COVID-19 Luxembourg news: CSSF instructs Luxembourg funds to report large-scale redemptions
The Financial Sector Supervisory Authority has confirmed it has issued a circular requiring investment funds domiciled in the grand duchy to report whenever they receive investor redemption requests amounting to more than 10% of the fund’s asset in a day or more than 30% over a week.
Covid-19 Luxembourg corporate news: Ensuring corporate governance in time of crisis
The public health emergency and economic slump precipitated by the Covid-19 pandemic has prompted the authorities to amend various rules and regulations applicable to companies in Luxembourg to enable them to cope with existing and future difficulties affecting their business. We have summarised below the most important developments. Prohibition on holding physical meetings In the …
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CSSF updates FAQ on UCITS legislation regarding investment fees
Luxembourg’s Financial Sector Supervisory Authority (CSSF) has published on March 10 the eighth update of its Frequently-Asked Questions document on the legislation of December 17, 2010 on undertakings for collective investment. The changes deal with disclosure of performance, investment managers’ and investment advisors’ fees to investors in a UCITS fund.
CSSF clarifies individual AML/CFT responsibilities for managers and funds
In a frequently-asked questions document issued on November 25, 2019, Luxembourg’s Financial Sector Supervisory Authority (CSSF) has clarified the roles and responsibilities of the two individuals in charge of compliance with Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) controls for Luxembourg investment funds and managers according to the requirements of Article 4(1) of the …
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CSSF details areas for improvement in money laundering controls
At a conference on December 3, 2019, Luxembourg’s Financial Sector Supervisory Authority (CSSF) has underlined to members of the country’s investment fund industry the need for improvement in aspects of controls designed to curb money laundering and the financing of terrorism.
Luxembourg sustainable and ESG UCITS funds set for subscription tax cut
Luxembourg’s Finance Ministry has placed before the Chamber of Deputies draft law 7433 , which is designed to encourage the establishment in the grand duchy of sustainable investment vehicles and funds that follow environmental, social responsibility and governance strategies. The legislation amends Luxembourg’s UCITS law by reducing the rate of the annual subscription tax on …
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Law of 16 July 2019 implementing the EuVECA and EuSEF regulations and amending the RAIF law
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 …
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New rules clarify practical aspects of the Register of Beneficial Owners
The Luxembourg government adopted on February 15 a Grand-Ducal Regulation regarding the registration, fees and other charges relating to the forthcoming Register of Beneficial Owners, as well as on access to the register’s information. The regulation supplements and adds additional detail to the provisions of the law of January 13, 2019 creating the register of …
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Luxembourg introduces a register of beneficial owners and new AML obligations for companies
On 13 January 2019 the Luxembourg parliament adopted a new law relating to the register of beneficial owners (hereafter the “Law”). It is a part of the implementation of the recent EU legislation on the anti-money laundering (so-called 4th and 5th anti-money laundering directive). The Law will enter into force on 1 March 2019. The …
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Amendments of Level 2 Regulations regarding safekeeping obligations for AIF and UCITS depositaries
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.