Recent developments in the Luxembourg Financial Sector

In the Financial Services Quarterly Report for the first quarter of 2015, Dechert's partners in Luxembourg explore some of the recent developments in relation to the immobilization of bearer shares, reporting obligations, tax treatment of Luxembourg limited partnerships and tax residency certificates for undertakings for collective investment.

Read Dechert's Financial Services Quarterly Report

Bearer Shares and Units: Reminder to Holders and Issuers

The CSSF issued press release 15/16 on 27 March 2015. The press release follows up on press release 15/09 of 26 January 2015, in which the CSSF reminded issuers of Luxembourgish bearer shares and units of their obligation to appoint a depositary prior to 18 February 2015. The CSSF draws attention to the next steps to be taken by the holders and issuers of shares and units referred to in the law and emphasizes that persons who do not hold shares or units physically, and who have placed them in an account, do not have to undertake any further steps. In such case it is the establishment where the account has been opened that should ensure compliance with the law.

Read the press release of 27 March 2015 (in French)

Change of Deadline for Compliance with CSSF Circular 14/587

CSSF circular 14/587 relates to provisions applicable to credit institutions acting as depositaries to undertakings for collective investment in transferable securities (UCITS) subject to Part I of the law of the 17 December 2010 on UCITS. The purpose of the circular is to clarify the depositary regime provided for in the law of 2010 defining the organizational provisions as regards the role, obligations and rights relating to the function of UCITS depositary. CSSF circular 15/608 foresees that the addressees of circular 14/587 must comply with its provisions by 18 March 2016 (instead of 31 December 2015) at the latest. From 18 March 2016, chapter E of CSSF circular IML 91/75 is therefore no longer applicable to UCITS.

Read CSSF Circular 15/608 (in French)

Tax: Automatic Exchange of Information and AML Developments

By means of circular 15/609 dated 27 March 2015, the CSSF reminded the governing bodies and conducting persons of regulated entities that they should continue to put in place procedures and infrastructure in order to enable exchange of tax information and provides updates on recent and expected developments in automatic exchange of tax information and anti-money laundering in tax matters. 

Read CSSF Circular 15/609 (in French)

Luxembourg Fund Sector Continues to Grow

The CSSF press release 15/15 dated 26 March 2015 provides an overview of regulated UCIs at the end of February 2015 and confirms total assets under management of more than EUR 3.403 billion, showing growth of 3,87% over the last month and 27,03% over the last twelve months.

Read the press release of 26 March 2015 (in French)