As a reminder, Regulation (EU) 2019/1156 (the “Regulation”) and Directive (EU) 2019/1160 (the “Directive” and together the “Cross-Border Marketing and Distribution Rules”) introduced new rules concerning the cross-border marketing and distribution of investment funds within the EU and amended the Regulations (EU) 345/2013, (EU) 346/2013 and (EU) 1286/2014, respectively Directives 2009/65/EC and 2011/61/EU.
Each Member State should transpose the Directive before 2 August 2021, date on which the Cross-Border Marketing and Distribution Rules will become applicable.
In this context, the Luxembourg parliament voted and adopted the bill of law which was thereafter proclaimed on 21 July 2021 as the law on the transposition of the Directive (the “Luxembourg Transposition Law”) amending:
the Law of 17 December 2010 (coordinated version) relating to undertakings for collective investment (“UCITS Law”);
and the Law of 12 July 2013 (coordinated version) on alternative investment fund managers (“AIFM Law”).
This law “Loi du 21 juillet 2021” will be effective as of 2 August 2021.
All details and reports on the legislative process are available on the chamber of deputies’ website.
Please refer to our previous eAlert, released on 22 June 2021, for further information on the content of the new Cross-Border Marketing and Distribution Rules.
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Aurélien Hollard - Luxembourg - Partner | Avocat à la Cour
Benjamin Bada - Luxembourg - Partner | Avocat à la Cour
Sergiu Mihailescu - Luxembourg - Senior Paralegal