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ARTICLE · 29 JANUARY 2013

New Requirements For Investment Advisors

Wildgen
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In accordance with the new Luxembourg Law dated 21 December 2012 transposing the Omnibus I – Directive 2010/78/EU, investment advisors for specialised investment funds and UCIs do no longer benefit from an exemption under the Financial Sector Law of 5 April 1993.

LuxembourgFinance and Banking
Wildgen'S Investment Funds Committee
Wildgen'S Investment Funds Committee
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In accordance with the new Luxembourg Law dated 21 December 2012 transposing the Omnibus I – Directive 2010/78/EU, investment advisors for specialised investment funds and UCIs do no longer benefit from an exemption under the Financial Sector Law of 5 April 1993. Going forward all professionals of the financial sector acting as investment advisors are required to apply for a authorization as Conseiller en Investissements (Investment Advisor, cf. Art. 24 of the Financial Sector Law).

The Directive 2010/78/EU of 24 November 2010, commonly referred to as the "Omnibus I" – Directive, regulates the EU regulatory authorities European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (better known as ESMA) and the respective reporting, notification and cooperation duties of national watchdogs in the European Union.

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