Law Firm ILN-telligence Podcast | Episode 38: Pierre Hurt, Lutgen & Associés | Luxembourg
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
On 28 July 2023, the law of 21 July 2023, which modernises the laws governing UCITS, Part II UCIs, SIFs, SICARs, RAIFs and Luxembourg asset managers, enters into force (the Law). ...more
Background- European regulators have begun reviewing documentation and other information in connection with implementation of the EU’s Sustainable Finance Disclosure Regulation (SFDR)1 and the Taxonomy Regulation (RTS).2 On...more
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
On 2 August 2021, changes to fund marketing rules will come into effect in the European Union (“EU”). The revised rules (the “Marketing Rules”) amend the existing regime relating to the marketing of alternative investment...more
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
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...more
The Luxembourg government and the CSSF recently have taken a number of measures to combat money laundering and terrorist financing. In other developments: the current Luxembourg Brexit laws will be rendered inapplicable by...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
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
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
Law on 21-month grandfathering period in a "hard Brexit" scenario - Parliament has adopted legislation that will allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up...more
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
Parliament adopts general data protection law - Parliament has adopted the law of 1 August 2018 on the organisation of the National Commission for Data Protection and implementation of Regulation (EU) 2016/679 of the...more
ALFI Notes the Commission’s Plans to Amend the UCITS and AIFM Directives - ALFI issued a press release pointing out that they believe that a wider scope for the clarification of marketing and pre-marketing would have been...more
CSSF Circular CSSF-CPDI Dated 19 April 2017 - The CSSF published its Circular addressed, inter alia, to investment firms as well as AIFMs and UCITS management companies who manage portfolios on a discretionary basis...more
The entry into force of AIFMD in Europe has resulted in a double layer of regulation, as we now have regulation and supervision at the level of the product (regulated investment funds) and supervision at the level of the...more
Updated CSSF AIFM FAQ - The Commission de Surveillance du Secteur Financier (CSSF) issued an updated version (number 10) of the Frequently Asked Questions in relation to the law of 12 July 2013 on Alternative Investment...more
CSSF Press Release 16/17 on Global Situation of UCIs and SIFs at the End of February 2016 - CSSF press release 16/17 of 31 March 2016 summarizes the global situation of Undertakings for Collective Investment and...more
CSSF Press Release 15/49 Relating to the New Transparency Requirements for Issuers of Securities and Notifications of Major Holdings - In press release 15/49, the CSSF provides clarifications in relation to the...more
Draft Law Transposing the European Directive on the Automatic Exchange of Information submitted to Parliament - The draft Luxembourg law to transpose Council Directive 2014/107/EU (of 9 December 2014, which amends...more
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), issued on 5 May 2015 circular 15/612 (Circular) regarding the information to be submitted to the CSSF by alternative investment...more
One of the key drivers for the AIFMD1 is to monitor systemic risk by, among other means, collecting relevant information through harmonized reporting by alternative investment fund managers (“AIFMs”) on their alternative...more