The Luxembourg – Hong Kong double tax treaty has entered into force on 20 January 2009 following the exchange of the ratification documents. We set out hereunder the main features of this treaty. The maximum withholding taxes that will be applicable are as follows: 0% on dividends if the beneficial owner is a company…
Legal News
4 February 2009
Madoff case – Luxalpha SICAV – Decision by the CSSF to withdraw the fund from the list and request of liquidation
On 3 February 2009, the Luxembourg regulator (CSSF) has announced, in view of the establishment of the responsibilities of the various intermediaries in relation to Luxalpha SICAV and the custodian bank UBS (Luxembourg) S.A., to take the following two decisions, namely (1) to withdraw Luxalpha SICAV from the list…
28 January 2009
Luxembourg – Investment Funds – CSSF press release on the Madoff case
The CSSF has recently announced in its press release of 23 January 2009 that a number of Luxembourg funds and sub-funds as set out hereunder have decided to suspend their NAV as well as redemptions, subscriptions and conversions of shares / units: – Herald (Lux) Sub-fund US Absolute Return Fund – Luxembourg Investment…
25 January 2009
Role of the depositary in a Luxembourg UCITS fund
This article intends to provide general guidance as to the role of a depositary in a Luxembourg investment fund (and more particular in relation to a UCITS fund (part I of the Law of 2002) in the form of a SICAV (“hereafter referred to as the “fund”), and does not purport in any manner to [...]
5 January 2009
Luxembourg – Investment Funds – Impact of the Madoff fraud case
The Luxembourg regulator (CSSF) has on 22 December 2008 issued a press release analysing the impact of the Madoff fraud case on the Luxembourg investment funds. The CSSF noted that the impact on Luxembourg investment funds which are directly or indirectly exposed to the Madoff case amounts to 1.9 billion Euro which…
18 December 2008
Luxembourg – 2009 Tax Reform introduced by the Law of 16 December 2008
On 16 December 2008, the Luxembourg Parliament has passed laws to enact the attractive measures already proposed by the bills number 5924 and 5913. The main measures introduced by these laws are as follows: 1. Abolition of capital duty as of 2009 The law has abolished the current contribution duty of 0,5% on capital contributions…
11 December 2008
Luxembourg – Hong Kong double tax treaty has been ratified
On 2 November 2007, Luxembourg signed a tax treaty with Hong Kong. The maximum withholding taxes that are set out are: 0% on dividends if the beneficial owner is a company that directly holds at least 10% in the capital of the distributing company or the participation has an acquisition cost of at least 1,200,000 Euro;…
28 November 2008
Investment Funds – Guidelines of the Committee of European Securities Regulators (CESR) concerning eligible assets for investment by UCITS
The CSSF has issued on 26 November 2008 circular 08/380 in relation to the CESR’s guidelines concerning eligible assets for investment by UCITS. This Circular replaces circular 08/339. The only amendment that has been made compared to circular 08/339 is point 24 paragraph 1. The amended paragraph reads as follows:…
22 November 2008
Investment Funds – From UCITS III to UCITS IV
Undertakings for Collective Investment in Transferable Securities (UCITS III) were introduced by the law of 20 December 2002 (the “2002 Law”), and benefit from a European Passport enabling them to be freely marketable throughout the EU countries. However, unsatisfactory elements relating to the current state of the…
10 November 2008
Investment Funds – CSSF Circular – Clarification of the relationship between the custodian and the prime broker in case of a SIF
In a Circular issued on 5 September 2008, the CSSF clarified the interaction between the prime broker and the custodian of a SIF. In Luxembourg, the prime broker must be a financial institution subject to the control of a supervisory authority of a State with a supervisory regime recognised to be equivalent to that provided…
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