In our recent alert Loan Origination Under AIFMD2: A Guide, on loan origination under the revised Alternative Investment Fund Managers Directive (AIFMD2), we noted that the European Securities and Markets Authority (ESMA)...more
9/20/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
Compliance ,
EU ,
European Securities and Markets Authority (ESMA) ,
Investment Funds ,
Liquidity ,
Liquidity Management ,
Liquidity Risk Management Rule ,
Loan Origination Funds ,
Open-Ended Fund Companies (OFCs) ,
Risk Management ,
UCITS
In our previous alerts (here and here), we noted critical feedback that the European Commission (Commission) gave to the European Securities and Markets Authority (ESMA) on its December 2023 draft Regulatory Technical...more
8/1/2024
/ AIFMD Passport ,
AIFs ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Capital Markets ,
Capital Markets Union ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Investment Management ,
Investors ,
Liquidity ,
Regulation Technical Standards (RTS) ,
Stock Redemption
The revised Alternative Investment Fund Managers Directive (AIFMD2) introduces new requirements for funds managed by EU-based alternative investment fund managers (AIFMs) that originate loans.
Most of the requirements...more
Welcome to the second edition of our Horizon Scan for 2024: key recent and expected funds, regulatory, and tax developments to look out for. As before, we focus on the most important developments and changes that we expect to...more
5/24/2024
/ Climate Change ,
Cross-Border ,
Disclosure Requirements ,
EU ,
False Claims Act (FCA) ,
Fund Managers ,
Investment Funds ,
Private Funds ,
Private Investment Funds ,
Regulatory Standards ,
Reporting Requirements ,
SFDR ,
Sustainability ,
Sustainable Business Practices ,
Sustainable Finance ,
Transitional Arrangements ,
UK
In our previous alert, we looked at the draft revised Regulatory Technical Standards (RTS) supplementing the amended ELTIF Regulation (ELTIF 2.0) published by the European Securities and Markets Authority (ESMA) in its...more
In our previous alert AIFMD II (Near) Final Text Agreed: What’s New? and in our recent update in our Horizon Scan, we noted that the Council of the European Union (EU) had published the final compromise amending text setting...more
2/14/2024
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Amended Regulation ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Member State ,
Portfolio Managers ,
Regulatory Requirements ,
Risk Management ,
UCITS
Q: What is DORA?
“DORA” stands for the Digital Operational Resilience Act, an EU regulation that creates a new framework for the EU financial sector with regard to information and communications technology (ICT)....more
1/29/2024
/ AIFM ,
Compliance ,
Cryptoassets ,
Cybersecurity ,
Electronic Communications ,
EU ,
European Securities and Markets Authority (ESMA) ,
Financial Services Industry ,
Fund Managers ,
Information Technology ,
Investment Firms ,
Investment Funds ,
Luxembourg ,
Regulation Technical Standards (RTS) ,
UCITS
In our previous alert ELTIF Reform: A Milestone in the Development of an EU Private Fund Structure for Accessing Wholesale Markets, we discussed the EU Commission’s adoption of a revised regulation for the European Long-Term...more
On 11 July 2023, the Luxembourg Parliament voted with an absolute positive majority on the bill of law 8183 which was proposed by the Luxembourg Government on 24 March 2023. The bill of law 8183 is expected to come into law...more
The European Commission published its Retail Investment Package (the Package) in May 2023. The Package aims to streamline and modernise investor protection rules in EU laws, including the Alternative Investment Fund Managers...more
6/27/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
ELTIF ,
EU ,
European Securities and Markets Authority (ESMA) ,
MiFID ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Private Investment Funds ,
Proposed Amendments ,
Proposed Regulation ,
Regulation Technical Standards (RTS) ,
Retail Investors ,
UCITS
On 23 May 2023, the European Securities and Markets Authority (ESMA) published a Consultation Paper on draft regulatory technical standards (RTS) supplementing the amended ELTIF Regulation (Amending Regulation), heralded as...more
Welcome to the second edition of our Horizon Scan, where we focus on some of the principal recent and expected developments and changes that we expect to be of interest to those in the non-listed funds sector. We have grouped...more
5/17/2023
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Corporate Governance ,
Disclosure Requirements ,
Environmental Social & Governance (ESG) ,
EU ,
EU Directive ,
Financial Regulatory Reform ,
International Tax Authority ,
Investment Funds ,
MiFID ,
Partnerships ,
Popular ,
Private Investment Funds ,
Regulatory Oversight ,
Regulatory Requirements ,
Sustainable Finance ,
Tax Authority ,
UK
The purpose of this Insights post is to consider some practical issues for alternative investment fund managers (“AIFMs”) when undertaking pre-marketing/marketing activities in the European Union following the...more
The COVID-19 agreements regarding taxation and social security legislation for cross-border workers working remotely enacted by Luxembourg with Belgium, Germany and France ended on 30 June 2022.
What is the legal...more
Regulation (EU) 2019/2088 of 27 November, 2019 on sustainability-related disclosures in the financial services sector, as amended by Regulation (EU) of 18 June, 2020 on the establishment of a framework to facilitate...more
12/18/2020
/ Asset Management ,
CSSF ,
Disclosure Requirements ,
EU ,
EuSEF ,
EuVECA ,
Financial Services Industry ,
Fund Managers ,
Investment Adviser ,
Investment Firms ,
Investment Funds ,
Investment Management ,
Luxembourg ,
MiFID ,
National Private Placement Regimes (NPPR) ,
Portfolio Managers ,
Risk Assessment ,
RTS ,
SFDR ,
Sustainable Finance ,
Transparency ,
UCITS ,
Websites
With the transition period coming to an end by the end of 2020, many UK managers are questioning the implication of Brexit to the fundraising and management of Luxembourg-based funds. As forecasted in our previous market...more
12/8/2020
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Alternative Investment Funds ,
CSSF ,
EU ,
Fund Managers ,
Luxembourg ,
New Regulations ,
New Rules ,
Portfolio Managers ,
UK ,
UK Brexit
Many UK managers are currently questioning the implication of Brexit to the fundraising and management of Luxembourg based funds. In particular, many query whether they may still today launch a new Luxembourg fund and act as...more
A variety of steps have been taken to accommodate managers working during the lockdown. As at 29 September 2020, these measures are as follows:
1. MORE FLEXIBILITY FOR THE GOVERNANCE OF FUNDS -
On 20 March 2020, the...more
9/30/2020
/ Accounting ,
Anti-Money Laundering ,
Anti-Terrorism Financing ,
Commercial Bankruptcy ,
Coronavirus/COVID-19 ,
CSSF ,
Filing Deadlines ,
Fund Managers ,
Information Technology ,
Investment Firms ,
Investment Funds ,
Investors ,
Liquidity ,
Luxembourg ,
Outsourcing ,
Pension Funds ,
Re-Opening Guidelines ,
Relief Measures ,
Remote Working ,
Reporting Requirements ,
Swing Pricing ,
Time Extensions
Many managers identify and assess the key legal and commercial costs and benefits of AIFMD passports as well as the short- and long-term regulatory and operational implications of the management of the fund by an EU-based...more
Various measures have been implemented to help Luxembourg funds and companies tackle the impact of the COVID-19 outbreak... In a context where limited travel and social distancing are the rules, the interest in electronic...more
A variety of steps have been taken to accommodate managers working during the lockdown. As at 22 June 2020, these measures are as follows:
1. MORE FLEXIBILITY FOR THE GOVERNANCE OF FUNDS...more
6/22/2020
/ Anti-Money Laundering ,
Anti-Terrorism Financing ,
Commercial Bankruptcy ,
Commercial Leases ,
Coronavirus/COVID-19 ,
CSSF ,
Filing Deadlines ,
Information Technology ,
Investment Firms ,
Investment Funds ,
Investors ,
Luxembourg ,
Outsourcing ,
Re-Opening Guidelines ,
Relief Measures ,
Remote Working ,
Reporting Requirements ,
Swing Pricing ,
Time Extensions
Luxembourg parliament has recently adopted two new laws to provide headroom to operating businesses and funds in respect of their accounting obligations.
The extensions granted under these new laws will only apply to filings...more
In this client alert we outline the practical approach taken in Luxembourg for companies and unregulated investment funds facing liquidity issues resulting from government lockdowns in response to the COVID-19 outbreak.
In...more
A variety of steps have been taken to accommodate managers working during the lockdown. As at 20 May 2020, these measures are as follows:
1. MORE FLEXIBILITY FOR THE GOVERNANCE OF FUNDS -
The increased flexibility for the...more
4/17/2020
/ Commercial Bankruptcy ,
Commercial Leases ,
Coronavirus/COVID-19 ,
CSSF ,
Filing Deadlines ,
Investment Firms ,
Investment Funds ,
Investors ,
Luxembourg ,
Relief Measures ,
Reporting Requirements ,
Swing Pricing
Various measures have been implemented in Luxembourg to help Luxembourg funds tackle the impact of the COVID-19 outbreak...
This is a fast-moving crisis and it is important to closely monitor the outbreak, its business...more