News

News

April 2012
The article 42 bis of the updated SIF Law introduces new requirements regarding Risk Management and conflict of interest.


March 2012
On 30 March 2012, the long expected Bill 6318 on Specialised Investment Funds (the “updated SIF Law”) has been published in the Memorial with only minor amendments compared to the version tabled by the Luxembourg Government last summer.


March 2012
At the beginning of February 2012 the Austrian Ministry of Finance issued a first draft of the tax reporting ordinance, which will regulate the reporting requirements to the Oesterreichische Kontrollbank (OeKB) for domestic and the Austrian Ministry of Finance, the OeKB and representatives of the Austrian and foreign fund associations, the ordinance was finalised and will be published in the official gazette by the end of March 2012 the latest.


February 2012
On 8 February, the long-awaited proposed regulations providing guidance on the various provisions under the Foreign Account Tax Compliance Act ("FATCA"), which was enacted as part of the Hiring Incentives to Restore Employment Act of 2010, were issued. The proposed regulations provide guidance on a number of specific implementation issues relevant to the asset management industry, and it is clear that a number of comments received from the industry were incorporated into the regulations. The proposed regulations generally do not, however, delay the existing effective dates for FATCA compliance.


October 2011
On 20 October, the European Commission published its review of MiFID which consists of an amended Level 1 Directive (2004/39/EC) and of a new Regulation (MiFIR). The changes are far reaching and quite controversial in their impact. With approximately one year of negotiations for the Level 1 text within the EU Parliament and the Council and with two years' transposition (of the Directive), MiFID will probably come into play at the beginning of 2015. As for level 2 measures, they will be developed during 2013/2014.


Oktober 2011
Das Rundschreiben CSSF 11/512 sieht eine Reihe von Änderungen und Erweiterungen des Risikomanagementprozesses vor. Angesprochen sind alle Verwaltungsgesellschaften nach Kapitel 15 und selbstverwaltete SICAVs nach Teil 1 des Gesetzes vom 17. Dezember 2010 über die Organismen für gemeinsame Anlagen.


October 2011
On 13 July, the European Securities and Markets Authority (ESMA) issued its consultation paper on possible implementing measures of the AIFMD. This was followed by a further consultation paper, issued on 23 August, dealing with third country issues.


September 2011
Almost immediately after its entry into force in early 2007, the SIF Law has shown that it has met the industry’s pressing need of enabling the rapid launch of tailored products in a regulated mantel, accessible to a clearly defined range of investors.


March 2011
On 26 February 2011, the Italian Parliament approved the reform of Italian UCITS. The main changes regard the tax treatment of Italian investment funds and the tax regime of proceeds arising from foreign investment funds.


March 2011
As the business cycle turns, so the asset management industry is once more gearing up for growth. Confidence has generally returned to pre-crisis levels, as the sector’s CEOs told us when interviewed for the PwC’s 14th Annual Global CEO Survey, published in January; they were also more optimistic than their peers in other sectors.


February 2011
The European Court of Justice rendered a decision on 22 December 2010, which is likely to lead to the increased attractiveness of Luxembourg for investment banks involved in asset finance transactions1. Also, industrial and commercial players may benefit from the decision.

January 2011
The face of the custody business has changed as much as any other area of the financial services over the last 10 years and will continue to evolve rapidly.

January 2011
The latest hot topics in the Asset Management industry.
This newsletter is about FATCA compliance which turns out to be a major focus for the industry.

November 2010
The project law 5976 amending the Law dated 19 December 2002 (the commercial “Accounting Law”) in Luxembourg has been adopted by the Chambre des Députés. Among the changes, one includes the transposition of the EU requirement regarding disclosure of corporate governance information as a clearly identifiable section in annual financial report for listed companies.

November 2010
After nearly 19 months of heated and controversial debates, both at an industry and at a political level, the final text of the Alternative Investment Fund Managers Directive (“AIFMD”) has been adopted on its first reading in the European Parliament plenary session on 11 November, 2010.

October 2010
The latest hot topics in the Asset Management industry.

August 2010
On 6 August 2010, the Luxembourg Ministry of Finance submitted to Parliament a bill which transposes the European Directive 2009/65/EC of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to UCITS (this Directive being known as "UCITS IV") into domestic law.

August 2009
In February 2009, the Committee of European Securities Regulators ("CESR") was mandated by the European Commission to provide a technical advice on the content of the implementing measures concerning the UCITS IV Directive. As part of this mandate, CESR released a technical advice in October 2009, which included implementing measures for the calculation of UCITS global exposure. In this advice, CESR recommended that additional guidelines should accompany the implementing measures.

August 2010
Following first signs of recovery in the second half of 2009, investment volumes continue to increase in 2010 in the Benelux region. Private investors and German funds have dominated the Benelux markets. Investment volumes are still far from the peak in 2007. This is caused by the scarcity of income producing prime assets which is the main focus of investors and their financers in today’s market. Despite general economic recovery supported by positive first quarter results of many leading businesses, there is still significant concern on the occupier market. The gap between prime and non-prime is widening.

August 2010
Foreign investment funds distributed in Germany usually report tax information to German investors under the Investment Tax Act. Although the rules to be respected in this context are complex, it is an established route, meeting investor expectations.

May 2010
The United States of America (US) have on March 18, 2010, enacted new tax provisions which tighten the US tax reporting for the financial sector. Every financial intermediary will in principle be asked to sign a contract with the US tax authorities and to comply with certain reporting obligations. In case of non-compliance, expanded withholding tax might significantly impact the performance of investment products. US dividends, US interest and gross proceeds from the sale of US assets might be subject to 30% withholding tax. Although US tax reporting was until today a topic dealt with by banks, actors in the investment management industry need to be aware of the changes and potentially adapt their business model. In addition, changed withholding tax provisions regarding certain derivative transactions might also impact the product offering.

June 2009
In light of the current market turmoil and the Madoff affair, the CSSF published on May 27, 2009 a press release ("the Press Release") in connection with the role and responsibility of a UCITS depositary bank, and confirmed the general obligation of restitution of assets in custody.

May 2009
On April 29, 2009, the European Commission submitted a new proposal of Directive on Alternative Investment Fund Managers ("AIFM") to the European Parliament and to the Council. After lots of intense debates on the potential roles and responsibilities of hedge funds and private equity funds in the financial crisis, the enhancement of their regulatory and supervisory framework is no longer a topic for discussion but a reality.

October 2008
On 15 October, the Luxembourg Chamber of Deputies passed a set of legal provisions which amend, among other things, the Law of 15 June 2004 on investment companies in risk capital (“SICAR”). After four years of success, some changes were indeed required to meet the needs of the industry and to continue promoting the Luxembourg investment vehicle dedicated to the venture capital and private equity businesses.

September 2008
Circular CSSF 08/372 of September 5, 2008, providing “guidelines for depositaries of specialised investment funds adopting alternative investment strategies, where these funds use the services of a prime broker”.

June 2008
On June 4, 2008, the CSSF issued its long-awaited Circular 08/356 on rules applicable to Luxembourg Funds when they enter into securities lending, repurchase or “réméré” agreements.
This new Circular repeals and replaces the rules as set out in Chapter H of IML Circular 91/75.

March 2008
The introduction of UCITS III has not led to a marked increase in fund volatility over the five years from 2002 to 2006. These are the results of a European Commission study.

March 2008
Les interactions entre investisseurs institutionnels et gestionnaires alternatifs sont au centre d’une étude menée par l’Economist Intelligence Unit pour le compte de PricewaterhouseCoopers et publiée ce lundi. Basée sur les réponses de 226 investisseurs institutionnels et gérants alternatifs, elle s’inscrit dans un fort contexte de croissance pour les investissements tels que le capital risque (private equity), les fonds spéculatifs (hedge funds) ou l’immobilier (real estate).

February 2008
PricewaterhouseCoopers Luxembourg is calling for input into a pan European survey on the distribution of non-harmonised investment funds to retail investors. It is part of a study commissioned by the European Commission to evaluate the potential and perspectives of non-UCITS funds market in Europe.