Investment Funds in Luxembourg

Investment Funds in Luxembourg - 2021 edition

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. 

  • ESMA updated Guidelines on stress tests for Money Market Funds
  • CSSF Press release 21/05 – Simplification of new sub-fund approval with a new questionnaire
  • CSSF Circular 21/769 – Governance and security requirements for supervised entities to perform tasks or activities through Telework
  • Law of 21 July 2021 transposing the Investment Firm Directive
  • ESMA Guidelines on outsourcing to cloud service providers
  • CSSF FAQ providing clarifications on the application of MiFID for Luxembourg Investment Fund Managers
  • CSSF FAQ – Use of Securities Financing Transactions by UCITS
  • CSSF FAQ – Submission of closing documents and financial information by managers
  • CSSF Circular 20/761 on liquidity risk arising from margin calls
  • CSSF Circular 20/752 implementing ESMA Guidelines on liquidity stress testing
  • Law of 19 December 2020 concerning prohibitions and restrictive measures in financial matters in respect of certain persons, entities and groups in the context of the combat against terrorist financing
  • Grand Ducal Regulation of 14 August 2020 providing details on certain provisions of the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended
  • CSSF Regulation 20-05 of 14 August 2020 amending CSSF Regulation No 12-02 on the fight against money laundering and terrorist financing
  • Update of Notification form in accordance with Circular CSSF 02/77
  • Commission Delegated Regulation (EU) 2021/70 amending the regulatory technical standards on settlement discipline
  • CSSF Circular 20/764 implementing ESMA’s Guidelines on performance fees
  • CSSF Circular 21/766 on the technical specifications regarding the submission of documents to the CSSF under the Prospectus Regulation and the Prospectus Law
  • Commission Delegated Regulation with regard to regulatory technical standards for the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for the calculation of summary cost indicators, the presentation and content of information on past performance and the presentation of costs by PRIIPs offering a range of options for investment (PRIIPS RTS)
  • Update of ESMA FAQs on UCITS and AIFMD (Performance fees)
  • Law of 19 December 2020 amending the Law of 17 December 2010 relating to undertakings for collective investment (Reduced subscription rate for Undertakings for Collective Investment investing a minimum portion of their assets in taxonomy-aligned activities)
  • Law of 21 July 2021 transposing the EU Directive on cross-border distribution of funds
  • ESMA’s Guidelines on marketing communications under the Regulation on cross-border distribution of funds
  • CSSF Regulation 20-10 laying down the conditions applicable to marketing foreign open-ended UCIs, other than UCITS to retail investors in Luxembourg
  • UCITS and AIFMD Delegated acts integrating sustainability risks in the management of IFMs/UCIs
  • Taxonomy RTS establishing the technical screening criteria for determining the conditions under which an economic activity qualifies as contributing substantially to climate change mitigation or climate change adaptation and for determining whether that economic activity causes no significant harm to any of the other environmental objectives
  • Taxonomy RTS specifying the content and presentation of information to be disclosed by undertakings subject to Articles 19a or 29a of Directive 2013/34/EU concerning environmentally sustainable economic activities, and specifying the methodology to comply with that disclosure obligation
  • Draft RTS pursuant to the Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR)
 

   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, AIFMs 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

   Appendix I - Understanding UCIs
   Appendix II - Key regulations and reference texts
   Appendix III - Glossary
   Appendix IV - EY investment fund services

Download the 2021 edition of "Investment Funds in Luxembourg - a technical guide"