ArticleCSSF Circular 14/592 On Guidelines Of ESMA On ETFs And Other UCITS IssuesThe CSSF implemented the revised guidelines issued by ESMA on ETFs and other UCITS issues for regulators and UCITS management companies.LuxembourgFinance and BankingChevalier & Sciales
ArticleCSSF Issues Circular On Governance And Organisation Of Non-UCITS Fund DepositariesThe parties to the contract appointing the depositary may agree that all or part of the information required may be transmitted electronically.LuxembourgFinance and BankingChevalier & Sciales
ArticleCSSF Offers Technical Details For AIFMD Manager ReportingLuxembourg’s Financial Sector Supervisory Authority (CSSF) has issued a circular that aims to clarify technical details of how alternative fund managers should comply with the reporting obligations set out in the European Union’s Alternative Investment Fund Managers Directive, as transposed into Luxembourg’s legislation by the law of July 12, 2013.LuxembourgFinance and BankingChevalier & Sciales
ArticleCSSF Publishes Guidance On AIFMD For Luxembourg-Based ManagersLuxembourg’s financial regulator, the Financial Sector Supervisory Authority, has published practical guidance for alternative fund managers on how they should approach the issue of becoming registered LuxembourgFinance and BankingChevalier & Sciales
ArticleCSSF Updates FAQ On UCITS Legislation Regarding Investment FeesLuxembourg's Financial Sector Supervisory Authority has published on March 10 the eighth update of its Frequently-Asked Questions document on the legislation of December 17, 2010 on undertakings for collective investment.LuxembourgFinance and BankingChevalier & Sciales
ArticleLuxembourg CSSF Published Circular 12/540 On Non-Launched, Inactive And Closed Fund CompartmentsA discussion on circular CSSF 12/540, which aims to provide clarification regarding compartments of investment funds that have been approved by the CSSF but not yet launched, or that have been launched but have become inactive or are in liquidation, and regarding information to be provided to the regulator in these cases.LuxembourgFinance and BankingChevalier & Sciales
ArticleLuxembourg Regulator Updates Rules For UCITS DepositariesMost of the requirements set out in the circular are general to the UCITS V regime. LuxembourgFinance and BankingChevalier & Sciales
ArticleUCITS V Legislation To Come Into Force In Luxembourg In JuneLuxembourg's Chamber of Deputies has approved legislation incorporating the European Union's UCITS V directive into national law, following a legislative odyssey lasting just over nine months. LuxembourgFinance and BankingChevalier & Sciales
ArticleCSSF Clarifies Individual AML/CFT Responsibilities For Managers And FundsIn a frequently-asked questions document issued on November 25, 2019, Luxembourg's Financial Sector Supervisory Authority has clarified the roles and responsibilities of the two individuals in charge of compliance ...LuxembourgGovernment, Public SectorChevalier & Sciales
ArticleCSSF Press Release On Mandatory Use Of Legal Entity Identifier Under MiFID II/MiFiR And EMIRThe CSSF issued on 12 October 2017 a press release whereby it reminds that under the new EMIR reporting requirements, the Legal Entity Identifier (LEI) will be mandatory as of 1 November 2017 to identify the counterparty in a derivative transactionLuxembourgFinance and BankingChevalier & Sciales
ArticleCSSF Clarification On The Use Of Electronic Money Institutions And Payment Institutions By AIFsAIFs having a professional depositary of assets other than financial instruments appointed as their single depositary and having designated an electronic money institution or a payment institution to hold their cash accounts ...LuxembourgFinance and BankingChevalier & Sciales
ArticleCSSF Communication On Notification TemplatesAlternative investment fund managers aiming at a registration and/or an authorisation with the CSSF as well as the extension of their services and/or the modification of their shareholding structure should use the notification templates ...LuxembourgFinance and BankingChevalier & Sciales
ArticleLuxembourg Fund Law Reforms: Key Proposed Changes To RAIF, SIF, SICAR, AIFM, And UCI LawsOn March 24, 2023, a bill of law was submitted to the Luxembourg Parliament, proposing amendments to the Luxembourg fund laws, namely the Law of 2010 on UCIs...LuxembourgFinance and BankingChevalier & Sciales
ArticleUpdate Of CSSF FAQ On UCITS LawOn 30 November 2023, the CSSF released its latest update of the FAQ regarding the Law of 17 December 2010 on undertakings for collective investment (the "2010 Law), originally published on 8 December 2015. LuxembourgFinance and BankingChevalier & Sciales
ArticleAssessing Shareholding Value: Implications Of The Luxembourg Administrative Court's Ruling On Value Impairment And TaxationIn a notable decision by the Luxembourg Administrative Court on 9 August 2023 (n. 47.826C), key clarifications on shareholding value assessments were made. LuxembourgTaxChevalier & Sciales
ArticleLuxembourg's Tax Law Update: Essential Information On Share Class Mechanisms From Draft Bill N°8388As per the new amendment brought by draft bill n°8388, the tax treatment of share class redemption/buyback gets a clear legal basis, in an effort to consolidate and codify a long-standing market practice.LuxembourgTaxChevalier & Sciales
ArticleLuxembourg SPF Residence Certificate: Key Tax UpdatesOn 4 June 2024, the Luxembourg Tax Authorities released administrative circular L.I.R. n° 159/2, offering important guidance on the issuance of residence certificates to Luxembourg family wealth management companies ...LuxembourgTaxChevalier & Sciales
ArticleLuxembourg's One-Euro Company Provides Major Incentive For EntrepreneursLuxembourg's law of July 23, 2016, which came into force on January 26, 2017, creates an incentive for entrepreneurs to establish a business in the grand duchy by introducing...LuxembourgCorporate/Commercial LawChevalier & Sciales
ArticleESMA Consults On Depositary Requirements Under UCITS VThe European Securities and Markets Authority has issued a consultation paper seeking feedback from asset management industry members on its draft advice to the European Commission regarding depositary requirements under the forthcoming UCITS V directive.LuxembourgFinance and BankingChevalier & Sciales
ArticleLuxembourg Registration Process For Virtual Asset Service ProvidersThe Luxembourg's Financial Sector Supervisory Authority (CSSF) has issued a statement on April 9 on virtual assets, virtual asset service providers and the related registration process. LuxembourgFinance and BankingChevalier & Sciales