EuVECA/EuSEF: implementing regulations
18/08/2014
On 4 June 2014, two implementing regulations were published in the Official Journal of the European Union.
On 4 June 2014, two implementing regulations were published in the Official Journal of the European Union.
The CSSF, in agreement with the Banque Centrale du Luxembourg (BCL), has recently published a new circular (Circular CSSF 14/588) which modifies the data collection system for money market funds (“MMF”) and non-MMF investment funds.
In April 2014, the European Parliament finally approved the Regulation on key information documents for investment products (“PRIPS Regulation”) proposal following the agreement reached with the Council. The PRIPS Regulation will enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.
A new framework applicable to market abuse prohibition and prevention has been adopted by the European institutions. It consists of Regulation 596/2014 on market abuse (the "MAR") and of Directive 2014/57/EU on criminal sanctions for market abuse (the "Sanctions Directive")
On 11 July 2014, the CSSF published a new Circular 14/587 ("Circular") that applies to all UCITS and their depositaries.
The Luxembourg regulator (the Commission de Surveillance du Secteur Financier - CSSF) has just released a revised version of its Frequently Asked Questions (the Q&A 1 ) in respect of the law of 12 July 2013 on alternative investment funds managers (the AIFM Law) which has implemented Directive 2011/61/EU on alternative investment funds managers (the AIFMD) under Luxembourg law.
On 11 July 2014 the Luxembourg Commission for the Supervision of the Financial Sector ("CSSF") published a new Circular CSSF 14/587 (the "Circular") that applies to all UCITS and their depositaries.
The purpose of the Circular is to clarify the depositary regime provided for by the amended Law of 17 December 2010 regarding undertakings for collective investment through defining new organisational arrangements which must be put into place at the level of Luxembourg UCITS and their depositaries in relation to the duties, obligations and rights concerning the UCITS depositary function.
Die Umsetzung der europäischen Richtlinie vom 15. Februar 2011 in nationales Recht im Hinblick auf einen automatischen Austausch von Informationen.
On 12 January 2010, the Luxembourg tax authorities issued a circular laying down guidelines for the tax treatment of several Islamic financial instruments. The circular focuses mainly on the tax treatment of murabaha and sukuk but also discusses a number of other Shariah-compliant instruments, such as musharaka, mudaraba, ijara, ijara-wa-Iqtina and istisna.
