Representatives of the European Parliament, the European Commission and European Union member states have endorsed with minor changes the version of the Directive on Alternative Investment Fund Managers agreed last week by EU economic affairs and finance ministers. The accord by the so-called ‘trialogue’ meeting means…
Legal News
14 October 2010
UK and French ministers to discuss AIFM Directive deadlock
UK finance minister George Osborne and his French counterpart, Christine Lagarde, are expected to hold discussions next week (between 18 October and 23 October) on the European Union’s Directive on Alternative Investment Fund Managers ahead of a full meeting of the EU Council of economic affairs and finance ministers.…
12 October 2010
Talks continue on new Belgian AIFM directive compromise
Talks are continuing on a fresh compromise draft of the Directive on Alternative Investment Fund Managers issued by the Belgian EU presidency last week despite the failure of representatives of the European Parliament, the European Commission and member states to reach agreement at a meeting in Brussels on Monday, October…
30 September 2010
AIFM Directive prospects backed at Luxembourg fund conference
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…
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…
6 July 2010
New circular on Islamic finance – Indirect tax treatment of Murabaha and Ijara agreements
As mentioned in our previous legal alert, the Luxembourg tax authorities have issued on 12 January 2010 a circular in relation to direct taxes applicable to Murabaha agreements and Sukuk transactions. On 17 June 2010, the Luxembourg indirect tax authorities (L’Administration de l’Enregistrement et des Domaines) have…
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…
20 April 2010
Entry into force of the law concerning the audit profession and CSSF circular 10/439
On 18 February 2010, the law relating to the audit profession (the “Audit Law”) implementing the Directive 2006/43/EC of 17 May 2006 on statutory audits of annual accounts and consolidated accounts has entered into force in the Grand Duchy of Luxembourg. The main innovations of the Audit Law are: - The…
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…
Copyright © 2012 Chevalier & Sciales. All rights reserved. Terms of Use | Privacy Policy