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Seeking to improve the efficiency of its Competition authority, the Grand Duchy of Luxembourg adopted last 23 October 2011 a new competition law.
Les SIEG jouent un rôle majeur dans la cohésion sociale, économique et territoriale et dans le développement durable de l'Union Européenne (« UE »). Qu'ils soient assumés par des opérateurs publics ou privés, les services d'intérêt économique général ne peuvent pas être fournis dans des conditions économiquement acceptables sans compensation financière, compte tenu des obligations de service public (tarif abordable, service universel, ...) imposées par les autorités. Peuvent constituer des SIEG notamment les services postaux, l'approvisionnement en énergie, les télécommunications, les transports publics, les services sociaux (soins aux personnes âgées, ...). En outre, selon la Commission européenne (« Commission »), « la notion de SIEG est évolutive et est fonction, entre autres choses, des besoins des citoyens, des évolutions techniques et commerciales et des préférences sociales et politiques propres à chaque État membre »
The European Union's Directive on Alternative Investment Fund Managers is expected to be formally adopted in the coming weeks and to take effect from around June 2013.
The directive will have extensive implications for managers based outside the EU. They will not be able to benefit from the directive's passporting arrangements for at least another two years, mid-2015 at the earliest, a period during which their only option will be distribution under national private placement rules.
This raises the question of whether non-EU managers of European-domiciled funds such as Luxembourg Specialised Investment Funds could gain access to professional investors in Europe by using a management company established in Luxembourg and able to benefit from the directive's provisions from 2013.
The European Securities and Markets Authority has issued a discussion paper on its proposed approach to implementing measures of the European Union’s Alternative Investment Fund Managers Directive.
Esma is soliciting views from market participants on the policy options it is proposing to recommend to the European Commission, which is responsible for drafting so-called Level 2 regulations and subsidiary directives setting out the details of how the AIFM Directive should be applied.
Last December the Commission requested advice on Level 2 measures from Esma’s predecessor body, the Committee of European Securities Regulators. Following delays to the finalisation of the directive’s text, the deadline for Esma to submit its advice to the Commission has been put back to November 26.
Due to the broad scope of the directive, the Commission’s request for advice has been divided into four parts. Part I covers general provisions, authorisation and operating conditions, Part II the role of the depositary, Part III transparency requirements and leverage, and Part IV supervision.
The discussion paper notably asks for stakeholders’ views on how to identify the portfolios of alternative investment funds under management by a particular fund manager and the calculation of the total value of assets under management, how leverage influences assets under management, how to determine the value of a fund’s assets under management for a given calendar year, and how to treat potential cases of crossholding among funds.
It seeks the industry’s views on how to treat managers whose total assets occasionally exceed and/or fall below the relevant threshold for authorisation under the directive, and what registration requirements should exist for entities falling below the threshold.
The paper also invites comment on how the obligation on managers to register with national authorities should be implemented, suitable mechanisms for gathering information, and what procedures should exist for small managers to opt in to regulation under the directive.
Market participants have until May 16 to respond to the discussion paper. Contributions should be submitted online at www.esma.europa.eu under the heading ‘Consultations’.
Esma says the responses it receives will help to narrowing down its policy approach and develop a formal proposal for possible implementing measures for the AIFM Directive in the summer of 2011. This proposal will be subject to a public consultation, whose results will be used by Esma to finalise its advice to the Commission.
In response to the financial crisis, the past year has been spent cutting costs and restoring balance sheets while governments have set about overhauling the regulatory landscape. Whether as a result of this approach or in spite of it, we have seen the first signs of a recovery in the second half of 2009. During the financial meltdown, many strong businesses focused on assessing their strategy and restructuring. As the signs of recovery began to emerge, such businesses tentatively started to re-engage in M&A transactions as a means of achieving growth.
Rosario GRASSO - "Anti-Corruption Regulation 2010, Luxembourg chapter", in Getting the Deal Through, London, 2010