On 5 May 2010, the Luxembourg Prime Minister Jean-Claude Juncker proposed various measures to Parliament as part of his annual state of the Union. In his speech, Mr. Juncker outlined the possible tax measures for individuals and companies, which, if enacted, would be applicable as from tax year 2011. One of these measures…
Investment Management
10 June 2010
CSSF guidelines – information to be provided for the establishment of a SICAR
In May of this year, the Luxembourg regulator, the Financial Sector Supervisory Authority (CSSF), issued new guidelines on its web site (www.cssf.lu) regarding the information to be provided by promoters seeking a licence to launch a Sicar. The questionnaire, which the regulator expects usually to be prepared by a legal…
24 February 2010
Migration or relocation of offshore funds to Luxembourg
The Madoff scandal which has led to the quasi-collapse of the banking sector has changed the fund industry landscape. The ability to relocate in Luxembourg opens new horizons to offshore promoters and investors. The global economic downturn and the perspective of the implementation of the European Directive on Alternative…
1 February 2010
New requirements on the identification of the beneficial owners of Luxembourg SICARs
The Luxembourg regulatory authority (Commission de Surveillance du Secteur Financier or CSSF), as competent authority to exercise the supervision within the meaning of article 11(1) of the Law of 15 June 2004 relating to the investment companies in risk capital, as amended or supplemented from time to time (the “SICAR…
28 January 2010
Requirements regarding half-yearly financial information for SICARs
In its circular 08/376 regarding financial information to be submitted by investment companies in risk capital (SICARs), the Luxembourg regulatory authority (Commission de Surveillance du Secteur Financier or CSSF), as competent authority to exercise the supervision within the meaning of article 11(1) of the Law of 15…
18 November 2009
Luxembourg UCITS “hedge funds”
For a long time, Luxembourg hedge funds and funds of hedge funds have been set up under several wrappers, namely funds submitted under part II of the law of 20 December 2002 on UCIs (the “2002” Law) and specialised investment funds (SIF) governed by the law of 13 February 2007 (the “SIF Law”). As of [...]
4 August 2009
Luxembourg and the AIFM Directive
On April 29, the European Commission submitted a draft Directive on Alternative Investment Fund Managers to the European Parliament and European Council, marking the first attempt to create a comprehensive regulatory framework for managers of non-Ucits funds in the European Union. In return, they would benefit from a EU…
16 April 2009
Madoff case – Luxembourg court orders winding-up of Luxalpha and Herald (Lux) funds
On 2 April 2009, the Luxembourg District Court (Tribunal d’Arrondissement) has ordered the dissolution and winding-up of Luxalpha SICAV and Herald (Lux) SICAV (two funds which have invested in Bernard Madoff Investment Securities LLC) pursuant to article 104(1) of the Luxembourg law of 20 December 2002 relating to…
25 February 2009
Madoff case (Luxalpha SICAV) – orders imposed by the CSSF on UBS (Luxembourg) S.A.
On 25 February 2009, the Luxembourg regulator (CSSF) (Commission de Surveillance du Secteur Financier) took the following decisions towards UBS (Luxembourg) S.A. The CSSF ordered UBS (Luxembourg) S.A.: to put into place the necessary infrastructure (i.e. all sufficient human and technical means and internal rules in…
17 February 2009
Madoff case – Herald (Lux) – Decision by the CSSF to withdraw the fund from the list
On 11 February 2009, the Luxembourg regulator (CSSF) has announced, in view of the establishment of the responsibilities of the various intermediaries in relation to HERALD (LUX) and the custodian bank HSBC SECURITIES SERVICES (LUXEMBOURG) S.A., to take the following two decisions, namely (1) to withdraw HERALD (LUX) from…
Copyright © 2010 Chevalier & Sciales. All rights reserved. Terms of Use | Privacy Policy