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ESMA has updated its Q&A documents on details of the UCITS rules in November of this year with two additional queries regarding the interpretation of investment limits when a UCITS invests in an umbrella fund.

Only few weeks upon the issuance of its "UCITS V Proposal Directive", the European Commission has issued on 26 July 2012 its "Consultation Paper" on Undertakings for Collective Investment in Transferable Securities which aims to follow on and deepen the Commission’s understanding of specific notions which are

In principal, all AIFM have to be authorized by the CSSF (the local regulator in Luxembourg) and appoint a depositary, under the rules of Directive 2011/61/EU of the European Parliament ...

APIs have been elevated from a development technique to a business model driver and boardroom consideration.

The AIFMD categorizes EU investors as professional investors (e.g., pension funds and insurance companies) and non-professional investors (e.g. high-net-worth individuals (HNWI)...

Loyens & Loeff New York regularly posts 'Snippets' on a range of EU tax and legal topics in a concise and uncomplicated manner.

Deadline for completing the AML/CFT survey is extended until 10 April. Homeworking requirements for support PSFs are clarified in a CSSF FAQ of 18 March 2020.

The most common route for U.S. fund managers (USFMs) to raise capital from EU HNWIs is to establish a fund under the Luxembourg Part 2 UCI regime, optionally with an ELTIF label to notably benefit from the repute of this label, as well as from an EU marketing passport for retail investors

Although the AIFMD is still somewhat in its youth, this key asset management Directive contains a review clause that required the European Commission to start to review the application and scope

Conventional wisdom warns us against putting all our eggs in one basket: portfolios must be diversified, risk spread as thin as possible…

The CSSF informs that the current form «Application questionnaire for the set up of an undertaking for collective investment» is replaced for UCITS only from 1 September 2014.

The Luxembourg Law of 17 December 2010 ("UCI Law") is amended with effect from 5 March 2018 to provide that for undertakings for collective investment governed by Part II of the UCI Law...

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 ...

On 30 January 2022, the CSSF published Circular 22/795 concerning the application of ESMA guidelines on marketing communications under Regulation (EU) 2019/1156 on the cross-border distribution of funds, which were published on 2 August 2021.

In Luxembourg, the CSSF has just published Circular 14/587, which introduces new depositary standards in anticipation of UCITS V.

The Financial Sector Supervisory Authority issued a circular on December 2, 2014 adapting Luxembourg’s regulatory framework for investment funds under the legislation of December 17, 2010.

Further to the publication by ESMA of its report on the Common Supervisory Action ("CSA") on valuation in May 2023 ("CSA on Valuation"), the CSSF published its own feedback report...