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Editorial

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:

1. Implementation of the EuVECA, EuSEF, MMF and ELTIF regulations

- Designation of the CSSF as the competent authority in respect of the proper application of the EuVECA, EuSEF, ELTIF and MMF regulations and describes the administrative sanctions that the CSSF could impose in case of breaches of these regulations;
- Designation of the CSSF as competent authority in respect of the securitization regulation and specific power of supervision to the “Commissariat Aux Assurances” (the “CAA”) for ensuring the respect of the obligations laid down in articles 6 to 9 of the regulation 2017/2402/UE. Therefore, the CAA takes care of the correct application of the risk retention (article 6), the transparency requirements (article 7), the ban on resecuritisation (article 8) and the criteria for credit-granting (article 9) concerning the originator, the original lender of a securitisation or the securitisation special purpose entity (“SSPE”) established in Luxembourg.

2. Amendment of the RAIF law

Finally, the Law of 16 July 2019 amends the RAIF Law by introducing the possibility to modify a common fund (“FCP”) RAIF into a SICAV RAIF.  Additionally, FCP-RAIFs may be managed by Luxembourg management companies authorised pursuant to chapters 15, 16 or 18 of the law of 17 December 2010 relating to undertakings for collective investment.

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