Luxembourg is pushing ahead with legislation to adopt the UCITS
V directive into national law. Bill no. 6845, transposing Directive
2014/91/EU of July 23, 2014, was approved by the cabinet on July 10
and placed before parliament on August 5. It is expected to be
debated and adopted during the fourth quarter of the year.
The legislation amends directive 2009/65/EC (UCITS IV) on
co-ordination of laws, regulations and administrative provisions
relating to undertakings for collective investment in transferable
securities with regard to depositary functions, remuneration
policies and sanctions.
The Luxembourg bill contains significant amendments to the
investment funds law on December 17, 2010 on undertakings of
collective investment and the law of July 12, 2013, adopting into
the national law the EU's Alternative Investment Fund Managers
Directive. The AIFMD is the source of many of the UCITS V
provisions and one of the new directive's main aims is to bring
the two
