Two particularly relevant pieces of legislation in the context of eligible assets for investments by UCITS have recently been implemented in Luxembourg. The first one is the Grand-Ducal Regulation dated 8 February 2008, which amends certain definitions specified in the 2002 Law, and which replicates closely the EC Directive…
Investment Management
1 September 2008
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1 September 2008
Investment Funds – Update on the eligible assets for investments for UCITS
Two particularly relevant pieces of legislation in the context of eligible assets for investments by UCITS have recently been implemented in Luxembourg. The first one is the Grand-Ducal Regulation dated 8 February 2008, which amends certain definitions specified in the 2002 Law, and which replicates closely the EC Directive…
1 September 2008
Investment Funds – securities lending in relation to UCITS
A new regime applicable to securities lending operations performed by UCITS – and, in principle, by other UCIs subject to the 2002 Law – was introduced by CSSF Circular 08/356 released on 4 June 2008. The main point of this new regime is, by reforming the previous one (referred to in the Commission Directive 2007/16/EC,…
30 April 2008
Amendment to the SICAR regime – possibility to have multiple compartments
On 21 February 2008, the Luxembourg government has introduced a draft law aimed to make more attractive the SICAR vehicle to private equity and venture capital investors. Brief overview of the main changes proposed in the draft law: introduction of possibility to create multiple compartments (as is already the case for…
15 November 2007
130/30 funds in Luxembourg
Alfi (Luxembourg Association of Investment Funds) has announced that the fund industry has been facing a strong demand for so called 130/30 funds which allocate 100% of their NAV to long positions and short sell securities to the value of 30% of their NAV. The proceeds from the short sale are usually used to acquire [...]
10 October 2007
CSSF circular – financial information to be provided by specialized investment funds
The CSSF has issued circular 07/310 of 3 August 2007 which specifies the drawing-up and communication of financial information that specialized investment funds are requested to submit to the CSSF. This information which be drawn up on a monthly and yearly basis respectively, will be used by the CSSF for statistical purposes…
8 August 2007
CSSF Risk spreading guidelines for SIFs
On 3 August 2007, the CSSF (Luxembourg regulator) issued a circular letter 07/309 (the “Circular”) containing guidelines on the principle of risk spreading as laid out in article 1 of the Law of 13th February 2007 on specialized investment funds (the “SIF Law”). Article 1 of the SIF law provides that: “For the…
20 February 2007
Luxembourg parliament adopted a law replacing the 1991 law on UCIs
On 13th February 2007, the Luxembourg parliament adopted a law replacing the 1991 law on UCIs (undertakings of collective investment) dedicated to institutional investors. The law provides a more flexible framework for specialized investment funds. We set out hereunder the most important changes: no need to be set…
21 August 2006
CSSF – guidelines on the concept of risk capital for SICARs
On 5 April 2006, the CSSF issued a circular letter (06/41) (the “Circular”) containing guidelines and clarifications on the criteria applied by the CSSF when assessing whether a project is eligible under the SICAR law or not. We refer to the section client memorandums on our website for an outline of the SICAR law,…
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