On 19 August 2019, the new Luxembourg-France Double Tax Treaty (“DTT”) came into force following finalisation of each country’s ratification procedures. The DTT will take effect from 1 January 2020 and replace the 1958 Luxembourg-France Double Tax Treaty. The DTT introduces a number of changes reflecting the amendments to the OECD Model Tax Convention following […]
On 2 September 2019, the CSSF updated the below sets of frequently asked questions (the “FAQs”) for the purposes of, adding a new question regarding obligations to be complied with in case of data transfers by a central administration or a depositary to another service provider: a. Frequently Asked Questions concerning Specialised Investment Funds (“SIFs”) under the […]
BACKGROUND AND DEFINITION On 30 July 2019, the CSSF published a new FAQ Document on swing pricing mechanisms which is applicable to all regulated funds (UCITS, UCIs part II and SIFs) (“UCI”) making use of it in Luxembourg. Swing pricing is a mechanism designed to protect long-term shareholders from dilution caused by trading costs generated by the […]
On 1 July 2019, the CSSF published Circular 19/721 (the “Circular”) regarding dematerialisation of requests to the CSSF. The Circular establishes an eDesk portal to serve as a tool of communication between the CSSF and all Luxembourg regulated funds (UCITS, Part II UCIs, SIFs, SICARs) as well as securitisation vehicles, management companies and AIFMs. The Circular obliges […]
The long-expected Directive (EU) 2019/1160 regarding cross-border distribution of collective investment funds amending the UCITS Directive and the AIFM Directive (the Directive) as well as the Regulation (EU) 201/1156 on facilitating cross-border distribution of collective investment funds and amending the EuVECA and the EuSEF Regulations (the Regulation) were published in the Official Journal of the European Union on 12 […]
As they say, the only constant is change. Malta decided to lead such change brought about by the adoption of new technologies like Blockchain and Artificial Intelligence (AI). In 2018 Malta was the first jurisdiction in the world to enact a fully-fledged regulatory framework specifically targeted at regulating DLT based innovative technology arrangements. Amongst the […]
BREXIT – CSSF 12 MONTH TRANSITIONAL PERIOD FOR UK FUNDS, AIFMS AND MANAGEMENT COMPANIES BACKGROUND In April 2019 two Luxembourg laws (the “Brexit Laws”) were published in anticipation of the United Kingdom’s exit from the European Union without any withdrawal agreement on 31st October 2019 (the “Hard Brexit“). In such an event, the United Kingdom […]
Draft Law No. 7349 was adopted by the Luxembourg Parliament on 11 July 2019 (the “Law”) and implements into domestic law certain provisions of the following regulations: Regulation (EU) N°345/2013 of the European Parliament and of the Council of 17 April 2013 on European venture capital funds (“EuVECA Regulation”); Regulation (EU) N°346/2013 of the European […]
AML CSSF CIRCULAR 19/722 | DECLARATIONS OF FATF On 1 July 2019, the CSSF published Circular 19/722 relating to recent declarations of the Financial Action Task Force (“FATF“). JURISDICTIONS WITH SUBSTANTIAL AND STRATEGIC DEFICIENCIES FATF maintained its position that the Democratic People’s Republic of Korea (DPRK) is a jurisdiction whose anti-money laundering and combating the […]
Context The Luxembourg law dated 13 January 2019 (the RBO Law) created a register of beneficial owners (registre des bénéficiaires effectifs) (the RBE), with the aim to preserve and make available information on the beneficial owners of Registered Entities (please refer to our latest newsletter) End of the transitional period The RBO Law came into […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Geraldine Schembri of EMCS Ltd. Geraldine has joined IR as our exclusive Investment Funds Member in Malta. For more than 36 years EMCS has provided valued service to organisations with a focus on assisting them to achieve their potential through the […]
In anticipation of the United Kingdom leaving the European Union (or simply “Brexit” as it is more commonly referred to) without an agreement in place (the so-called “Hard Brexit” scenario), the Luxembourg legislator has taken swift action to facilitate a smooth transition for those who may be most affected. During last week alone, it has […]