Olivier Sciales Investments Law Blog

As part of a legislative package to tackle the financial crisis, the European Commission submitted on 29 April 2009 a Directive on Alternative Investment Fund Managers (“AIFM”) to the European Parliament and to the Council. This proposal emerged rather swiftly following a general consensus across European leaders that AIFM, which managed around EUR 2 trillion in assets at the end of 2008, should be subject to closer regulatory scrutiny.

This proposed Directive marks the... Read More

Luxembourg has long been a significant domicile for private equity vehicles but the jurisdiction has emerged as a major European centre for the industry since the introduction of the Sicar, or risk capital investment company, five years ago. Now a series of changes to the rules governing Sicars that were enacted last year promises to consolidate Luxembourg’s role, even at a time when the private equity industry is battling to adapt to a much-changed economic and financial... Read More

Luxembourg is, behind the USA, the world’s second ranking financial centre for the domicile and servicing of investment funds. Since 1959, when the first fund was established, the investment fund industry hugely expanded, counting 3,395 funds in April 2009. This success originated with the authorities' encouraging attitude to foreign capital and investment, and was considerably strengthened by its prime location in the heart of Europe - close to the main markets targeted by... Read More

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