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Legal Developments - Law Firm Thought Leadership by Chevalier & Sciales

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New draft of AIFMD update eases pre-marketing requirements

Chevalier & Sciales | December 5, 2018

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 …

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

Chevalier & Sciales | December 5, 2018

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.

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

Chevalier & Sciales | April 6, 2018

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 …

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Luxembourg introduces draft legislation to create beneficial ownership registers

Chevalier & Sciales | March 13, 2018

Luxembourg’s government has published draft legislation to incorporate into national law the requirements under articles 30 and 31 of the European Union’s Directive 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, better known as the 4th Anti-Money Laundering Directive. Placed before the Chamber …

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

Chevalier & Sciales | February 13, 2018

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 …

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Reorganised Luxembourg law on commercial companies comes into force

Chevalier & Sciales | January 15, 2018

A revised version of Luxembourg’s law on commercial companies, originally dating from August 10, 2015, came into force on December 19, 2017, following its publication in the grand duchy’s official gazette (Mémorial A no. 1066) on December 2015 (the “Company Law”.

ESMA issues new updates to UCITS and AIFMD Q&As

Chevalier & Sciales | October 19, 2017

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 …

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Foreign issuers on Luxembourg Stock Exchange must now provide LEI codes

Chevalier & Sciales | October 10, 2017

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 …

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CSSF provides guidance on PRIIPs KID for Luxembourg alternative funds

Chevalier & Sciales | September 22, 2017

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 …

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Luxembourg exchange becomes international leader for green securities

Chevalier & Sciales | April 13, 2017

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.

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