Newsletters & Newsflashes

On 25 February 2022, the Luxembourg Parliament ( Chambre des Députés) published an amendment (the “ Amendment Law”) to the law of 17 April 2018 that had implemented Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance

On January 20 th 2022, the Luxembourg tax authorities (“ LTA”) issued circular PRE_IMM n° 1 (the “ Circular”), regarding the 20% real estate levy (the “ Real Estate Levy”) introduced by the Luxembourg law of 19 December 2020 (the “ Law”) and applicable since fiscal year 2021. The aim of the Circular

On 20 January 2022, the European Securities and Markets Authority (“ ESMA ”) launched a Common Supervisory Action (“ CSA ”) with national competent authorities (“ NCAs ”) on valuation of UCITS and open-ended AIFs (the “ CSA on Valuation ”) across the European Union (the “ EU ”). Background of the

Implementation of a specific monitoring of the largest investment fund managers As a result of the prevailing market conditions relating to the current situation in Ukraine, the CSSF implemented on 25 February 2022 a specific monitoring of the largest investment fund managers (“ IFM”) in view of the

On 31 January 2022, the CSSF published CSSF Circular 22/795 on the application of the ESMA Guidelines on marketing communications (the “ Circular”). The purpose of the Circular is to inform the market of the intention of the CSSF to apply the ESMA Guidelines on marketing communications under the

CSSF Circular 19/708 extended the secured electronic communication of documents to the CSSF to, among others, investment companies in risk capital (SICAR). The annex of said circular listed the documents that should only be transmitted to the CSSF by electronic means. Final versions of the documents

On 7 September 2021, the European Commission published delegated regulation to the PRIIPs regulation amending regulatory technical standards developed by the European supervisory authorities in the Commission Delegated Regulation (EU) 2017/653 . The latter defining the presentation and content of

On 25 November 2021, the European Commission (“ EC”) published a legislative proposal to amend the Alternative Investment Funds Manager Directive (the “ AIFMD”) and the Undertakings for the Collective Investment in Transferable Securities Directive (the “ UCITS Directive”) (the “ Proposal”). The EC

Holding of ancillary liquid assets by UCITS On 3 November 2021, the CSSF published an updated version of its Frequently Asked Questions concerning the Luxembourg law of 17 December 2010 relating to undertakings for collective investment in transferable securities (the “ UCITS FAQ”) providing

In a communication of the 29 November 2021 (the “ Communication”), the CSSF, whilst acknowledging that virtual assets have generated a strong interest as a potential new asset class, addressed the challenges raised by virtual assets since this category of assets comes with a variety of rights that

On 19 November 2021, the CSSF published Press Release 21/28 addressed to undertakings for collective investment (“ UCIs”) and investment fund managers (“ IFMs”) in the context of the imminent cessation of the widely used interest benchmarks EONIA and LIBOR. The Press Release is a reminder of the

On 17 December 2021 the European Securities and Markets Authority (“ ESMA”) published updated version of both its Q&A Application of the UCITS Directive (the “ UCITS Q&A”) and its Q&A Application of the AIFMD (the “ AIFMD Q&A”). The UCITS Q&A was also amended in November 2021. The updates cover a