Developments in the Luxembourg Financial Sector

September 29, 2014

The Luxembourg financial regulator, the Commission de Surveillance du Secteur Financiere, has published two circulars pertaining to UCITS. The first is aimed at protecting investors in case of material changes to UCITS; the second sets forth rules that apply to depositaries of UCITS, as well as to UCITS and their management companies in their relationships with depositaries. In another development, Luxembourg has enacted a new law on the “immobilisation” of shares/units issued in bearer form by a Luxembourg entity, which will have to be deposited with a professional depositary appointed by the board of directors. These developments are discussed together with a Luxembourg AIFM update.

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