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Following the implementation into Luxembourg law of Directive 2010/73/EC amending Directives 2003/71/EC on the prospectus to be published when securities are offered to the public or admitted to trading (the "Prospectus Directive") and 2004/109/EC on the harmonisation of the transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market (the "Transparency Directive") by a Law of 26 June 2012 (see our newsletter of July 2012), the

On 2 September 2019, ESMA published its final Report on the Guidelines on liquidity stress testing in UCITS and AIFs ("Guidelines").