Fonds

eAlerts Récentes

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  27.09.2023

  Europe

  The European Commission launches a consultation on the implementation of SFDR

  BackgroundThe European Union’s (the EU) Sustainable Finance Disclosures Regulation (SFDR) came into force in March 2021 and has kept the industry busy (and sometimes frustrated) since then with myriad updates and guidance.This landmark regime was designed as a transparency regulation, setting detailed disclosure requirements for financial market participants,  financial advisers and financial products in relation to sustainability issues. However, the widespread market sentiment is that SFDR is not functioning as intended for many reasons.Consequently, as SFDR approaches its third anniversary,...

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  20.09.2023

  Luxembourg

  Launch of the ESMA common supervisory action on sustainability risks and disclosures in the investment fund sector in Luxembourg

  On 6 September 2023, the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) published a communication announcing that, on 29 August 2023, it contacted certain UCITS managers (UCITS Managers) and alternative investment fund managers (AIFMs, and together with UCITS Managers, the In-Scope IFMs) via email in the context of the first stage of the common supervisory action (CSA) launched by the European Securities and Markets Authority (ESMA) at the beginning of summer 2023. As a reminder, the primary objective of this CSA is to assess the compliance of In-Scope IFMs with the relevant...

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  22.08.2023

  Luxembourg

  CSSF clarifications on registration of virtual asset service providers are available!

  On 17 August 2023, the Commission de Surveillance du Secteur Financier (the « CSSF ») published frequently asked questions (the “Q&As”) on virtual asset service providers (the “VASPs”) to supplement its previous Q&As on (i) virtual assets for credit institutions and undertakings for collective investments and (ii) the fight against money laundering and terrorist financing (“AML/CTF”) for individuals/investors.The twenty Q&As are based on the current Luxembourg laws and do not take into consideration EU texts such as the regulation...

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  21.08.2023

  Europe

  European Commission publishes European Sustainability Reporting Standards (ESRS)

  On 31 July 2023, the European Commission published the first set of the European sustainability reporting standards (ESRS). This is the first big step towards the implementation of the Corporate Sustainability Reporting Directive (CSRD), which came into force in January 2023. The CSRD calls for uniform and binding EU standards for sustainability reporting to be introduced through delegated acts. Now the Commission has published the first set of cross-sector regulations and has released a  Q&A, dated 31 July 2023, with a range of background information. Sector-specific regulations...

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  17.08.2023

  Luxembourg

  CSSF Thematic Review on the implementation of sus­tai­na­bi­lity-re­la­ted provisions in the investment fund industry

  IntroductionAs sustainable finance gains momentum, regulators worldwide are placing greater emphasis on the integration of environmental, social, and governance (ESG) considerations into investment practices. In that context, the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) has taken several initiatives to verify the correct implementation of the sustainability-related requirements in the investment fund industry, including (i) on-site inspections on the integration of sustainability-related provisions in the governance of investment fund managers (IFMs) and (ii) an off-site...

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  09.08.2023

  Luxembourg, UK

  Luxembourg ratifies amendments to UK-Luxembourg tax treaty - key considerations for investors

  On 19 July 2023 Luxembourg ratified the text of the new tax treaty between the UK and Luxembourg (the Treaty). The UK ratified the Treaty last year. Changes that we addressed in our previous article will now enter into force after 1 January 2024 replacing provisions of the treaty signed in 1967.Due to the fact that the tax year in the UK is ‘shifted’ from the calendar year, certain provisions will enter into force throughout the course of 2024. More details are set out in our previous articles but investors will have to take into consideration the following changes.Residence test and...

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