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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 ‚ÄėOmnibus I‚Äô Directive 2010/78/EU of November 24, 2010. The legislation came into force on December 31.

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