Marketing will now expressly fall within the scope of delegation under AIFMD 2.0, to the extent that it is carried out on behalf of the alternative investment fund manager (AIFM). AIFMD 2.0 clarifies that only distributors...more
10/21/2024
/ AIFM ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Compliance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
FATF ,
Investment ,
Marketing ,
MiFID ,
National Competent Authorities (NCA) ,
Reporting Requirements ,
UCITS ,
UK
On 19 July 2024, the EU Commission formally adopted its delegated regulation supplementing the ELTIF Regulation. The delegated regulation seeks to set out the regulatory technical standards specifying when derivatives will be...more
ESMA has responded to the EU Commission’s March 2024 proposed amendments to the ELTIF 2.0 RTS.
ESMA has notably rejected the EU Commission’s alternative option of determining the maximum redemption amount by reference to...more
AIFMD 2.0 enters into force today –15 April 2024.
Member States have 24 months to transpose the provisions into national law, meaning that AIFMD 2.0 will take effect from 16 April 2026....more
The CSSF has issued a new circular (Circular 24/856) aiming to protect investors in the event of certain errors and breaches.
Circular 24/856 will enter into force on 1 January 2025 and will repeal circular 02/77....more
The text of the directive to amend the AIFMD (so-called AIFMD 2.0) was published in the Official Journal of the EU on 26 March 2024 and will enter into force on 15 April 2024.
Member States have 24 months to transpose the...more
In January 2019, we published a newsflash “Luxembourg Register of Beneficial Owners Has Arrived”1 on the publication of a law2 that established the Luxembourg Register of Beneficial Owners (Registre des Bénéficiaires...more
On 11 July 2023, the Luxembourg Parliament adopted bill of law n°8183 which amends five existing Luxembourg laws relating to alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the...more
7/26/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
ELTIF ,
EU ,
Financial Institutions ,
Financial Services Industry ,
Fund Managers ,
Investment Funds ,
Investment Management ,
Luxembourg ,
New Regulations ,
UK
The Luxembourg government published bill of law n°8183 (the “Bill”) on 24 March 2023 that amends five existing laws on alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the UCI...more
3/28/2023
/ AIFM ,
AIFs ,
Annual Reports ,
Companies Act ,
CSSF ,
ELTIF ,
Liquidation ,
Luxembourg ,
New Legislation ,
Reserved Alternative Investment Funds (RAIF) ,
Shareholders ,
SICARs ,
UCIs ,
UCITS
Since Regulation (EU) 2015/760 of the European Parliament and of the Council of 29 April 2015 on European long term investment funds (ELTIF Regulation) was adopted, only a few European long-term investment funds (ELTIFs) have...more
1/18/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Borrowing Statutes ,
Conflicts of Interest ,
ELTIF ,
EU ,
European Economic Area (EEA) ,
FinTech ,
Fund of Funds ,
Long-Term Investment Funds ,
Private Funds ,
Reserved Alternative Investment Funds (RAIF) ,
Retail Investors ,
Suitability Requirements ,
UCITS
Since 1 January 2021, certain corporate Luxembourg investment funds (i.e. Part II UCI, SIF and RAIF, as defined below) that hold real estate assets located in Luxembourg are subject to a special taxation, the so-called real...more
On 9 February 2022, the Luxembourg Parliament voted to adopt a law that will bring about long-awaited reform of the Luxembourg’s securitisation regime.
The law of 25 February 2022 – which was published in the Luxembourg...more
At the end of May 2021, the Luxembourg government submitted a bill of law (the Bill of Law) to the Parliament amending the Luxembourg law dated 22 March 2004 on securitization (the 2004 Law). This long-awaited update of the...more
Dechert partnered with Getting the Deal Through and Law Business Research on their annual Market Intelligence Private Equity Guide. The 2020 Guide invites leading practitioners to reflect on evolving legal and regulatory...more
This note sets out at a high level the potential impact of the United Kingdom’s (“UK”) exit (“Brexit”) from the European Union (“EU”) without a negotiated agreement on UK and European Economic Area (“EEA”) (a) alternative...more
10/22/2019
/ AIFM ,
AIFMD Passport ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Central Bank of Ireland ,
Choice-of-Law ,
Contract Terms ,
Cross-Border Transactions ,
CSSF ,
EMIR ,
EU ,
EU Passport ,
EU-27 ,
European Economic Area (EEA) ,
Financial Conduct Authority (FCA) ,
Force Majeure Clause ,
Fund Managers ,
Income Taxes ,
Investors ,
ISDA ,
Luxembourg ,
Marketing ,
MiFID ,
No-Deal Brexit ,
Private Equity ,
Rome Regulation ,
SFTR ,
Third-Party Service Provider ,
Traders ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), and the Luxembourg government recently have taken measures to prepare for Brexit. In other developments, the Law of the...more
4/20/2019
/ AIFM ,
Beneficial Owner ,
Blockchain ,
CSSF ,
Distributed Ledger Technology (DLT) ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Foreign Investment ,
Grace Period ,
Grandfathered Status ,
Luxembourg ,
Memorandum of Understanding ,
Portfolio Managers ,
Reserved Alternative Investment Funds (RAIF) ,
Securities ,
SICARs ,
UCIs ,
UCITS ,
UK Brexit
On 26 March 2019, the Luxembourg Parliament adopted the first few of a series of Brexit laws, including bill of law n°7401. In the event of a no deal Brexit, this bill will entrust the Luxembourg supervisory authorities for...more
3/27/2019
/ CSSF ,
EU ,
Financial Services Industry ,
Grandfathered Status ,
Luxembourg ,
New Rules ,
No-Deal Brexit ,
Parliamentary Procedure ,
Passporting ,
SIFs ,
UCIs ,
UCITS ,
UK ,
UK Brexit
The Luxembourg government has proposed legislation (Draft Bill), which would allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up to 21 months after the date when the UK...more
2/11/2019
/ AIFM ,
Credit Unions ,
CSSF ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Grandfathered Status ,
Investment Firms ,
Luxembourg ,
Member State ,
Memorandum of Understanding ,
No-Deal Brexit ,
Proposed Legislation ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit ,
Withdrawal Agreement
The scope of the New Law is quite broad, and applies to all forms and types of entities.4 This encompasses companies and partnerships, whether or not regulated, including Luxembourg investment funds such as UCITS, Part II...more
1/18/2019
/ AIFs ,
Anti-Money Laundering ,
Banks ,
Beneficial Owner ,
Board of Directors ,
Corporate Criminal Fines ,
Corporate Entities ,
EU Directive ,
Filing Deadlines ,
Investment Funds ,
Luxembourg ,
Member State ,
Partnerships ,
Registration Requirement ,
Reserved Alternative Investment Funds (RAIF) ,
SICARs ,
SIFs ,
UCITS