Luxembourg politicians and officials have expressed confidence that the European Union’s AIFM Directive will soon win final approval dispite this week’s latest dispute between member states on the contentious issue of access to EU markets for managers and funds based outside the union. Speaking to delegates at the…
Investment Management
27 September 2010
Luxembourg bill of law transposing the UCITS IV Directive
On 6 August 2010, the Luxembourg Ministry of Finance submitted to the Chamber of Representatives a draft law intended to transpose the “UCITS IV Directive” into domestic legislation. The bill as submitted to the Luxembourg Parliament is expected to replace the already existing Law of 20 December 2002 on undertakings…
10 June 2010
Subcription tax for ETFs and Microfinance funds to be abolished
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…
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…
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