Newsletters & Newsflashes

Draft Law No 7349 was adopted by the Luxembourg Parliament on 11 July 2019 (the " Law") and implements into domestic law certain provisions of the following regulations: Regulation (EU) N°345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds (“

On 1 July 2019, the CSSF published Circular 19/721 (the " Circular") regarding dematerialisation of requests to the CSSF. The Circular establishes an eDesk portal to serve as a tool of communication between the CSSF and all Luxembourg regulated funds (UCITS, Part II UCIs, SIFs, SICARs) as well as

On 24 June 2019, the European Securities and Markets Authority (“ ESMA”) published a questionnaire , which aims at collecting evidence about what aspects of the financial sector could cause short-term pressure on companies. ESMA defines “short-termism” as “the focus on short time horizons by both

On 16 April 2019, the European Parliament adopted legislative resolutions on a proposal for a Regulation of the European Parliament and of the Council on facilitating cross-border distribution of collective investment undertakings and amending regulations (EU) n° 345/2013, (EU) n° 346/2013 and (EU)

On 16 April 2019, the European Parliament adopted legislative resolutions on the proposal for a directive of the European Parliament and of the Council amending directives 2009/65/EC and 2011/61/EU with regard to cross-border distribution of collective investment undertakings (the “ Proposal”). The

Background The EU Parliament and Council issued a proposal to amend the Cross Border Distribution Regulation ( see article) in order to amend the existing Regulation (EU) 2014/1286 of the European Parliament and of the Council relating to the key information documents for packaged retail and

The deadline for transposition of Directive (EU) 2017/828 amending Directive 2007/36/EC as regards the encouragement of long term shareholder participation (the “ Shareholders Rights Directive II ”) expired on June 10, 2019. The Shareholder Rights Directive II aims to enhance shareholder

On 4 June 2019, the European Securities and Markets Authority (“ ESMA”) published updated questions and answers documents (“ Q&A”) on the application of the Alternative Investment Fund Managers Directive (“ AIFMD”) and the Undertakings for Collective Investment in Transferable Securities Directive (

On 23 May 2019, the CSSF disseminated a press release about the publication of an AML / CFT investment fund questionnaire in relation to money laundering and terrorist financing risks (“ ML/FT risk”). The purpose of this new questionnaire is to collect standardised key information on the money

On March 29 th 2019 ESMA released an updated version of Questions and Answers on the Application of Alternative Investment Fund Managers Directive. It includes two new questions in section VIII on the leverage calculation. The first question provides clarity on treatment of short-term interest rate

On March 29 th 2019, ESMA released an updated version of Questions and Answers application of the Undertakings in Collective Investments in Transferable Securities Directive (“ UCITS Q&A”). The UCITS Q&A modifies section II on the KIID for UCITS by adding additional clarifications on the benchmark

In anticipation of the United Kingdom leaving the European Union (or simply “ Brexit” as it is more commonly referred to) without an agreement in place (the so-called “ Hard Brexit” scenario), the Luxembourg legislator has taken swift action to facilitate a smooth transition for those who may be