2013 legislation implementing the Alternative Investment Fund Managers Directive, regarding reporting on unregulated alternative funds, whether established in Luxembourg, another EU member state or in a non-EU jurisdiction, as well as alternative funds regulated outside the EU.

Luxembourg government approves draft FATCA legislation

April 2015 - Finance. Legal Developments by Chevalier & Sciales .

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On March 6 Luxembourg’s government adopted the draft legislation transposing into national law the grand duchy’s intergovernmental agreement with the US and facilitating compliance by the country’s financial institutions with the requirements of the Foreign Account Tax Compliance Act.

FATCA, which was signed into law in 2010 but only took effect last July, is designed to identify US persons (citizens, residents, green card holders, there spouses or other individuals with a connection to the US) who may be failing to declare tax purposes investments or assets in accounts with non-US financial institutions or other entities, which can include not only banks but insurance companies, asset management firms or funds and even trusts.

The legislation is designed to compel non-US institutions and entities to report to the Internal Revenue Service on any accounts held by US persons through an information reporting and withholding regime, in addition to existing reporting and withholding rules. Institutions failing to comply face the threat of a 30 per cent withholding levied on any US-sourced income.

Since compliance with the FATCA rules would have been contrary to legal restrictions on the sharing of information in various countries, as well as to reduce the administrative burden on financial institutions affected, Washington has signed a series of intergovernmental agreements with various jurisdictions designed to circumvent the legal issues and simplify practical compliance, in most cases by requiring institutions to report to their domestic tax authority, which will forward the data to the US, rather than directly to the IRS.

Luxembourg signed a Model 1 IGA, providing for institutions to report to their home authority, with the US Treasury on March 28 last year. The government’s approval of the draft legislation now paves the way for the ratification of the IGA signed with Washington and implementation of the measures required to enable Luxembourg institutions to comply.

The legislation will next be submitted to the Chamber of Deputies for approval. Once the law is enacted, the grand duchy’s Direct Tax Administration is expected to revise, finalise and implement two draft circulars issued at the beginning of this year. One expected change is that following a decision in the UK, it now appears that institutions will no longer be required to file a report even if they have no US-related accounts.

Following passage of the legislation and issue of the tax authority circulars, the first delivery of information is due to take place later this year, with reporting scheduled to take place by financial institutions to the Direct Tax Administration on June 30, then by the tax authority to the IRS on September 30.

The draft circulars issued by the Direct Tax Administration can be consulted at:

www.impotsdirects.public.lu/echanges_electroniques/FATCA/Projet-de-circulaire-ECHA-2---FATCA.pdf andhttp://www.impotsdirects.public.lu/archive/newsletter/2015/nl_02022015/Projet-de-circulaireECHA-n_-3---FATCA.pdf. 

CSSF issues eighth update to AIFMD law Q&A

February 2015 - Finance. Legal Developments by Chevalier & Sciales .

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The CSSF is continuing to update its Frequently Asked Questions document on the grand duchy's law of July 12, 2013 implementing the AIFMD and the European Commission's Level 2 regulation on implementation of the directive, most recently on December 29, 2014.

ESMA consults on depositary requirements under UCITS V

November 2014 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority has issued a consultation paper seeking feedback from asset management industry members on its draft advice to the European Commission regarding depositary requirements under the forthcoming UCITS V directive. The paper has been drawn up in response to a provisional request from the Commission on July 3 seeking technical advice on the content of two delegated acts on depositaries that the Commission is called on to issue to complement the primary UCITS V legislative text.

 

 

CSSF issues circular on investor notification of material changes to open-ended UCITS funds

August 2014 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg's Financial Sector Supervisory Authority According has published Circular 14/591 on July 22, addressed to all open-ended UCITS funds governed by the grand duchy's legislation of December 17, 2010, regarding the protection of investors in the event of a material change to an open-ended undertaking for collective investment. The CSSF says that according to well-established supervisory practice, in the event of such a material change to investors' interests in an open-ended fund under the 2010 law, the regulator requires that they be given sufficient time to take an informed decision, and that if they do not wish to accept the proposed change, they should be able to redeem or convert their shares or units free of charges.

CSSF issues new update to AIFMD law Q&A

July 2014 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg's Financial Sector Supervisory Authority has published on July 18 the latest update to its Frequently Asked Questions document on the grand duchy's law of July 12, 2013 implementing the European Union's Alternative Investment Fund Managers Directive and the European Commission's Level 2 regulation on implementation of the AIFMD.

The FAQ document, now in its seventh version in just over a year, is intended by the CSSF to highlight aspects of the AIFMD rules from a Luxembourg perspective for the benefit primarily of alternative funds and managers established in the grand duchy.

Luxembourg prepares for central role as AIFMD finally takes effect

July 2014 - Finance. Legal Developments by Chevalier & Sciales .

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As, after more than four years of preparation, the European Union's Alternative Investment Fund Managers Directive takes full effect for existing managers, Luxembourg finds itself in the position it wanted to be in - ideally placed to become a domicile and servicing platform for alternative funds distributed across borders in the same way that it has become for traditional retail funds under the UCITS regime.

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Countdown approaches for UCITS V implementation

June 2014 - Finance. Legal Developments by Chevalier & Sciales .

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The directive approved by the parliament in plenary session on April 15 is relatively limited in scope, covering depositary functions, remuneration policies and sanctions. More fundamental changes may come in the future from what will become UCITS VI. This measure, which is still at the preliminary discussion stage, could rethink the expansion of the range of assets eligible for investment by UCITS funds launched by the UCITS III directive in 2002.

ESMA draws up proposed AIFM directive passport questions for regulators

April 2014 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority has issued on March 26 technical advice regarding information that must be provided by national regulators on the functioning of the Alternative Investment Fund Managers Directive as a precursor to the potential extension of the AIFMD passport to non-EU managers and funds after July next year.

CSSF updates Q&A on AIFMD implementation law

March 2014 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg's Financial Sector Supervisory Authority has published on March 17 an update to its Frequently Asked Questions document on the grand duchy's law of July 12, 2013 implementing the European Union's Alternative Investment Fund Managers Directive, as well as the European Commission's Level 2 regulation on implementation of the AIFMD. The CSSF says the FAQ document, which is now in its sixth version in nine months, is designed to highlight certain key aspects of the AIFMD rules from a Luxembourg perspective and is primarily aimed at alternative funds and managers established in the grand duchy.

 

ESMA Q&A targets common supervisory approach to AIFM Directive application

March 2014 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority has published on February 17 a Question and Answers document on the Alternative Investment Fund Managers Directive, with the aim of promoting common supervisory approaches and practices in the application of the AIFMD and its implementing measures.

Luxembourg in pole position as AIFMD compliance looms

February 2014 - Finance. Legal Developments by Chevalier & Sciales .

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With little more than five months to go before alternative managers active in Europe must be fully compliant with the European Union's Alternative Investment Fund Managers Directive, Luxembourg is perfectly positioned to accommodate fund firms, from global investment houses to specialist boutiques, eager to exploit the potential of a passport to an EU-wide market.

 

ESMA publishes amended final AIFM Directive reporting rules

October 2013 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority has published on October 1st the final guidelines on the reporting obligations for alternative fund managers under Articles 3 and 24 the European Union's Alternative Investment Fund Managers Directive, which took effect on July 22, after incorporating changes arising from a consultation exercise with market stakeholders in June.

The guidelines set out how managers of alternative investment vehicles including hedge funds, private equity and real estate funds will be required to report certain information regularly to national regulators. They clarify provisions of the AIFM Directive on the information required, which aims to provide supervisors with a more comprehensive and consistent oversight of managers' activities.

CSSF publishes guidance on AIFM Directive for Luxembourg based managers

July 2013 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg's financial regulator, the Financial Sector Supervisory Authority, has published practical guidance for alternative fund managers on how they should approach the issue of becoming registered or authorised under the Alternative Investment Fund Managers Directive, which was transposed into Luxembourg law through legislation that came into force on July 15. The CSSF says any entity established in Luxembourg that could potentially be categorised as an alternative manager under the new law must conduct a self-assessment of whether it qualifies, and if so, whether it will be subject to a requirement for registration or authorisation.

CSSF announces transitional measures for managers and funds under the AIFM Directive

July 2013 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg's financial regulator, the Financial Sector Supervisory Authority (CSSF), has published a series of Frequently Asked Questions  (FAQs ) on June 18, 2013 regarding the draft legislation that will implement the European Union's Alternative Investment Fund Managers Directive into national law and the European Commission's implementing regulation. The CSSF has decided to publish the FAQs to provide managers with greater clarity on the impact of the directive, and especially provisions regarding the transitional period of a year up to July 22, 2014, even though Luxembourg's Chamber of Deputies has not yet voted the draft legislation into law.

 

European Commission publishes regulations on AIFM Directive opt-in and member state of reference

May 2013 - Finance. Legal Developments by Chevalier & Sciales .

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The European Commission published two implementing regulations forming part of the detailed framework of the Alternative Investment Fund Managers Directive in the EU Official Journal on May 15. The regulations are automatically binding on member states without any need for transposition into national legislation. They will enter into force on June 5 and apply from July 22, the deadline for adoption of the directive into the national law of member states and the date on which it takes effect.

Comparison table of Luxembourg investment vehicles

March 2013 - Finance. Legal Developments by Chevalier & Sciales .

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The purpose of this investment memorandum is to provide an overview of the investment vehicles (i.e. regulated, lightly regulated and unregulated) that Luxembourg offers to (foreign) entrepreneurs and managers. The table compares the UCITS, part II fund, SIF, SICAR, SPF, securitization vehicle and soparfi. The overview covers inter alia the legal and regulatory requirements, the shareholding, the approval and supervision, taxation issues (such as the benefit from the EU Parent Subsidiary directive and double tax treaties and thin capitalisation rules), etc.

Update on authorisation of Luxembourg investment advisers to Luxembourg funds (UCITS, SIF, Part II)

March 2013 - Finance. Legal Developments by Chevalier & Sciales .

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Advisers to collective investment funds are henceforth included in the scope of application of the 1993 financial services legislation and must hold an investment adviser authorisation issued by the Finance Ministry, the CSSF has announced, following the entry into force of the law of December 21, 2012. The legislation transposed into Luxembourg law the so-called ‘Omnibus I’ Directive 2010/78/EU of November 24, 2010. The legislation came into force on December 31.

Luxembourg CSSF circular implements ESMA guidelines on ETFs and other UCITS issues

March 2013 - Finance. Legal Developments by Chevalier & Sciales .

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The CSSF has published on February 18 Circular 13/559 implementing the guidelines published by European Securities and Markets Authority on 18 December 2012 for EU regulators and UCITS management companies on exchange-traded funds and other UCITS issues. The guidelines set out the information that such funds must publish in their prospectus, key investor information document and annual report, including monitoring of tracking error, the index replication method and leverage policy. For leveraged funds, the requirements include information on global risk calculation and management. For ETFs that engage in some sort of active management, how the investment policy is implemented must be specified.

Update AIFM Directive - ESMA final report on remuneration policies

February 2013 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority published on February 11 its final guidelines on sound remuneration policies under the Alternative Investment Fund Managers Directive. This is the latest step in Esma’s preparation of subsidiary measures and technical guidance ahead of the July 22, 2013 deadline for adoption of the directive by European Union member states into their national law, the date from which the guidelines will apply.

Securing Cayman Islands Residency by Proof of "Independent Means" or by way of "Direct Investment"

January 2013 - Finance. Legal Developments by Ogier .

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Summary

This Briefing Note relates to two processes by which an individual (and his or her family) can potentially be granted a right to reside in the Cayman Islands.

At Ogier, our Private Wealth Team can assist with the making of these applications and can ensure that the process is handled quickly and efficiently with the assistance of specialists who are familiar with the processes.

Luxembourg's AIFM Directive transposition law awaits scrutiny by Parliament

October 2012 - Finance. Legal Developments by Chevalier & Sciales .

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With the deadline for transposition of the European Union's Alternative Investment Fund Managers Directive into national law now barely nine months away, on July 22, 2013, the Luxembourg authorities have demonstrated their determination to adopt the directive in plenty of time in order to allow fund industry participants the maximum time to prepare.

The draft bill of law was submitted to the Chamber of Deputies by Finance Minister Luc Frieden on August 24. Following a detailed examining in committee and a debate and vote by the full parliament, the legislation is expected to become law before the end of 2012, making Luxembourg one of the first EU countries to complete the transposition process - as it has been in the past with a succession of Ucits directives.

Special limited partnership (sociĂ©tĂ© en commandite spĂ©ciale) introduced under Luxembourg’s AIFM

October 2012 - Finance. Legal Developments by Chevalier & Sciales .

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As part of the legislation transposing the European Union's Alternative Investment Fund Managers Directive into national law, the Luxembourg authorities have seized the opportunity to make the country's fund region more attractive to promoters and managers of funds employing alternative strategies and/or aimed at sophisticated investors - in particular of private equity, venture capital and real estate vehicles. The legislation introduces into national law a new regime to be known as the société en commandite special, or special limited partnership, along with the updating of the existing société en commandite simple, or standard limited partnership. The grand duchy also offers the société en commandite par actions, or partnership limited by shares.

CSSF regulation sets out risk management and conflicts of interest rules for SIFs

September 2012 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg’s financial regulator, the Financial Sector Supervisory Authority (CSSF) has published on August 13 a regulation setting out the provisions implementing Article 42b of the revised Specialised Investment Fund legislation regarding risk management and conflict of interest requirements. CSSF Regulation N° 12-01 specifically concerns paragraph 1 of the article, regarding the criteria for assessing the suitability of risk management systems used by SIFs, and paragraph 2, regarding structures and organisational requirements designed to minimise the risk of conflicts of interest arising.

CSSF publishes circular on non-launched, inactive and closed fund compartments

September 2012 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg’s financial regulator, the Financial Sector Supervisory Authority (CSSF) published on July 9 a circular aimed at all Luxembourg undertakings for collective investment established under the funds law of December 17, 2010 (implementing the Ucits IV Directive) and the Specialised Investment Fund law of February 13, 2007.

Luxembourg consolidates its position as alternative UCITS hub

August 2012 - Finance. Legal Developments by Chevalier & Sciales .

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The European Union’s Alternative Investment Fund Managers Directive is finally on the way to become law next July, at least in Luxembourg and other EU countries with ambitions to attract a larger shares of the continent’s alternative investment business. However, the grand duchy is already benefiting for the preference among some hedge fund managers for a regulated structure that is already in place and benefits not only from free distribution throughout Europe but widespread acceptance elsewhere in the worlds – UCITS.

2012 hedgeweek guide to setting-up Luxembourg alternative investment funds

August 2012 - Finance. Legal Developments by Chevalier & Sciales .

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Already the jurisdiction of choice for the establishment of UCITS funds, Luxembourg is carving out a competitive advantage for alternative funds as well, drawing on the success of the Specialised Investment Fund regime (and the Sicar vehicle for private equity and other risk capital investments). Recent updating has brought the SIF law into line with many provisions of the EU’s AIFM Directive, which the grand duchy is planning to adopt into national law before year-end – consolidating the country’s acknowledged strength as a regulated jurisdiction for the domicile and servicing of alternative investment funds and structuring vehicles, and for its proactive approach to meeting the fund industry’s needs.

Esma unveils draft remuneration guidelines for alternative fund managers

July 2012 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority has published on June 28 a consultation paper on proposed guidelines on remuneration of alternative investment fund managers, which will apply to managers of alternative funds including hedge funds, private equity funds and real estate funds.  Under the Alternative Investment Fund Managers Directive, which is due to be implemented by EU member states by July 22, 2013, all management firms covered by the directive will be asked to introduce sound and prudent remuneration policies and structures designed to increase investor protection and avoid conflicts of interest that could lead to excessive risk-taking.

Luxembourg Alternative Investment Funds

May 2012 - Finance. Legal Developments by Ogier .

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Asset Classes - Hedge; Real Estate; Private Equity; Venture; Mezzanine; Infrastructure

A founder member of the European Union benefiting fully from free movement of capital and freedom of establishment within the EU, Luxembourg is also one of the largest global financial centres, benefiting from flexible and attractive legal, regulatory and tax regimes and a significant concentration of professional service providers to the financial services industry. 

European Commission publishes AIFMD level 2 implementation proposals

April 2012 - Finance. Legal Developments by Chevalier & Sciales .

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The European Commission’s proposals for level 2 implementation measures for the Alternative Investment Fund Managers Directive has been circulated to European Union member states and to the European Parliament. The Commission’s draft has prompted criticism from hedge fund managers quoted in media reports and from a hedge fund industry body, the Alternative Investment Management Association, that in certain areas its proposals differ significantly from those put forward by the European Securities and Markets Authority (Esma) in its advice delivered to the Commission on November 16.

Luxembourg’s amended SIF law comes into force

April 2012 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg’s legislation amending the February 2007 law on Specialised Investment Funds came into force on April 1, following publication in the country’s official gazette, the MĂ©morial, on March 30. It is now identified as the law of March 26, 2012, the date on which it received royal assent.

ESMA refines proposed framework to deal with complexity of ETFs and other Ucits

April 2012 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority has published on January 30 a consultation paper proposing future guidelines for exchange-traded funds established as Undertakings for Collective Investment in Transferable Securities and other issues related to the Ucits regime. The Esma proposals cover both physical ETFs, which replicate the performance of stock, bond, commodity, currency or other indices by holding shares or other securities in the proportions that make up the index in question, or a sample thereof, and synthetic ETFs, which use swap transactions to obtain the economic performance of the index, using a basket of securities as collateral.

ESMA launches discussion paper on AIFMD technical standards

March 2012 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority has published on February 23 a discussion paper on key concepts of the Alternative Investment Fund Managers Directive and types of alternative fund manager to initiate a consultation process aimed at finalising its policy approach.

Esma says that in the light of responses to the discussion paper, it will draw up a consultation paper during the second quarter of this year setting out formal proposals for draft regulatory technical standards under Article 4(4) of the directive, “to determine types of AIFMs, where relevant in the application of this directive, and to ensure uniform conditions of application of this directive”.

The authority says it will use the results of the public consultation to finalising the draft regulatory technical standards, which it will submit to the European Commission for endorsement by the end of 2012. Comments must be received by March 23.

Luxembourg adopts ‘AIFMD-ready’ amended SIF legislation

March 2012 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg’s Parliament has adopted on March 6 legislation amending the February 2007 law on Specialised Investment Funds, adapting the highly successful SIF regime to European and international developments regarding regulation and transparency of alternative investments. The revised legislation reflects in particular the requirements of the European Union’s Directive on Alternative Investment Fund Managers, which will take effect on July 22, 2013. It also follows some aspects of Luxembourg’s funds legislation of December 17, 2010, which transposed into national law the Ucits IV Directive governing cross-border distribution of retail funds within the EU and introduced other changes affecting non-Ucits funds.                                                     

Law of March 6, 2012 modifying the SIF Law

March 2012 - Finance. Legal Developments by Linari Law Firm.

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On March 6, 2012 was adopted the new Luxembourg Law relating to Specialised Investment Funds (the “2012 SIF Law”).

Esma advice increases certainty on third-country AIFM Directive questions

January 2012 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Market Authority’s 500 pages of technical advice to the European Commission on Level 2 measures implementing the Alternative Investment Fund Managers Directive have helped to bring greater certainty to the global fund industry on what it can expect in July 2013 and thereafter.

2011 Guide to setting-up Luxembourg alternative investment funds

December 2011 - Finance. Legal Developments by Chevalier & Sciales .

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Please find below the link to the 2011 guide on the setting-up of Luxembourg alternative investment funds.

Esma finalises advice to European Commission on AIFMD Level 2 measures

November 2011 - Finance. Legal Developments by Chevalier & Sciales .

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The European Securities and Markets Authority has published on November 16 its final advice to the European Commission on the detailed rules underlying and implementing the Alternative Investment Fund Managers Directive. The Commission is expected to issue the rules in the form of subsidiary legislation and regulation by the middle of next year. According to Esma, its proposed rules should establish a comprehensive framework for alternative investment funds, their managers and depositaries, and by achieving the directive’s aim of increasing transparency and mitigating systemic risk, ultimately contribute to improved protection of investors.

AMENDMENTS TO THE LUXEMBOURG FINANCIAL COLLATERAL LAW IMPROVING COLLATERAL TAKERS’ POSITION

October 2011 - Finance. Legal Developments by MOLITOR Avocats Ă  la Cour.

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On 20 May 2011 a law was passed transposing into Luxembourg law the EU directive 2009/44/EC amending, in particular, the socalled Collateral Directive (directive 2002/47/EC of the European Parliament and the European Council of 6 June 2002). This Law modifies the Luxembourg Law of 5 August 2005 on Financial Collateral Arrangements.

Adapting the SIF law for the AIFM Directive era

September 2011 - Finance. Legal Developments by Chevalier & Sciales .

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Four and a half years after Luxembourg introduced the law creating the Specialist Investment Fund regime for alternative vehicles, the grand duchy’s government has drafted legislation amending the SIF rules. The new legislation, which was placed before the Chamber of Deputies (Parliament) on August 12 and which is expected to become law before the end of this year, aims principally to adapt the SIF law to the requirements of the European Union’s Directive on Alternative Investment Fund Managers, which will take effect in July 2013, including rules on delegation, risk management and the handling of actual or potential conflicts of interest.

AIFM Directive to come into force on July 21

July 2011 - Finance. Legal Developments by Chevalier & Sciales .

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The European Union’s Directive on Alternative Investment Fund Managers will come into force on July 21 following its publication in the Official Journal of the European Union on July 1.

Guide to the migration or relocation of offshore funds to Luxembourg

March 2011 - Finance. Legal Developments by Chevalier & Sciales .

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Please find hereunder a link to our new brochure “Guide to the migration or relocation of offshore funds to Luxembourg” outlining the different ways in which funds established in offshore jurisdictions can be redomiciled to Luxembourg.

AIFM directive –a new environment for alternative funds in Europe

March 2011 - Finance. Legal Developments by Chevalier & Sciales .

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The European Union's Directive on Alternative Investment Fund Managers, which was given a first reading by the European Parliament in November, is now completing the final stages of the legislative process and is set to become law during the first quarter of this year.

Restructuring & Insolvency 2010, Luxembourg chapter

August 2010 - Finance. Legal Developments by KLEYR GRASSO ASSOCIES.

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Marc Kleyr and Pascal Sassel - "Restructuring & Insolvency 2010, Luxembourg chapter", in Getting the Deal Through, London 2009

Islamic Microfinancing in Luxembourg

August 2010 - Finance. Legal Developments by Linari Law Firm.

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The following article was co-written by a partner of a well established law firm in Luxembourg and an expert in Islamic Finance with the objective to demonstrate the extent to which the Luxembourg microfinance vehicles an be used to foster the development of Islamic microfinance schemes. The argumentation is centred on the unique combination of the robust Western governance framework and structuring vehicles together with Oriental philanthropic and religious principles; this association is likely to meet the financing needs of the neediest who, so far, were kept aside of conventional interest-based microfinance solutions.

Migration or relocation of offshore funds to Luxembourg

July 2010 - Finance. Legal Developments by Chevalier & Sciales .

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The Madoff scandal which has led to the quasi-collapse of the banking sector has changed the fund industry landscape. The ability to relocate in Luxembourg opens new horizons to offshore promoters and investors.

THE DE LAROSIÈRE REPORT

August 2009 - Finance. Legal Developments by MOLITOR Avocats Ă  la Cour.

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The current financial crisis has highlighted the possible side effects of the globalisation and, to a certain extent, proves a certain weakness of the European Union in this respect.

Luxembourg and the proposed Alternative Investment Fund Managers Directive (AIFM)

August 2009 - Finance. Legal Developments by Chevalier & Sciales .

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As part of a legislative package to tackle the financial crisis, the European Commission submitted on 29 April 2009 a Directive on Alternative Investment Fund Managers (“AIFM”) to the European Parliament and to the Council. This proposal emerged rather swiftly following a general consensus across European leaders that AIFM, which managed around EUR 2 trillion in assets at the end of 2008, should be subject to closer regulatory scrutiny. This proposed Directive marks the first attempt to create a comprehensive and effective supervisory and regulatory framework for AIFM in the European Union (“EU”) by imposing on European investment managers of non-UCITS investment funds a common set of rules in terms of licensing and supervision. In return, AIFM would benefit from a European passport for cross-border distribution to EU professional investors. The main innovations focus on the regulatory supervision, the disclosure requirements and the distribution of Alternative Investment Funds (“AIF”). Key elements of the proposed Directive are set out below. However, it should be pointed out that those proposals will only introduce a minimum threshold for Member States, and countries such as France and Germany will probably pass harsher requirements.

Luxembourg - SICAR changes bring new private equity boost

June 2009 - Finance. Legal Developments by Chevalier & Sciales .

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Luxembourg has long been a significant domicile for private equity vehicles but the jurisdiction has emerged as a major European centre for the industry since the introduction of the Sicar, or risk capital investment company, five years ago. Now a series of changes to the rules governing Sicars that were enacted last year promises to consolidate Luxembourg’s role, even at a time when the private equity industry is battling to adapt to a much-changed economic and financial environment.

The legislation of October 29, 2008 allows the promoters of private equity funds to create segregated compartments in a Sicar, putting the vehicle on the same basis as Specialised Investment Funds, which are widely used for a broad range of Luxembourg-domiciled alternative investment products. The changes restore the Sicar’s position as the vehicle (depending on the particular circumstances) perhaps best suited to private equity funds because unlike the SIF, it is not subject to risk diversification rules.

Banking secrecy - Luxembourg perspectives

In light of the latest discussions about the amendment to banking secrecy and the lists classifying countries in this respect which were published by the OECD after the G20 summit, please find below a summary of the current situation.

New reporting obligations for Luxembourg securitisation vehicles

March 2009 - Finance. Legal Developments by Loyens & Loeff.

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Recognising the close links between the securitisation activities of financial vehicles corporations engaged in securitisation transactions (FVCs) and monetary financial institutions, the European Central Bank (ECB) has adopted on December 19, 2008 Regulation (EC) No 24/2009 concerning statistics on the assets and liabilities of FVCs (the ECB Regulation).

Role of the depositary in a Luxembourg UCITS fund - an overview as a result of the Madoff case

January 2009 - Finance. Legal Developments by Chevalier & Sciales .

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The effect of the alleged Ponzi scheme in which Bernard Madoff was implicated - involving losses of more than $50 billion - are already widespread. The CSSF has recently announed in its press release of 23 January 2009 that a number of funds and sub-funds (as set out hereunder) have decided to suspend their NAV as well as redemptions, subscriptions and conversions of shares/units. A consequence is that the liability of the main actors of the investment funds involved is called into question. Any finding of liability in the forthcoming litigations is likely to involve thorny issues. Indeed a fund requires the services of a large number of actors (the board of directors of the funds, the promoter, the depositary, the central administration agent, the auditor, etc.) and it is unclear how far in the hierarchy the liability shall extend. In any case, the diversity of the regimes of responsibility under which each actor is subject (whether it is contractual liability or not) will probably cloud the issue. Matters will also be made more complex by the wide variety of legislations that come into play as a result of the internationalization of investments.

 

Investment Funds - From UCITS III to UCITS IV

November 2008 - Finance. Legal Developments by Chevalier & Sciales .

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Undertakings for Collective Investment in Transferable Securities (UCITS III) were introduced by the law of 20 December 2002 (the “2002 Law”), and benefit from a European Passport enabling them to be freely marketable throughout the EU countries. However, unsatisfactory elements relating to the current state of the Law paved the way to discussions about a possible ‘mutation’ from UCITS III to UCITS IV.

Luxembourg Specialized Investment Fund - relationship between the custodian and prime broker

November 2008 - Finance. Legal Developments by Chevalier & Sciales .

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In a Circular issued on 5 September 2008, the CSSF clarified the interaction between the prime broker and the custodian of a SIF. In Luxembourg, the prime broker must be a financial institution subject to the control of a supervisory authority of a State with a supervisory regime recognised to be equivalent to that provided by EU legislation. Prime brokers are essential to SIFs that implement a hedge fund strategy or that make use of derivatives. By setting up four guidelines, the Circular should facilitate the use of prime brokers by SIFs.

Amendments to the SICAR Law

October 2008 - Finance. Legal Developments by Loyens & Loeff.

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The Luxembourg Parliament adopted, on 15 October 2008, certain amendments to the law of 15 June 2004 relating to the investment company in risk capital (SICAR Law). These modifications aim at modernising the SICAR Law after four years of successful implementation. You will find below a summary of the principal points of attention:

CSSF prohibits naked short

October 2008 - Finance. Legal Developments by Loyens & Loeff.

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Recognising the current situation affecting financial markets, and as part of an initiative by the Committee of European Securities Regulators (CESR), the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg has decided on September 19, 2008, to take certain prohibitive measures to ensure the integrity of financial markets and, in particular, to prevent certain transactions from distorting or manipulating such markets. Such measures have been clarified by the CSSF on September 29, 2008

LUXEMBOURG - Amendments to the SICAR law

October 2008 - Finance. Legal Developments by Chevalier & Sciales .

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On 15 October 2008, the Luxembourg Parliament amended the existing SICAR law of 15 June 2004 with the aim to make the SICAR regime more attractive to private equity and venture capital investors.

LUXEMBOURG - Investment Funds - legal update

September 2008 - Finance. Legal Developments by Chevalier & Sciales .

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In spite of wavering economic context, Luxenbourg, during the May/ June 2008 period, consolidated its position of a leading investment funds hub.

SIF, UCITS, UCI - Hedgeweek report - Guide to Luxembourg Investment Funds

August 2008 - Finance. Legal Developments by Chevalier & Sciales .

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The Luxembourg investment fund industry, largely benefi ting from its location in a strong financial centre, is now an internationally recognized label for investment funds. The greatest asset of Luxembourg is undoubtedly political voluntarism, demonstrated by a constant anticipation of the need of investors - either in the transposing of European legislation or in the shaping of national legislation - in order to create a stable and favorable environment according to the expected development of the market. hedgeweek_-_luxembourg_guide_on_alternative_investment_funds 

LUXEMBOURG HEDGE FUNDS

March 2008 - Finance. Legal Developments by Chevalier & Sciales .

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Over the past years an increasing number of Hedge Funds, and especially Funds of Hedge Funds, have been set up in Luxembourg following registration with the competent supervisory authority (Commission de Surveillance du Secteur Financier or "CSSF").  Luxembourg Hedge Funds and Funds of Hedge Funds are subject to the same legal and regulatory requirements applicable to other Luxembourg Funds, comprising the permanent supervision by the CSSF, the obligation to appoint a Luxembourg based custodian and an auditor, the obligation to produce a monthly net asset value calculation and to publish annual and semi-annual reports. The obligations may vary depending under which form the hedge fund is set up.  Luxembourg Hedge Funds may be set up under several wrappers: UCITS Fund, Fund submitted to CSSF Circular 02/80 or Specialised Investment Fund.

Luxembourg SICAR - private equity investment vehicle

February 2008 - Finance. Legal Developments by Chevalier & Sciales .

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A Luxembourg law of 15 June 2004 relating to the investment company in risk capital (the "Law on SICAR") has created a Luxembourg vehicle ("SICAR") whose principal object is investing in risk bearing capital issued by domestic and foreign companies. The main features and advantages of the Law on SICAR are its legal flexibility and interesting tax treatment. This new legal framework for Luxembourg private equity and venture capital funds is expected to have a significant impact in European private equity deal structures.

Comparison of Luxembourg private equity and investment fund vehicles - SIF, UCITS

December 2007 - Finance. Legal Developments by Chevalier & Sciales .

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The purpose of this comparison table is to set out the different Luxembourg investment vehicles (regulated, lightly regulated as well as unregulated) that Luxembourg offers to foreign investors such as private equity investors, real estate investors and hedge fund investors.

practical_approach_use_of_luxembourg_investment_vehicles_for_foreign_investors

For more information please visit www.cs-avocats.lu   

MiFID implemented in Luxembourg

August 2007 - Finance. Legal Developments by MOLITOR Avocats Ă  la Cour.

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On 11th July 2007 the bill on the law on markets in financial instruments was adopted by the Luxembourg Chamber of Deputies and will come into effect 1st November 2007.

Securitization in Luxembourg

July 2007 - Finance. Legal Developments by Chevalier & Sciales .

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A new Luxembourg law of 22 March 2004 on Securitization (the "Law on Securitization") has laid the foundations for the legal, regulatory and tax framework for securitization vehicles in Luxembourg. The main features and advantages of the Law on Securitization as well as a practical application in which the firm was involved are discussed hereunder.

Specialized Investment Fund (SIF): a new Luxembourg investment vehicle is born

July 2007 - Finance. Legal Developments by Chevalier & Sciales .

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On 13th February 2007, the Luxembourg parliament passed a law that introduced the specialized investment fund (SIF) regime. The new law provides a more flexible framework for specialized investment funds. The SIF is a lightly regulated and tax efficient fund. The SIF gives fund promoters an on shore alternative to consider (as compared to traditional offshore jurisdictions such as Cayman and BVI) when deciding on the jurisdiction for setting up a fund and the type of fund vehicle to use.


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