Newsletters & Newsflashes

With effect from 1 st January 2021, the Law of 19 December 2020 (the “2021 Budget Law”) (please see our BSP October Newsflash ), introduced a reduced subscription tax ( taxe d’abonnement ) that will apply to Undertakings for Collective Investment (“UCIs”) investing in sustainable activities as

Data Transfer On 24 November 2020, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its Frequently Asked Questions concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment schemes (the “ UCITS FAQ”) and an updated

BACKGROUND On 3 April 2020, ESMA published its final guidelines on performance fees in investment funds – applicable to UCITS and certain types of AIFs (the “ Guidelines”). As a reminder, the guidelines provide comprehensive guidance to fund managers when designing performance fee models for the

On 26 November 2020, the CSSF issued Frequently Asked Questions regarding the Investor Compensation Scheme Luxembourg established by article 156 of the Law 18 December 2015 and governed by Part III, Title III of the same Law (the “ FAQ” and the “ Law”). The Investor Compensation Scheme or Système d

On 8 December 2020, the CSSF issued a Communication regarding the introduction of a new eDesk module (the “ Communication” and the “ eDesk Module”), announcing the progressive digitalisation for the reception and processing of a series of requests, including both those submitted at the initiative of

Background On 16 December 2020, the CSSF issued a communication covering both new regulatory requirements on transparency with regard to the integration of sustainability risks, the consideration of adverse sustainability impacts and the provision of sustainability – related information, as well as

BACKGROUND On 21 December 2020 draft law No. 7736 was presented before the Luxembourg Parliament (the “ Draft Law”). The scope of the Draft Law includes, inter alia, an amendment to the law of 17 December 2010 relating to undertakings for collective investment (the “ UCI Law”). SCOPE The Draft Law

As part of its actions to address the impact of COVID-19 on the financial system from a macroprudential perspective, on 6 May 2020, the European Systemic Risk Board (“ ESRB”) published a recommendation to address liquidity risk in investment funds, requesting that ESMA: coordinates with the EU

On 19 November 2020, the CSSF published on its website a press release ( Press Release 20/23) (“ Press Release”) updating Luxembourg-based entities on the recent developments regarding the UK’s Temporary Permissions Regime (“TPR”) as communicated to the CSSF by the UK’s Financial Conduct Authority (

On 18 August 2020, ESMA wrote to the European Commission, highlighting areas to consider during the forthcoming review of the Alternative Investment Fund Managers Directive (“ AIFMD”). ESMA recognises that the AIFMD has provided a solid framework for alternative investment funds in Europe since 2011

On 22 June 2020, the European Union published the long-awaited Regulation(EU) 2020/852 on the establishment of a framework to facilitate sustainable investment (the “ EU Taxonomy Regulation”), and amending Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services

On 9 July 2020, ESMA issued a public statement on external support under Article 35 of the money market funds (“ MMF”) regulation (“ MMF Regulation”). This statement was released in relation to financial markets authorities’ recent actions to mitigate the impact of COVID-19 on the EU’s financial