Table of contents
1. Luxembourg investment funds 2. Current and future developments 3. Regulations applicable to UCIs 4. Investment, borrowing and valuation rules 5. Authorization, supervision, conversion and liquidation 6. Management companies 7. Administration 8. Depositary 9. Fund information and reporting 10. Expenses and taxation 11. Marketing 12. Stock exchange listing | Appendices: - Understanding UCIs
- Summary of current primary regulations
- Withholding Tax Rates Applicable to Luxembourg UCIs
- Glossary
- Ernst & Young asset management related publications
- Ernst & Young investment fund services
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"A long way to go before investment funds truly become the key savings vehicle of choice" Michael Ferguson
New in this edition − key opportunities and challenges today
Product range | - New master-feeder UCITS structures
- Cross-border mergers of UCITS
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Operating model | - Implementation of the UCITS management company passport
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Governance, operations and compliance | - Enhanced requirements of UCITS management companies, e.g., Board governance, senior management and internal control functions – compliance, risk management and internal audit
- Transparency: key investor information (KII) document phase-in
- Anti-money laundering and counter-terrorist financing obligations
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Distribution | - Notification procedure simplification for the cross-border distribution of UCITS
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Future opportunities and challenges
Product range | - Review of alternative investment fund (AIF) and UCITS product range
- Specialist funds such as private equity, venture capital, socially responsible and environmental investment funds
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Operating model | - Alternative investment fund managers (AIFMs)
- Delegation
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Governance, operations and compliance | - Codes of conduct, remuneration and conflicts of interest
- Depositary
- Risk management and valuation
- Transparency: PRIPs, disclosure to investors, reporting to regulators
- Specific requirements for exchange-traded and structured UCITS
- Over-the-counter (OTC) derivatives
- Short selling
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Distribution | - Cross-border and international marketing and distribution of EU AIFs and by EU AIFMs
- Marketing and distribution of non-EU AIFs, and by non-EU managers, into Europe
- Investor appropriateness tests (MiFID review)
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About this Technical Guide
Investment Funds in Luxembourg is a technical guide providing, in a clear and concise format, an introduction to Luxembourg as a center for investment funds, the types of funds available and a summary of the regulations applicable to the formation and operation of Luxembourg investment funds. It also covers the regulations applicable to management companies based in Luxembourg, and provisions applicable to other Luxembourg service providers.
The 2011 edition has been updated to cover recent legislation and regulation; it also outlines current and future developments in Luxembourg, the EU and internationally.
