On 10 March 2020, the ESG – Sustainable Finance Disclosure Regulation (EU) 2019/2088 (SFDR) will start to apply. SFDR disclosures will be applicable both to financial products (e.g., alternative investment funds (AIFs),...more
In its Report, ESMA stressed the lack of harmonisation between member states of the European Union with respect to performance fee structures, as well as the circumstances under which performance fees may be paid by...more
The Covid-19 pandemic and resulting government lockdowns have brought intense volatility both to financial markets and the real economy, and a sharp return of challenges that confronted asset managers in the Global Financial...more
Taking into account the results of the Luxembourg national risk assessment which classifies the fund industry as high ML/FT risk, the CSSF clarifies that Luxembourg regulated funds, like Luxembourg investment fund managers...more
On 6 November, the CSSF released a new press release 19/54 which is intended to replace the reference date to a hard Brexit (i.e. 31 October 2019) in all previous CSSF communications with the new Brexit date, 31 January 2020....more
The ability of Chapter 15 management companies to manage FCP-RAIFs was controversial due to diverging readings of the RAIF Law. Also, the RAIF Law did not expressly provide for the possibility of conversion of an FCP-RAIF...more
Last year, investment fund managers (IFMs) were caught by surprise with the immediate application of Circular 17/654 on IT outsourcing relying on a cloud computing infrastructure (the Cloud Circular), but every cloud has a...more
Three questions relevant for UK managers still considering whether to apply or not.
1. We are a UK manager acting as portfolio manager based on a delegation from a Luxembourg AIFM or UCITS management company. Should we...more
On 1 August 2019, the Luxembourg legislator implemented the second shareholder right directive (SRD II) by amending the law of 24 May 2011 relating to the exercise of certain shareholder rights at general meetings of listed...more
The CSSF press release 19/41 of 2 August 2019 informs UK firms, UCIs and/or their managers established in the UK (authorised under the UCITS Directive or AIFM Directive) having passported their services into Luxembourg that...more
On 29 March 2019, ESMA clarified benchmark disclosure obligations for UCITS in an updated version of its Q&A on the application of the UCITS Directive. The new questions and answers are included in Section II on “Key Investor...more
On 31 January 2019, the Ministry of Finance has submitted a bill of law to the Luxembourg Parliament (the Bill 7401) as regards the measures to be taken in relation to the Luxembourg financial sector in the case of the exit...more
We would like to bring the publication of Circular BCL 2018/241 dated 18 May 2018 (the Circular) to your attention. The Circular aims at informing non-regulated alternative investment funds (AIFs) of new statistical reporting...more
On 14 July 2016, the Luxembourg Parliament approved bill of law n°6929 introducing a new type of Luxembourg investment fund: the reserved alternative investment fund (RAIF - or fonds d’investissement alternatif réservé,...more
The Luxembourg act of 12 July 2013 on alternative investment fund managers (AIFMs) implemented the AIFMD into Luxembourg law (the AIFM Act). The AIFMD is a maximum harmonisation Directive, which means that EU Member States...more
The Act intends to adapt Luxembourg legislation to the recommendations of the Financial Action Task Force (the FATF) and the global Forum on transparency and exchange of information for tax purposes (the Global Forum) in...more
In this newsletter
- U.S.:
- Dodd-Frank Act – Designation of asset managers as systemically important financial institutions
- Volcker Rule finalised with a more limited application to covered fund activities...more
4/26/2014
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asia ,
Asset Management ,
Banks ,
BEPS ,
China ,
Conflicts of Interest ,
Dodd-Frank ,
Due Diligence ,
EU ,
FATCA ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Financial Transaction Tax ,
Foreign Banks ,
Foreign Investment ,
FSOC ,
Hong Kong Stock Exchange ,
MiFID ,
Outsourcing ,
SFC ,
SIFIs ,
Value-Added Tax (VAT) ,
Volcker Rule