Investment Funds in Luxembourg - 2020 edition

In Wealth and asset management

About this technical guide

Investment Funds in Luxembourg is the definitive technical guide providing an introduction to Luxembourg as a center for investment funds, the types of fund vehicles available and a summary of the regulations applicable to the setting-up and operation of Luxembourg investment funds.

 

It also covers the regulations applicable to both traditional and alternative management companies, and the provisions applicable to other Luxembourg service providers. 

List of updates

  • CSSF FAQ regarding CSSF Circular 02/77 (protection of investors in case of NAV calculation error and non-compliance with the investment rules)
  • CSSF FAQ COVID-19 FAQ (passive breaches and maximum swing factors)
  • Update of CSSF FAQ concerning the Luxembourg Law of 17 December 2010 to UCIs
  • CSSF Circular 19/733 on liquidity risk management for open-ended UCIs
  • ESMA Guidelines on liquidity stress testing in UCITS and AIFs
  • CSSF Circulars 20/734, 20/735 and 20/736 on Money Market Funds - stress tests and reporting
  • CSSF Circular 20/744 - Complement to Circular CSSF 17/650 “Application of the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended, and Grand-Ducal Regulation of 1 February 2010 providing details on certain provisions of the AML/CFT Law  to predicate tax offences”
  • CSSF Circular 19/732 on UBO identification
  • CSSF FAQ - Persons involved in AML/CFT for a Luxembourg Investment Fund or Investment Fund Manager supervised by the CSSF for AML/CFT purposes
  • Laws of 25 March 2020 implementing certain provisions of the 5th EU AML Directive
  • ABBL/ALFI Guidelines on look through and control
  • ABBL/ALFI Guidelines on financial instruments held in custody
  • ABBL/ALFI Guidelines on the new AIFM/UCITS CDRs
  • ESMA Guidelines on performance fees in UCITS and certain types of AIFs
  • ESMA Supervisory briefing on the supervision of costs in UCITS and AIFs
  • Law of 20 December 2019 implementing ATAD II
  • Law of the 1 August 2019 implementing the Shareholders Rights Directive
  • European Commission Report to the European Parliament and the Council assessing the application and the scope of the AIFMD
  • Draft Partnership Treaty between the European Union and the United Kingdom
  • Updated rules and regulations of the Luxembourg Stock Exchange 
  • Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability‐related disclosures in the financial services sector (the “SFDR”)
  • Regulation (EU) 2019/2089 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) 2016/1011 as regards EU Climate Transition Benchmarks, EU Paris-aligned Benchmarks and sustainability-related disclosures for benchmarks
  • Regulation (EU) 2020/852 of 18 June 2020 on the establishment of a framework to facilitate sustainable investment and amending Regulation (EU) 2019/2088 (the “Taxonomy Regulation”)
  • European Commission Consultation on the draft delegated acts on the integration of sustainability factors and risks in the UCITS Directive, AIFMD and MiFID II
  • European Supervisory Agencies Joint Consultation on ESG disclosures (SFDR draft RTS)
  • European Public Consultation on the revision of the Directive (EU) 2014/95 (the “Non-Financial Reporting Directive”)
  • Table of contents

    Foreword

    1. Choosing an appropriate fund vehicle and operating model

    2. UCI structures and specificities

    3. Authorization, supervision, restructuring and liquidation

    4. Investment rules

    5. Governance and liability

    6. Management of UCIs: management companies, AIFM and other Investment Fund Managers

    7. Risk management and valuation

    8. Administration

    9. Depositary

    10. Fund documentation and reporting

     

    11. Expenses and taxation: structuring and reporting

    12. Marketing

    13. Stock exchange listing

    14. Sustainable finance

     

    Appendices:

    Appendix I

    Understanding UCIs

    Appendix II

    Key regulations and reference texts

    Appendix III

    Glossary

    Appendix IV

    EY investment fund services

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