On 3 February 2009, the Luxembourg regulator (CSSF) has announced, in view of the establishment of the responsibilities of the various intermediaries in relation to Luxalpha SICAV and the custodian bank UBS (Luxembourg) S.A., to take the following two decisions, namely (1) to withdraw Luxalpha SICAV from the list…
Investment Management
4 February 2009
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28 January 2009
Luxembourg – Investment Funds – CSSF press release on the Madoff case
The CSSF has recently announced in its press release of 23 January 2009 that a number of Luxembourg funds and sub-funds as set out hereunder have decided to suspend their NAV as well as redemptions, subscriptions and conversions of shares / units: – Herald (Lux) Sub-fund US Absolute Return Fund – Luxembourg Investment…
25 January 2009
Role of the depositary in a Luxembourg UCITS fund
This article intends to provide general guidance as to the role of a depositary in a Luxembourg investment fund (and more particular in relation to a UCITS fund (part I of the Law of 2002) in the form of a SICAV (“hereafter referred to as the “fund”), and does not purport in any manner to [...]
5 January 2009
Luxembourg – Investment Funds – Impact of the Madoff fraud case
The Luxembourg regulator (CSSF) has on 22 December 2008 issued a press release analysing the impact of the Madoff fraud case on the Luxembourg investment funds. The CSSF noted that the impact on Luxembourg investment funds which are directly or indirectly exposed to the Madoff case amounts to 1.9 billion Euro which…
28 November 2008
Investment Funds – Guidelines of the Committee of European Securities Regulators (CESR) concerning eligible assets for investment by UCITS
The CSSF has issued on 26 November 2008 circular 08/380 in relation to the CESR’s guidelines concerning eligible assets for investment by UCITS. This Circular replaces circular 08/339. The only amendment that has been made compared to circular 08/339 is point 24 paragraph 1. The amended paragraph reads as follows:…
22 November 2008
Investment Funds – From UCITS III to UCITS IV
Undertakings for Collective Investment in Transferable Securities (UCITS III) were introduced by the law of 20 December 2002 (the “2002 Law”), and benefit from a European Passport enabling them to be freely marketable throughout the EU countries. However, unsatisfactory elements relating to the current state of the…
10 November 2008
Investment Funds – CSSF Circular – Clarification of the relationship between the custodian and the prime broker in case of a SIF
In a Circular issued on 5 September 2008, the CSSF clarified the interaction between the prime broker and the custodian of a SIF. In Luxembourg, the prime broker must be a financial institution subject to the control of a supervisory authority of a State with a supervisory regime recognised to be equivalent to that provided…
17 October 2008
Amendments to the SICAR law
On 15 October 2008, the Luxembourg Parliament amended the existing SICAR law of 15 June 2004 with the aim to make the SICAR regime more attractive to private equity and venture capital investors. The main amendments that have been voted are briefly set out hereunder: Umbrella structure The new SICAR law has introduced…
1 October 2008
CSSF – precisions on the prohibition of uncovered short selling
On 29 September 2008 the CSSF issued a press release providing precisions on the prohibition of naked short selling in publicly quoted banks and insurance companies. As can be seen from the precisions below, the CSSF prohibition does not cover market transactions that follow a clear hedging intent or market transactions…
24 September 2008
CSSF – ban on naked short sales
In a press release of 19 September 2008, the Luxembourg regulator (CSSF) considers that in light of the current market situation, naked short sales are incompatible with the regulatory requirements governing market conduct, in particular where such sales distort or manipulate the market. The CSSF therefore prohibits market…
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