The European Securities and Markets Authority has issued a discussion paper on its proposed approach to implementing measures of the European Union’s Alternative Investment Fund Managers Directive. Esma is soliciting views from market participants on the policy options it is proposing to recommend to the European Commission,…
Legal News
11 March 2011
AIFM Directive set for delay until June
The European Union’s Directive on Alternative Investment Fund Managers is now unlikely to enter into force before June, according to Jonathan Faull, director general of the Directorate General for Internal Market and Services at the European Commission. In a letter to Carlos Tavares, acting chairman of the newly-established…
15 February 2011
UCITS IV guide – removing barriers to Europe’s single fund market
Dear readers of our UCITS IV blog, The European Union’s latest directive on undertakings for collective investment in transferable securities, known as Ucits IV, which was formalised on July 13, 2009,will take effect from July 1 this year, the deadline for transposition of the directive into the national law of EU member…
4 February 2011
CSSF issues statement on the rules applicable to Sukuk
The CSSF (the Luxembourg Supervisory Authority of the Financial Sector) has issued on 26 January 2011 a communiqué in which it clarifies the concept of a Sukuk in particular as regards the Annexes to the “Prospectus” regulation. This communiqué is issued in order to further strengthen the legal security of…
27 December 2010
AIFM Directive expected to become law in March
The EU’s Directive on Alternative Investment Fund Managers, which was given a first reading by the European Parliament on November 11, is set to become law in February or more probably March. The text agreed by the European Parliament has first undergone a process of legal and linguistic revision to correct any typographical…
21 December 2010
Luxembourg becomes first EU country to adopt Ucits IV Directive on December 16
Luxembourg has become the first European Union member state to transpose the Ucits IV Directive into national law. Various provisions of the legislation will come into force as of January 1 following approval of the law by the Luxembourg Parliament on December 16. Luxembourg was also the first EU country to incorporate…
13 December 2010
What will replace the 1929 Holding Company regime?
The end of this year will see the abolition of the venerable 1929 Holding Company regime. From January 1, 2011, any 1929 holding companies that have not changed their status will become fully taxable. Since a ruling by the European Commission in 2006, 1929 holding companies have been in a transitional period. This meant…
7 December 2010
Luxembourg finance minister confirms Ucits IV transposition before year-end
Luxembourg finance minister Luc Frieden has confirmed that the legislation transposing the European Union’s Ucits IV Directive into national law will be approved by Parliament before the end of this year, making it the first EU member state to implement the investment funds directive. Speaking at the opening of the PwC…
30 November 2010
2011 exemption threshold for securitization vehicles
Further to a letter of the Banque Centrale de Luxembourg (“BCL”) dated 26 November 2010 referring to point 4.3 “Entities subject to the BCL’s statistical reporting” of circular BCL 2009/224 concerning the introduction of a new statistical data collection for securitization vehicles, the exemption…
4 November 2010
A guide to the AIFM directive compromise text – update on third country rules
Luxembourg’s fund industry is looking forward to the finalisation of the proposed Directive on Alternative Investment Fund Managers, which will create a single market for the marketing of alternative funds to professional investors throughout the European Union. Agreement on the directive after some 18 months of debate…
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