Ernst & Young - 2009 edition of Investment Funds in Luxembourg
Luxembourg, 22 September 2009
Ernst & Young, Luxembourg has published the 2009 edition of Investment Funds in Luxembourg – A technical guide.
The 220 page publication provides 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 funds. It also covers the regulations applicable to management companies based in Luxembourg.
The 2009 edition has been updated to cover recent legislation and regulation; it also outlines current and future developments in Luxembourg and the EU.
In his introduction, Michael Ferguson, Partner and Asset Management Leader at Ernst & Young, Luxembourg highlights that the UCITS IV enhancements to the UCITS regime are an opportunity to streamline fund products, optimize the servicing platform and improve investor information.
Another key development covered in the publication, the proposed Directive on Alternative Investment Fund Managers proposed by the European Commission will regulate almost all EU managers of non-UCITS investment funds, and also impact funds, service providers and investors; the proposal has generated heated discussion, but an amended version is likely to be adopted.
Ferguson welcomes the proposed measures on central clearing of over-the-counter (OTC) derivatives, and steps towards creating a more level playing field for packaged retail investment products focusing on harmonization of investor disclosures and minimum selling requirements.
He sees cost containment as the big focus of the industry over the coming year. This will drive consolidation at all levels – product, manufacturer and service provider. The recent shift back to basics at product level, will be complemented by renewed interest in other products needed to meet pension expectations, such as absolute return products and actively managed ETFs.
Please learn more about the publication.
Posted on 22 September 2009
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