First sovereign Sukuk in Luxembourg
12/12/2014
The Law of 12 July 2014 approved the issue of a sovereign Sukuk in the amount of € 200 million by a special purpose vehicle ("SPV") wholly owned by the Luxembourg State.
Archive 2014
First sovereign Sukuk in Luxembourg
COLLECTION OF STATISTICAL DATA FROM FINANCIAL COMPANIES BY THE LUXEMBOURG CENTRAL BANK
09/12/2014
Within the framework of its tasks, the "Banque centrale de Luxembourg" (the Luxembourg Central Bank) has to transmit comprehensive and reliable statistics on the balance of payments and the international investment position to the European Central Bank ("ECB").
New procedures concerning filings with the RCS
05/12/2014
As from 1 November 2014, all filings with the Trade and Companies Register (registre du commerce et des sociétés) ("RCS") must be done electronically through their website (www.rcsl.lu ). After this date, the RCS will no longer accept filings in paper form. A helpdesk comprising RCS employees will be available at the RCS premises in order to help users prepare their electronic filings. It should be noted that this helpdesk will only be accessible by appointment and that filings made through the helpdesk will in turn increase in price.
Updated ESMA Q&A on AIFMD
02/12/2014
On 30 September 2014, ESMA published an updated version of its Q&A on the application of the AIFMD.
ESMA Guidelines on AIFM reporting obligations
28/11/2014
On 8 August 2014, ESMA published the translation of the Guidelines on reporting obligations under Articles 3(3) d and 24(1), (2) and (4) of the AIFMD into the official EU languages (ESMA/2014/869) (the "Guidelines"). This publication follows the issue in November last year of ESMA's final report on these Guidelines.
Bundeskartellamt published revised guidelines on foreign-to-foreign mergers
27/11/2014
On 30 September 2014, the German Bundeskartellamt published a revised guidance paper on "Domestic Effects in Merger Control". The guidance paper aims to provide more legal certainty for concentrations between companies based outside Germany, which often raise the question as to whether German notification thresholds are triggered. The paper provides an analytical framework to assess scenarios in which domestic effects can either be clearly identified or ruled out and identifies essential criteria for the necessary case-by-case assessment of domestic effects in other cases.
UCITS V Directive
25/11/2014
The UCITS V Directive (Directive 2014/91/EU of 23 July 2014 on UCITS as regards depositary functions, remuneration policies and sanctions) ("UCITS V") was published in the Official Journal of the European Union on 28 August 2014.
GC annuled fine for Soliver in car glass cartel
21/11/2014
On 10 October 2014, the General Court ("GC") struck down the Commission decision against Soliver NV (Case T-68/09) given that it had failed to establish that Soliver had participated in a single and continuous infringement of Article 101 TFEU in the automotive glass sector. The GC therefore annulled the EUR 4,396,000 fine imposed on Soliver.
Investor protection in the event of a material change to an open-ended UCI
20/11/2014
CSSF Circular 14/591 (the "Circular") confirms the administrative practice of the CSSF in the case of a material change to investors' interests in an open-ended undertaking for collective investment ("UCI") governed by the Luxembourg Law of 17 December 2010 relating to UCIs and further clarifies the procedure and timing requirements.
Over-reliance on credit ratings Directive
18/11/2014
Directive 2013/14/EU (the "Directive") amends different pieces of EU legislations including, but not limited to, the UCITS directive and the AIFMD. According to the Directive, UCITS management companies and AIFM (including self-managed investment companies) will be required, in the context of the risk management process that they must implement, not solely or mechanically to rely on credit ratings issued by recognised credit rating agencies for assessing creditworthiness of the UCITS and/or AIF' assets.
