Effects of UCITS V Transposition into Luxembourg Law

June 28, 2016

The law that transposed UCITS V into Luxembourg law (UCITS V Law) entered into force on 1 June 2016. Among other matters, the UCITS V Law: (i) implements a depository regime based upon – but more stringent than – the AIFMD depositary regime; (ii) requires UCITS management companies and self-managed UCITS in the form of SICAVs to establish a remuneration policy; (iii) contemplates the imposition of sanctions and administrative measures by the Commission de Surveillance du Secteur Financier (CSSF) on certain persons and entities under the regulator’s supervision; (iv) requires all authorised Luxembourg alternative investment fund managers (AIFMs) to have an external auditor; and (v) introduces a MiFID II passport for certain Luxembourg AIFMs.

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