Developments in the Luxembourg Financial Sector

June 27, 2013

Luxembourg bill 6471 transposing the EU Alternative Investment Fund Managers Directive (the “AIFMD” into Luxembourg law is now close to being adopted by the Luxembourg parliament. The bill goes beyond the mere implementation of the AIFMD into Luxembourg law, in particular by reforming the regime of Luxembourg limited partnerships. The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (the “CSSF”), has also recently taken steps to ensure the smooth transposition of the AIFMD into Luxembourg law. In another development, Luxembourg enacted a new law on dematerialised securities on 6 April 2013. Henceforth, Luxembourg companies and Luxembourg investment funds (including SICAVs, SICAFs, SICARs and FCPs) will be able to issue equity or debt securities in dematerialised form. These developments are discussed in the following articles:

  • Luxembourg Bill Implementing the AIFMD Close to Adoption; CSSF Releases AIFM Application Forms and Signs AIFMD Cooperation Arrangements
  • Luxembourg Law of 6 April 2013 on Dematerialised Securities

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