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 Banking Day conference on December 2, Frieden said the legislation would be voted on before the Chamber of Deputies concludes its work for Christmas. “ I will sign it before leaving on holiday,” he was quoted as saying by the business magazine paperJam. “Thank you to Parliament and to Lucien Thiel, the rapporteur of the legislation, for their impressive work.”
Frieden added that he also wanted to see the EU Directive on Alternative Investment Fund Managers adopted into Luxembourg law as quickly as possible. The AIFM Directive was approved by the European Parliament on November 11 but must be formally approved by EU finance ministers on behalf of the European Council and published in the Official Journal in order to become law.