I. Introduction Well established as a world leader in the investment funds industry (second only to the USA), Luxembourg firmly held its position throughout the economic crisis, totalling EUR 1,840.993 billion net assets under management as at 31 December 2009. This five decade long success story originates from a…
Legal News
24 February 2010
Issue of a Luxembourg Tax Circular on Islamic Finance
On January 12, 2010, to confirm Luxembourg’s commitment to Islamic Finance, the Luxembourg tax administration has issued a circular L.G.-A No. 55 (12 January 2010) in order to provide guidance on Islamic Finance (the “Circular”). The Luxembourg tax administration refers to Islamic Finance as the “financial…
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…
1 February 2010
Protocol between Luxembourg and Spain amending the double tax treaty
On the sidelines of the European Council of Finance Ministers (Ecofin) meeting, an amendment to the existing bilateral double taxation agreement in place between Luxembourg and Spain has been executed by the Luxembourg Minister of Finance and its Spanish opposite on 10 November 2009. In accordance with the OECD standard,…
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…
25 February 2009
Madoff case (Luxalpha SICAV) – orders imposed by the CSSF on UBS (Luxembourg) S.A.
On 25 February 2009, the Luxembourg regulator (CSSF) (Commission de Surveillance du Secteur Financier) took the following decisions towards UBS (Luxembourg) S.A. The CSSF ordered UBS (Luxembourg) S.A.: to put into place the necessary infrastructure (i.e. all sufficient human and technical means and internal rules in…
17 February 2009
Madoff case – Herald (Lux) – Decision by the CSSF to withdraw the fund from the list
On 11 February 2009, the Luxembourg regulator (CSSF) has announced, in view of the establishment of the responsibilities of the various intermediaries in relation to HERALD (LUX) and the custodian bank HSBC SECURITIES SERVICES (LUXEMBOURG) S.A., to take the following two decisions, namely (1) to withdraw HERALD (LUX) from…
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