Research

Luxembourg investment fund managers: regulatory clarifications as to approval and organisation requirements

October 2018 | Laure Mersch, Marc Meyers, Max Welbes and Thibaut Partsch, Loyens & Loeff


The CSSF issued on 23 August 2018 a new circular 18/698 regarding the authorisation and organisation of Luxembourg investment fund managers (the Circular). This Circular entered into force with immediate effect and replaced and superseded the CSSF circular 12/546

The Future of Luxembourg Investment Funds in the Next Decade

June 2018 | Dr. Sebastiaan Hooghiemstra, NautaDutilh


The fund industry is permanently evolving, but incremental changes are hardly noticed. Sometimes however, industries undergo radical changes, where the process of evolution is significantly disrupted by outside technological, demographic, regulatory, and economic forces.

Luxembourg Securitisation Vehicles

May 2016 | Vassiliyan Zanev, Peter Adriaansen, Arnaud Barchman and Frank van Kuijk, Loyens Loeff


The Grand Duchy of Luxembourg (Luxembourg) has been at the forefront of the financial markets’ and the structured finance’s trends and evolutions. Over the years, it grew to become a hub for securitisation and structured finance transactions with one of the world’s safest business environment, notably as a result of its financial, political and social stability and innovative approach towards the financial sector. Issuers and investors in Luxembourg benefit from strong and stable regulatory and tax frameworks, in line with European Union directives and regulations.

Luxembourg: Championing Islamic Finance in the Eurozone

December 2015 | Vineeta Tan, Islamic Finance News


The Grand Duchy of Luxembourg has a long-standing reputation as being one of the foremost financial centres for the international community and building on its solid repertoire, enabling regulations and strong political will, also made a name for itself in the Islamic finance universe. Vineeta Tan provides an overview of the country’s Shariah finance terrain.

Shariah Compliant Asset Management: Overcoming Distribution Challenges

March 2015 | Pierre Oberlé, ALFI (Association of the Luxembourg Fund Industry)


Conventional asset management has seen impressive growth over the last few decades and funds have become a well-established financial product. However, Shariah compliant asset management remains a niche within conventional asset management. Why is Islamic asset management, Pierre Oberlé asks, still small and how can it further develop?

Luxembourg in Pole Position as AIFMD Compliance Looms

May 2014 | Olivier Sciales, Chevalier & Sciales


With little more than five months to go before alternative managers active in Europe must be fully compliant with the European Union’s Alternative Investment Fund Managers Directive, Luxembourg is perfectly positioned to accommodate fund firms, from global investment houses to specialist boutiques, eager to exploit the potential of a passport to an EU-wide market.

Structuring Islamic Microfinance Investments Through Luxembourg

October 2013 | Said Qaceme


Islamic microfinance, still a nascent industry, has the potential to help alleviate poverty in an ethical way and empower Muslim and non-Muslim micro-entrepreneurs. Said Qaceme looks at how setting up a microfinance investment vehicle may help realise this potential.

ESMA Guidelines on ETFS and other UCITS Issues

July 2013 | Joëlle Hauser, Caroline Migeot and Alfred Sawires, Clifford Chance


The European Securities and Markets Authority (ESMA)'s consolidated Guidelines on ETFs and other UCITS issues (Guidelines) entered into force on 18 February 2013. On the same day, the Commission de Surveillance du Secteur Financier (CSSF) published its Circular 13/559 incorporating the Guidelines into its supervisory practice. In addition, ESMA published Questions and Answers (Q&A) om 15 March 2013 (updated on 11 July 2013) on the practical application of the Guidelines.

Luxembourg Complex Alternative UCITS and SIFs

July 2012 | Daniel Richards, Ogier


A founder member of the European Union benefiting fully from free movement of capital and freedom of establishment within the EU, Luxembourg is also one of the largest global financial centres, benefiting from flexible and attractive legal, regulatory and tax regimes and a significant concentration of professional service providers to the financial services industry.

Luxembourg Alternative Investment Funds

June 2012 | Ogier


A founder member of the European Union benefiting fully from free movement of capital and freedom of establishment within the EU, Luxembourg is also one of the largest global financial centres, benefiting from flexible and attractive legal, regulatory and tax regimes and a significant concentration of professional service providers to the financial services industry.

Growth of Shariah Compliant Funds in Luxembourg

September 2011 | Pierre Oberlé, Association of the Luxembourg Fund Industry


Pierre Oberlé looks at the special benefits Luxembourg offers to Shariah compliant fund promoters, and reviews the latest developments in this area. Luxembourg’s strengths in conventional investment funds make Shariah compliant investment funds a natural next step. Over the past 20 years, the Grand Duchy has become the leading centre for global fund distribution and Europe’s number one fund domicile in terms of assets. It now also ranks in the top five domiciles for Islamic funds.

The Sophisticated Choice

December 2009 | Olivier Sciales & Remi Chevalier, Chevalier & Sciales


For a long time, Luxembourg hedge funds and funds of hedge funds (FoHFs) have been set up under several wrappers, namely funds submitted under part II of the law of 20 December 2002 on UCIs (the 2002 Law) and specialised investment funds (SIFs) governed by the law of 13 February 2007. As of today, hedge fund managers are considering launching UCITS platforms (especially ‘sophisticated UCITS’). As is widely known, UCITS funds are harmonised European retail fund vehicles that can be sold globally and which benefit from the European passport, enabling investment managers to easily market their funds within the EU.

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