Investments Law Blog

On 3 March 2009, the Luxembourg regulator (CSSF) has announced, in view of the establishment of the responsibilities of the various intermediaries in relation to LUXEMBOURG INVESTMENT FUND, a undertaking of collective investment subject to part I of the Law of 20 December 2002 ("Luxembourg UCITS fund") and the custodian bank UBS (LUXEMBOURG) S.A., to take the following two decisions, namely (1) to withdraw LUXEMBOURG INVESTMENT... Read More

The Luxembourg law of 15 June 2004 relating to the investment company in risk capital, as amended from time to time (and for the last time on 29 October 2008) (the “SICAR Law”) has created a Luxembourg vehicle (“SICAR”) whose principal object is investing in risk bearing capital issued by domestic and foreign companies. The main features and advantages of the SICAR Law are its legal flexibility and interesting tax treatment. This legal framework for... Read More

On 25 February 2009, the Luxembourg regulator (CSSF) (Commission de Surveillance du Secteur Financier) took the following decisions towards UBS (Luxembourg) S.A. The CSSF ordered UBS (Luxembourg) S.A.:  

to put into place the necessary infrastructure (i.e. all sufficient human and technical means and internal rules in order to carry out all the duties and tasks related to the function of custodian bank of a Luxembourg undertaking of collective investment in... Read More

On 11 February 2009, the Luxembourg regulator (CSSF) has announced, in view of the establishment of the responsibilities of the various intermediaries in relation to HERALD (LUX) and the custodian bank HSBC SECURITIES SERVICES (LUXEMBOURG) S.A., to take the following two decisions, namely (1) to withdraw HERALD (LUX) from the list on the basis of article 94 (2) of the Law of 20 December 2002 on undertakings of collective investments which... Read More

On 3 February 2009, the Luxembourg regulator (CSSF) has announced, in view of the establishment of the responsibilities of the various intermediaries in relation to Luxalpha SICAV and the custodian bank UBS (Luxembourg) S.A., to take the following two decisions, namely (1) to withdraw Luxalpha SICAV from the list on the basis of article 94 (2) of the Law of 20 December 2002 on undertakings of collective investments which provides that maintaining an entry... Read More

On 3 August 2007, the CSSF (Luxembourg regulator) issued a circular letter 07/309 (the “Circular”) containing guidelines on the principle of risk spreading as laid out in article 1 of the Law of 13th February 2007 on specialized investment funds (the “SIF Law”).
Article 1 of the SIF law provides that:
“For the purpose of this Law, specialized investment funds shall be any undertakings for collective investment situated in Luxembourg: - the exclusive... Read More

 

... Read More

This article intends to provide general guidance as to the role of a depositary in a Luxembourg investment fund (and more particular in relation to a UCITS fund (part I of the Law of 2002) in the form of a SICAV ("hereafter referred to as the "fund"), and does not purport in any manner to give any opinion on any cases set out hereunder or other cases related to the Madoff case.

The effect of the alleged Ponzi scheme in which Bernard Madoff was implicated... Read More

The Luxembourg regulator (CSSF) has on 22 December 2008 issued a press release analysing the impact of the Madoff fraud case on the Luxembourg investment funds.

The CSSF noted that the impact on Luxembourg investment funds which are directly or indirectly exposed to the Madoff case amounts to 1.9 billion Euro which represents only 0.15% of the total net assets of undertakings of collective investment as at 30 November 2008. The CSSF furthermore noted that it does... Read More