Brexit: understanding the transition period

On 31 January 2020, following the formal adoption of the withdrawal agreement, the UK officially left the European Union. Now begins the transition period outlined in the Brexit deal, which provides details on how the UK’s exit will unfold. For example, it states that no UK representative can participate in any EU institution, agency or body. It further declar […]

AIFMD Report – a first step towards AIFMD 2

Although the AIFMD is still somewhat in its youth, this key asset management Directive contains a review clause that required the European Commission to start to review the application and scope of the directive in July 2017. A first important milestone in this review was reached in January 2019 when the Commission published a report exploring whether the AIFMD […]

Management companies and AIFMs: time for a health check

On 23 August 2018, the CSSF released Circular 18/698 setting out rules for the authorisation and organisation of investment fund managers. The new circular aims to define a harmonised approach to Chapter 15 management companies, as well as AIFMs, replacing Circular 12/546 which laid down the CSSF’s expectation for UCITS managers only (though served as a ben […]

Luxembourg and London: international fund management after Brexit

Luxembourg is Europe’s leading investment fund centre, and the world's largest after the USA, with more than €3 trillion in assets managed by a multitude of international fund managers. Indeed, its reputation as a respected fund hub has been carefully built and maintained over the last decades. However, even though the investment funds themselves are loca […]
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Attention audit committees! Are you set for 2017?

The law of 23 July 2016 on the audit profession and Regulation (EU) N° 537/2014 on specific requirements regarding the statutory audit of public interest entities extend the responsibilities of audit committees (“ACs”). We’ve outlined 6 steps to consider in your process of implementing the new requirements: Step 1 – Does your entity require an AC? Do […]

ESMA’s second round of AIFMD passport recommendations

In continuing its country-by-country approach to determining which non-EU countries should have access to the AIFMD passport, ESMA has published the outcome of its reviews of twelve non-EU countries that are home to Managers or Funds active in the EU market. Canada, Japan, Jersey, Guernsey, and Switzerland got the green light with ESMA seeing no obstacles to giv […]