Over the past few years, the investment industry has faced waves of regulatory change. These waves hit not only investment funds, but also asset managers and other service providers. High-quality legal services have become a crucial tool enabling industry players to get through the major changes impacting their business development, strategy and organization as a whole.
The Investment Management practice of Arendt & Medernach is your one-stop place for expert advice combining pragmatism and a unique in-depth knowledge of the Luxembourg market.
With the largest market share in Luxembourg, our clients encompass all kinds of managers, from small start-ups to boutiques and the largest asset managers. This diversity allows us to work on the broadest range of funds (UCITS or Alternative Investment Funds), strategies (from the plain vanilla stock picking strategy to the most sophisticated strategies using complex instruments) and assets (from money market instruments and stocks to exotic assets such as carbon assets, vessels, art, royalties, etc.).
Our expertise derives also from our strong and long-term relationship with the Commission de Surveillance du Secteur Financier (CSSF), gained through daily contact and participation in strategic committees and working groups. Our active involvement in the Association of the Luxembourg Fund Industry (ALFI), allows us to serve as the voice of our clients and to make sure their concerns are adequately addressed.
With a very wide range of lawyers in the investment funds practice and representative offices in leading financial centers (London, New-York, Dubai, Hong-Kong and Moscow), we are therefore ready to assist you no matter how innovative or complex your project is.
Our investment management lawyers will assist you in every step of your project, working with you to find the structure that will meet your regulatory, strategic, marketing and operational constraints best. We will also, with the help of our tax department, guide you in structuring your fund in the most efficient way.
We will be by your side during the entire lifetime of your fund, helping you to implement your new strategies or to use new assets in light of the regulatory constraints, supporting you as you negotiate the regulatory wave and making sure you are appropriately alerted each time the new regulation impacts your fund or business model. We will also be there to advise you whenever extraordinary events occur or to simply back you up in the day-to-day life of the fund.
Pragmatism is a key quality for our investment management experts.
With more changes to come, it is important you rely on specialists who understand your ideas, views, objectives and issues.
Our Investment Management team also works closely with Arendt Regulatory & Consulting S.A. which offers regulatory advice and consultancy services.
They provide professionals in the fund industry and asset managers with a practical approach in terms of compliance, fund distribution, Business & Operations and governance.
This complementary approach is unique in Luxembourg. Together we offer legal advice combined with true operational benefits and efficient regulatory solutions.
Industry participants are questioning the motivation behind and benefits of Hong Kong's new agreement with Switzerland on mutual recognition of funds.
Intervention of our Partner and Head of Hong Kong office, Stéphane Karolczuk, in this article firstly published by The Asian Investor.
Notre associé Gilles Dusemon évoque dans cet article la tension entre le monde de l'art et celui des finances.
Luxembourg/Dubai, 18 November 2016 - First-time entrant, Arendt & Medernach scooped the Law Firm of the Year award at the 2016 Euromoney’s Global Investor MENA Awards ceremony, which was held at the Atlantis Hotel in Dubai on 26 October 2016.The Law Firm of the Year award celebrates the success of Arendt & Medernach and its significant contribution to the financial services and asset management industries. The firm is the only independent Luxembourg law firm with an office focusing on the MENA region.
Please click on the links below to have a look at the full press release, in English or in French, and download a picture.
What you need to know about the Company law reform and its opportunities for investment funds in a 2 minutes video.
WATCH THE VIDEO
In the new edition of PaperJam devoted to Investment Funds, discover why ALFI (Association of the Luxembourg Fund Industry) was created in 1988 and how its successive chairmen have worked towards the structuration and globalisation of the investment fund industry in Luxembourg.Claude Kremer, our Partner, was ALFI's president from 2007 to 2011 at the time of the economic crisis. According to him, "funds did not cause the crisis, but initially many investors didn't make a distinction, putting the blame at the door of the whole financial sector. We had to show that funds are a different type of product.Click on the link below to read the article.
For the compilation of a selection of EU legislation relating to undertakings for the collective investment of transferable securities, please consult our UCITS toolbox.
With the objective of achieving supervisory convergence across Member States, increased cooperation and exchange of information among EU and local regulators will constitute the new rules of the game, in parallel to the enhanced sanctions regime foreseen by all new regulation (UCITS V, MiFID II or MAR, PRIIPS or SFTR).
In the rapidly shifting, legal, regulatory and fiscal environments affecting the international investment funds industry, providing a stable and reliable structuring framework while keeping up with the pace of innovation is a delicate balancing act.
In order to achieve this, Luxembourg has readily embraced the paradigm shift towards ever-more harmonised regulation in the alternative investment funds industry, precipitated by the G20 in the aftermath of the 2008 financial crisis.
Shortly before the end of 2015, a bill of law was tabled to the Luxembourg Conseil d’État with the aim to introduce into Luxembourg law a new investment fund framework combining the strengths of the SIF and SICAR regimes with the flexibility of the modernised limited partnership forms under a new acronym: the RAIF (the “reserved alternative investment fund” regime) or FIAR (fonds d’investissement alternatif réservé). The availability of the RAIF will be reserved for authorised AIFMs, which may be based in Luxembourg, any other EU Member State or, if and when the AIFM management passport is introduced, for third country AIFMs.
Read more about this new regime with our head of London office and partner in Private Equity & Real Estate Camille Bourke and our Senior Associate in Investment Management Jérôme Lasserre, in the article they wrote in the AIMA journal (Alternative Investment Management Association).
Full article below.
Our head of Dubai office Bishr Shiblaq and our Investment Management partner Claude Niedner and Private Equity & real Estate partner Gilles Dusemon discuss the modernisation of the Luxembourg fund structuring toolbox in this article published in MENA Fund Magazine Manager about RAIF, the reserved alternative investment fund regime.
Luxembourg is Europe’s most important cross-border investment funds domicile, both for retail (i.e. Ucits), as well as for AIF. In terms of distribution capabilities, there exists no other investment funds domicile with the same truly global reach and worldwide recognition from both investors and managers.The success of Luxembourg’s investment funds industry is built upon its connectivity potential with managers and investors from around the world and the stability thereof. Investment funds require a solid, yet flexible, legal, regulatory and fiscal framework, which allows them to make long-term projections. The Luxembourg model has traditionally been based on sound regulation at product level. The AIFMD then introduced a manager regulation with certain product regulation features.
Read the full article below.
Le projet de loi sur les fonds d'investissement alternatif réservé (FIAR / RAIF) est très attendu.
D'ici le mois de juin, la Chambre doit voter la loi créant un nouveau type de fond : le fonds d'investissement alternatif réservé (FIAR ou RAIF en anglais). Avec ce nouvel outil, la place financière espère prendre une avance sur ses concurrents dans les fonds alternatifs. Car le FIAR serait le premier produit à utiliser à utiliser complètement le changement de philosophie de la régulation européenne.
Nos partners Claude Niedner et Gilles Dusemon expliquent en quoi ces fonds alternatifs sont en passe de connaître une évolution majeure en Europe.
Luxembourg and China have developed a long-lasting and significant business relationship. Established diplomatic protocols extend back over 40 years and we are observing increasingly close business ties between the two countries.China is expanding outwards, with eyes decidedly turned towards Europe. The attractiveness of the financial sector and legal environment of the Grand Duchy has encouraged Chinese companies and entrepreneurs to establish their European domiciles, headquarters and/or investment structures in Luxembourg where they benefit from a business friendly environment, familiarity with Chinese business as well as the EU passport. This has also contributed to Luxembourg becoming one of the largest RMB centres outside China. In this context, Arendt & Medernach decided to open an office in Hong Kong in 2009.In this fifth edition of the Arendter, we will hear from the people who represent Luxembourg and its benefits for China as well as the economic actors from both countries who are working to develop their businesses. We will also keep you updated with expert legal advice on new Chinese investment opportunities.We hope you will enjoy reading our new issue.
The sixth Arendt Financial Law Forum takes place in Luxembourg today on Wednesday 27 April, 2016.This conference is unique in Luxembourg in that it takes place over one full day, features the most renowned international specialists in their domains and provides an opportunity to address various legal aspects of the financial sector in depth, from the point of view of various areas of law.This year, we will be focusing on a number of challenging issues: 1) wealthy families operating globally require advice in order to structure their assets in a tax compliant manner, 2) UCITS V imposes heavy duties on depositaries and 3) US authorities impose record fines on European companies which often seem ill-prepared when confronted with the US system. Case law provides legal certainty on many issues but not unfrequently creates new challenges for the legal profession, we will analyse the most recent trends in this area.These key topics will be addressed by expert guest speakers from the banking, fund and asset management sectors at an international level who will share their views with our senior legal experts in financial matters in what is expected to be a lively debate.These expert guest speakers who come in particular from the United States, Great Britain and Switzerland will take the time to broach each question raised.This event also represents an opportunity for Arendt & Medernach to renew its continual support for charitable associations by pledging to them the full amount of the registration fees. The Fondation Kriibskrank Kanner and the association Pour un Sourire d’Enfant can count on our renewed support every year.
Should you want more information about this event, do not hesitate to contact our events team.
Please click below to have a look at the detailed programme.
Today, the Luxembourg Parliament (Chambre des Députés) adopted bill of law no. 6845 implementing Directive 2014/91/EU of 23 July 2014 on UCITS as regards depositary functions, remuneration policies and sanctions (“UCITS V Directive”) by way of amending the Luxembourg law of 17 December 2010 on undertakings for collective investment (the “UCI Law”).The adopted bill of law is merely a transcription of the UCITS V Directive into the UCI Law, implementing the new depositary and sanctions regime and the requirement to establish remuneration policies. In one respect the newly adopted law goes beyond the implementation of the UCITS V Directive, as it subjects a UCI established in Luxembourg and governed by Part II of the UCI Law to the new and more stringent depositary regime for UCITS (independent of its assets under management). Previously, so-called Part II funds were subject to the depositary regime of the Luxembourg law of 12 July 2013 on alternative investment fund managers (the “AIFM Law”) or of CSSF Circular 91/75, depending on whether the UCI’s assets under management fell above or below the thresholds provided by the AIFM Law. The fund industry will certainly need further guidance as to the transposition timeline as well as further clarification as to the scope of the extension of the UCITS V depositary regime to Part II funds.The adopted bill of law also amends the AIFM Law in requiring alternative investment fund managers to have their accounting documents audited by an independent auditor and in providing some clarification on the provision of non-core services.Today’s adoption of bill of law no. 6845 is an important step towards the implementation of the UCITS V Directive in Luxembourg. Provided that the Council of State (Conseil d’Etat) refrains from its second vote, the amended UCI Law may, after its promulgation by the Grand Duke, be published in the Mémorial, the Luxembourg official journal, and will enter into force on the first day of the month following its publication.
On 6 April 2016 ESMA published a second discussion paper on UCITS share classes. The discussion paper builds on the feedback received in relation to ESMA’s first discussion paper on this issue which was published in December 2014.
On 24 March 2016, the European Commission Delegated Regulation EU 2016/438 (the “Delegated Regulation”) supplementing the UCITS V Directive with regard to obligations of depositaries was published in the Official Journal of the European Union. The long-awaited so-called level 2 measures for Directive 2014/91/EU of 23 July 2014 as regards depositary functions, remuneration policies and sanctions (“Directive UCITS V”) provide for the following:
On 24 March 2016, the European Commission Delegated Regulation EU 2016/438 supplementing the UCITS V Directive with regard to obligations of depositaries was published in the Official Journal of the European Union. The Delegated Regulation will apply from 13 October 2016.We will provide you with an overview of the level 2 measures as soon as possible. To consult the text, please click here.
We remain at your disposal for further questions.
For the fourth year in a row, Arendt & Medernach has been named “Best Advisory Firm” at the 2016 MENA Fund Manager Fund Services Awards which was held in Dubai on 26 January 2016. Arendt & Medernach was successively recognized in the category Compliance & Regulation and then three times in the UCITS category. "These awards reflect Arendt & Medernach’s overall track record, advising a third of all Luxembourg investment funds with managers in Europe, Asia, North America and the MENA region" notices Claude Kremer, Head of Investment Management. Florence Stainier, Partner responsible for the MENA Region states "Arendt & Medernach advised the first Luxembourg UCITS’ set-up by UAE initiators and has since grown to become the leading law firm advising MENA-based fund managers on their Luxembourg funds and UCITS. This award is an expression of our clients’ appreciation for the continued support provided to them." The MENA Fund Manager Fund Services Awards reward service providers who have shaped the fund industry in the Middle East and North Africa (MENA) and recognise firms which outperformed their peer group in 2015. Organised by the publication MENA Fund Manager, the prize was awarded for the fourth time. The judging panel was made up of experts active in the fund industry.
Discover our brochure "the alternative investment fund managers law - a complete guide to the essential aspects"Table of contents of the AIFM Law brochure: > Why regulate Alternative Investment Fund Managers? > When does the AIFM regime apply? > Who will be subject to the AIFM regime? > What does the AIFM Law regulate? - Authorisation of AIFMs - Operating conditions - Valuation - Delegation of AIFM functions - Depositary - Transparency obligations - Remuneration - Reporting - Marketing - Tax aspects
To download the brochure, please click below:
Arendt & Medernach assisted Industrial and Commercial Bank of China (Europe) S.A. (“ICBC (Europe)”) regarding the process leading to the approval of the creation of the ICBC Credit Suisse S&P China 500 Index Fund within ICBC (Europe)’s proprietary UCITS SICAV umbrella.
This milestone product is the first UCITS product to access the Chinese equity market via the Renminbi Qualified Foreign Institutional Investor (“RQFII”) quota allocated to Luxembourg in April. Furthermore, it is the first approved product making use of the intra-group delegation model, available to the RQFII holder, ICBC (Europe), for a portfolio managed by ICBC Credit Suisse Asset Management International (Hong Kong) (“ICBC Credit Suisse International”).
“We are proud to have partnered with both ICBC (Europe) and ICBC Credit Suisse International to obtain the approval of this innovative UCITS product in such a record time frame. We anticipate that this will be the first of a long series of RQFII UCITS products made in Luxembourg using this delegation model,” said Michèle Eisenhuth, Partner in the Investment Management group of the firm.
“This new index fund will provide investors with a broad access to the PRC A Shares and international markets and we are glad that ICBC (Europe) and ICBC Credit Suisse International choose to set it up in ICBC (Europe)’s Luxembourg UCITS platform, which evidences also the compatibility of UCITS with the most advanced PRC strategies with an exceptional time to market” said Stéphane Karolczuk, Head of the Hong Kong office of the firm.
The CSSF published yesterday Circular 15/627 issuing guidance concerning a “new monthly reporting to the CSSF – U 1.1 reporting”.
The CSSF has published regulation N° 15-03 outlining the modalities of application of Article 46 of the AIFM Law concerning the marketing of foreign AIFs to retail investors in Luxembourg
Luxembourg is one of the biggest EU centres for banking, investment and finance activities, and a well-structured and regulated portal into the EU.Should you wish to know more, please click on the link below:
Luxembourg has built its financial centre on providing excellence in cross-border financial services. It is an expertise the country has developed over many decades and across the various sectors of its financial industry.LFF asked 3 experts including Stéphane Karolczuk, Head of our Hong Kong office, to give his insights into what makes Luxembourg’s cross-border expertise so unique. To read the full article, please click on the link below
We have produced two electronic publications compiling the Luxembourg laws and regulations on investment funds. Our aim is to update these compilations on a regular basis. We remain at your disposal should you have any question.
The first electronic publication covers undertakings for collective investment in transferable securities (UCITS) established under Luxembourg law and contains the amended Law of 17 December 2010 on undertakings for collective investment as well as the main related regulatory texts. Click on the following links to download:
The second electronic publication covers alternative investment funds (AIFs) established under Luxembourg law as well as other investment vehicles which are not UCITS and which may not qualify as AIFs. It contains the amended Law of 12 July 2013 on alternative investment fund managers (AIFMs), the amended Law of 17 December 2010 on undertakings for collective investment (UCIs), the amended Law of 13 February 2007 on specialised investment funds (SIFs) and the amended Law of 15 June 2004 on the investment company in risk capital (SICAR). These laws are supplemented by the main related regulatory texts. Click on the following links to download:
The Commission de Surveillance du Secteur Financier (“CSSF”) has published a revised version of its frequently asked questions document, version 9 of 10 August 2015 (“CSSF FAQ”), which includes guidance on reverse solicitation and marketing.Should you wish to read the full newsflash, please click on the link below:
Directive 2014/91/EU of 23 July 2014 on UCITS as regards depositary functions, remuneration policies and sanctions (“UCITS V Directive”) must be implemented by 18 March 2016. The UCITS V Directive clarifies the functions and liabilities of UCITS depositaries, provides the parameters for remuneration policies for UCITS management companies in order to limit excessive risk taking, and harmonises minimum administrative sanctions in respect of breaches of national provisions.
To read the full newsflash, please click on the link below.
Fund managers in Hong Kong must stay vigilant about future competition as the cross-border Mutual Recognition of Funds deal cannot be expected to remain exclusive forever. Oswald Chan, from China Daily, reports and gives the floor to Stéphane Karolczuk, Head of our Hong Kong Office.
To read the full article, please click here.
For Claude Kremer investment funds are the ideal tools to bolster long-term investment and meet the challenges posed by Europe’s ballooning pensions commitments.“Luxembourg not only has various forms of investment funds, but also the infrastructure required to enable their management, their administration and their international distribution. We are ready and this is the right time to act”, he declares.To read the full article written by Flydoscope, please click on the links below:
On 4 May 2015, the Saudi Capital Market Authority (“CMA”) issued “Rules for Qualified Foreign Financial Institutions Investment in Listed Shares” (the “QFI Rules”) which provide for a selective opening of the Saudi stock market. From 15 June, the Saudi stock market will therefore allow Qualified Foreign Investors (“QFIs”) to access the Saudi stock market (“Tadawul”). Should you wish to read the full newsflash, please click on the link below.
On April 20th 2015, the Council adopted its position at first reading on the revised directive on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “4th AML Directive” or “Directive”), which repeals Directive 2005/60/EC of the European Parliament and of the Council (the “3rd AML Directive”) and Commission Directive 2006/70/EC. The decision will enable the European Parliament, with which a political agreement was reached on December 16th 2014, to adopt the final version of the text at a forthcoming plenary session. Member States will then have two years to implement the 4th AML Directive into national law. On April 20th 2015, the Council has also adopted its position at first reading of a regulation which will revise Regulation (EC) No 1781/2006 on information on the payer accompanying transfers of funds. This regulation is also still subject to adoption by the European Parliament.
Stéphane Karolczuk in Funds Global Asia Spring 2015: Foreign investors allowed to purchase China A-shares on the Shanghai Stock Exchange directly, using a broker based in Hong Kong. Should you wish to read the full article, please click on the link below
The CSSF has extended the transition deadline for CSSF Circular 14/587 applicable to Luxembourg credit institutions acting as depositaries for UCITS (“CSSF Circular 14/587”) by way of its Circular 15/608 published yesterday on 23 March 2015. According to this latest development, Luxembourg credit institutions acting as depositaries for UCITS must align their operational set-ups and network agreements with CSSF Circular 14/587 by 18 March 2016 at the latest. As you may remember, the end of the previous transition period for CSSF Circular 14/587 was set for 31 December 2015 (see our newsflash of 16 July 2014). The CSSF deemed this extension of the transition period necessary in view of the Commission’s delay in publishing the level 2 measures for Directive 2014/91/EU amending Directive 2009/65/EC relating to UCITS as regards depositary functions (commonly referred to as “UCITS V Directive”) thus granting Luxembourg credit institutions acting as depositaries for UCITS the full transition period provided for by UCITS V Directive and the maximum time period available to adapt their operational set-ups and network agreements to the Commission’s level 2 measures. According to current information, the Commission’s level 2 measures for the UCITS V Directive, which were previously expected to be formally adopted in April, will apparently not be ready before the third or even fourth quarter of 2015. While awaiting the outcome, the CSSF has announced that it will be reviewing CSSF Circular 14/587 in due time with a view to adapting certain aspects to Directive UCITS V and the level 2 measures.
On 11 March 2015, the EU Parliament published a document containing the provisional version of the Regulation on European Long-Term Investment Funds (ELTIFs Regulation) which it adopted at its plenary session on 10 March 2015. The ELTIFs Regulation must now be officially endorsed by the Council of the EU. The Regulation will enter into force 20 days after its publication in the Official Journal of the EU and should become applicable six months after its entry into force. We will provide you with an overview of the ELTIFs Regulation after its formal adoption by the Council. To consult the provisional version of the text, please click on the link below.
When you think of Luxembourg, the first idea that comes to mind is perhaps the monarchy, the Grand Ducal Family or the importance of the financial sector. However, our country is marked by a strong and continually developing entrepreneurial spirit.
In this third issue, we will explore this spirit which is an advantage and a real vector of development. Discover Luxembourg’s key advantages for companies considering locating their business here, in order to establish an international basis, as well as examples of diverse successful companies and insight into Luxembourg’s legal regime for enterprises.
Furthermore, we will continue to share updates and our vision in relation to topics which make news in the legal, corporate and economic fields.
We hope you will enjoy reading this new issue!
- PRIVATE WEALTH
Private foundations: meeting the wealth management needs of tomorrow
- EUROPEAN LONG-TERM INVESTMENT FUNDS REGULATION
A new product added to the Luxembourg fund structuring toolbox
- PRIVATE EQUITY
The Luxembourg Limited Partnership: A quantum leap
- COVER STORY
Luxembourg: empowering entrepreneurs
Luxembourg law experts at your door in London
- ARENDT SERVICES
Tax Compliance cannot be improvised
- ARENDT REGULATORY SOLUTIONS
A unique business consulting model in Luxembourg
- ARENDT INSTITUTE
- MEET ARENDT
Meet Arendt around the world in the coming months
Provisions applicable to credit institutions acting as UCITS depositary subject to Part I of the law of the 17 December 2010 relating to undertakings for collective investment and to all UCITS, where appropriate, represented by their management company.
Florence Stainier and Bishr Shiblaq discuss the reasons for Luxembourg's growing popularity in the below article. "Luxembourg offers vehicles and finance products that can be used to address the specific needs of investors" they said. Read the full article by clicking on the document attached
Arendt & Medernach has been named “Best Advisory Firm” for the third year running, with its second success in the UCITS category, at the 2015 MENA Fund Manager Fund Services Awards which was held in Dubai on 27 January 2015. The MENA Fund Manager Awards reward service providers who have shaped the fund industry in the Middle East and North Africa (MENA) region and recognise firms which outperformed their peer group in 2014. Run by the publication MENA Fund Manager, the prize was awarded for the third time this year. The judging panel was made up of experts active in the industry. Read the full press release in the document attached,
2014 was a busy year, not least in respect of legal and regulatory changes that may impact your business. We are pleased to provide you with an overview of the major legal and regulatory developments under Luxembourg and EU law. This short flashback will enable you to keep track of the main legal trends which marked 2014 and those which we reasonably anticipate will arise in the near future. To read the full document, please click below.
The Commission de Surveillance du Secteur Financier (CSSF) has yesterday published an updated version of its FAQ on the AIFMD which provides guidance on the notifications under Articles 25 and 37 of the Law of 12 July 2013 (AIFM Law) as well as a precision on reporting obligations. Read the full newsflash by clicking on the link below.
Luxembourg, 17 December 2014 – 6 Arendt Partners (Gilles Dusemon, Michèle Eisenhuth, Claude Kremer, Isabelle Lebbe, Yves Lacroix and Claude Niedner) have been identified as leading lawyers in the field of private funds by International Who’s Who Legal. Claude Kremer has been recognised as one of the worldwide Top 15 Most Highly Regarded Individuals in this field and is in the Top 5 outside New York and London.
The International Who’s Who Legal Private Funds 2015 is a publication of Who’s Who Legal which identifies law firms and practitioners who stand out on an international level on the basis of votes from clients, in-house counsel and peers.
The research conducted by Who’s Who Legal has revealed 459 experts in 45 jurisdictions who can truly be considered leaders in their fields.
Read the full press release below.
Arendt & Medernach’s teams in Luxembourg and Hong Kong have advised ICBC (Europe) S.A. throughout the process leading up to the approval by the Luxembourg regulator (the “CSSF”) of their first Luxembourg R-QFII UCITS. It is the first time a Chinese bank has tapped the European investment fund industry by setting up a proprietary UCITS structure, which will help the group to position itself on Europe’s private banking and asset management markets. For Michèle Eisenhuth, Investment Fund Partner at Arendt, “the setting up of a UCITS platform enables asset managers to seize the full potential and capabilities of Luxembourg in order to bridge the European and Chinese markets. The choice of Luxembourg for such a UCITS platform shows that Asian actors are actively using Luxembourg to access the European markets”. According to Stephane Karolczuk, Head of Arendt’s Hong Kong Office: “this will pave the way for the asset management arms of a number of Chinese and Asian banks willing to offer China-centric fund products on the European market. Luxembourg is the European hub for these activities with its top positions in essential sectors such as RMB funds using QFII, R-QFII as well as the Stock Connect between Hong Kong and Shanghai. We are looking forward to receiving shortly our own Luxembourg R-QFII quota to further develop the scope of services and products available in Luxembourg in the RMB sphere”.
More than one year after the transposition of the AIFM Directive, Luxembourg wants to improve its position as a leading alternative investment funds platform.
The stakes are high, indeed it also includes a potential impact on demand for employment.
Our partner, Claude Niedner, has been interviewed by the Paperjam to give his view on this key topic.
Read the full article by cliking on the link below (French article).
There has been furious activity as the European alternative investment fund industry adapts to regulation.
However, there is a way to go before the EU Alternative Investment Fund Managers Directive rules can become a global standard.
Our partner, Claude Niedner, has been interviewed by the Delano about this key topic.
Read the full article by clicking on the link below
Arendt & Medernach is delighted to inform you that, further to discussions with the Luxembourg Commission de Surveillance du Secteur Financier (the “CSSF”), we have obtained the confirmation that the CSSF has no objections to UCITS investing in China A-Shares using the Hong Kong – Shanghai Stock Connect platform. Specific conditions will however apply for each applicant and approvals will be granted on a case-by-case basis. This important development means that, as of today, UCITS managers may consider taking a direct exposure to China A-Shares in three different manners, each subject to conditions and the prior approval of the CSSF, i.e. the qualified foreign institutional investor scheme (“QFII”), the RMB qualified foreign institutional investor scheme (“R-QFII”) and now Stock Connect. Details regarding the conditions and requirements to make use of Stock Connect in a UCITS environment will be communicated separately.
Claude Kremer, one of the founding partners of Arendt & Medernach, was elected to the Board of Directors of the International Investment Funds Association (IIFA) at their annual meeting in Canberra on 21 October 2014.
Claude has dedicated his professional life to investment funds and is one of the top specialists in the European fund industry. In 2005, he was a member of the EU Commission expert group on market efficiency for the asset management sector. Claude is also a member of several advisory committees to the Commission for the Supervision of the Luxembourg Financial Sector (CSSF). In addition, he is a Board member of the Association of the Luxembourg Fund Industry (ALFI), which he chaired between May 2007 and June 2011. He was then elected Chairman of the European Fund and Asset Management Association (EFAMA) from June 2011 to June 2013.
Read more about the IIFA and Claude Kremer in the press release attached below.
We are happy to announce that Claude Kremer, one of the founding partners of Arendt & Medernach, was elected to the Board of Directors of the International Investment Funds Association (IIFA) at their annual meeting in Canberra on 21 October 2014. Claude has dedicated his professional life to investment funds and is one of the top specialists in the European fund industry. In 2005, he was a member of the EU Commission expert group on market efficiency for the asset management sector. Claude is also a member of several advisory committees to the Commission for the Supervision of the Luxembourg Financial Sector (CSSF). In addition, he is a Board member of the Association of the Luxembourg Fund Industry (ALFI), which he chaired between May 2007 and June 2011. He was then elected Chairman of the European Fund and Asset Management Association (EFAMA) from June 2011 to June 2013. For more information, read the full newsflash attached below
Luxembourg for mainland banks:
Stéphane Karolczuk, Head of Arendt & Medernach Hong Kong office and Nicolas Mackel, chief executive of Luxembourg for Finance, share their views in the South China morning post.
La suspicion publique qui entoure toujourd le secteur des services financiers pourrait conduire les autorités européennes à sacrifier le développement d'un instrument d'épargne qui a fait ses preuves: le fonds d'investissement.
En effet, les discussions réglementaires actuelles concernant MiFID et UCITS pourraient décourager les intermédiaires et réduire considérablement l'offre disponible pour les épargants.
Découvrez quel serait l'impact des nouvelles règles, Comment nous en sommes-nous arrivés là et l'intérêt de l'épargant dans ce nouvel article de Claude Kremer paru dans le supplément spécial Economie & Finance du Wort.
wir freuen uns, Ihnen die Herausgabe des Werkes “Investmentrecht – Handbuch zum Investmentrecht in Deutschland, Österreich, Schweiz, Luxemburg und Liechtenstein” mitteilen zu können, welches vor Kurzem im C.H. Beck Verlag erschienen ist. An diesem haben die bei Arendt & Medernach tätigen Rechtsanwälte Adrian Aldinger (Senior Associate) und Dr. Marcel Bartnik (Counsel) mitgearbeitet. Das Handbuch beinhaltet die neuesten Entwicklungen auf dem Spezialgebiet der Investmentfonds und könnte dadurch für Sie von Interesse sein.
Diese Neuerscheinung liefert eine grundlegende und vergleichende Darstellung des Kapitalanlagerechts in Form von Länderberichten zu den jeweiligen Rechtsordnungen und bietet zusätzlich eine Sammlung der wichtigsten Gesetzestexte der vorgenannten Länder in deutscher Sprache. Dadurch können beispielsweise die Rechtsgrundlagen für Fonds verschiedener Asset-Klassen einfach miteinander verglichen werden.
Darüber hinaus ist jeweils ein Fragenkatalog pro Rechtsordnung enthalten, in welchem führende Praktiker zu wichtigen Kernfragen hinsichtlich neuer regulatorischer Anforderungen, der optimalen Fondsstruktur für die jeweilige Investmentstrategie/ Asset-Klasse oder der Anforderungen der einzelnen Jurisdiktionen hinsichtlich der Fondsvehikel Stellung nehmen.
Das Buch kann über folgenden Link bestellt werden: www.beck-shop.de/ztuuo
Gerne können Sie sich bei Fragen bezüglich des Buches oder auch bei generellen Anliegen, die das Recht der Investmentfonds betreffen, an uns wenden.
We were very pleased to see the interest generated by the first edition of our magazine “the arendter”. Your enthusiastic feedback has encouraged us in our will to share updates and knowledge on legislative, regulatory, and economic topics.
As we outlined in our first edition, we will continue highlighting news on those sectors contributing to the balanced economic development of our country. Luxembourg has a great industrial tradition, so this time we will focus on the automotive industry which is well established in Luxembourg in both manufacturing
and assembly. It also showcases Luxembourg’s key advantages for multinational companies considering locating their business here. We hope you enjoy reading this new edition!
- PRIVATE WEALTH
Private foundations: meeting the wealth management needs of tomorrow
MiFID II: a step toward a more transparent and responsible financial system?
- COVER STORY
Luxembourg: in the driver’s seat
Dubai: creating a bridge between Luxembourg and the Middle East
New exhibition: “Vanités”, proposed by Valérie Belin
Customised to meet your needs
Cross-border AIF distribution: making a success of the passport
- MEET ARENDT
Meet Arendt around the world in the coming months
After the publication of the new CSSF Circular 14/587 on UCITS depositaries last week, it is now the European legislator’s turn to adopt new rules on UCITS depositaries. Indeed, the Council of the European Union has formally approved today the proposal for a directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to UCITS as regards depositary functions, remuneration policies and sanctions (the UCITS V Directive). The UCITS V Directive reflects lessons learned from a number of failures in the UCITS market which led to losses of assets by UCITS investors and aims at re-establishing investor confidence. As the AIFM Directive already aims at mitigating the negative consequences of such failures for investors of alternative investment funds, it became necessary to align both regimes and apply such protective rules to retail investors as quickly as possible. The new framework aims at strengthening the protection of UCITS investors vis-à-vis the depositaries and the managers of the funds, through new sets of rules relating to the depositary functions, the remuneration policies as well as the administrative sanctions applying to UCITS managers when failing to comply with their obligations under the UCITS V Directive. To read the full document and/or the final text, please click on the links below.
The Commission de Surveillance du Secteur Financier (CSSF) has today published guidance on the notification to it by non-EU AIFMs of their intention to market their EU and non-EU AIFs to professional investors in Luxembourg pursuant to article 42 of the AIFM Directive (AIFMD). Such guidance is in line with the approach being taken in other EU jurisdictions and is a necessary step to ensure compliance with the law when the transition period ends on 22 July next. The CSSF confirms that the marketing of such funds will be accepted via a simple information email. This email should be accompanied by the information form which is now available to download on the CSSF website. To access the form directly please click on the link below named marketing-AIF. The CSSF has confirmed that no documents have to be annexed to the information form except when the non-EU AIFM is required to proceed with a notification of the acquisition of major holdings and control of non-listed companies within the meaning of article 27 of the AIFMD. The CSSF furthermore has confirmed that upon notification, the non-EU AIFM may begin its marketing activities. There is no obligation to await a response from the CSSF. Finally, a new version of the CSSF FAQ document has also been published today (version 7, 18 July 2014) and is available for download below. Please contact us should you require any further information.
Bill of law n° 6625 (“the “Bill”), which will substantially change the legal regime applicable to bearer shares issued by a Luxembourg company was adopted by the Luxembourg Parliament on 16 July 2014. Context The Bill was adopted in accordance with the Financial Action Task Force recommendations and in particular recommendation 24 dated 16 February 2012, which provides that “countries should take measures to prevent the misuse of legal persons for money laundering or terrorist financing. Countries should ensure that there is adequate, accurate and timely information on the beneficial ownership and control of legal persons that can be obtained or accessed in a timely fashion by competent authorities. In particular, countries that have legal persons that are able to issue bearer shares or bearer share warrants, or which allow nominee shareholders or nominee directors, should take effective measures to ensure that they are not misused for money laundering or terrorist financing. Countries should consider measures to facilitate access to beneficial ownership and control information by financial institutions and DNFBPs undertaking the requirements set out in Recommendations 10 and 22”. The aim of the Bill is to implement measures ensuring the transparency of bearer shareholding in Luxembourg companies by way of a specific deposit requirement. Scope The following Luxembourg entities that have issued bearer shares fall within the scope of the Bill: public limited companies (“sociétés anonymes”), partnerships limited by shares, (“sociétés en commandite par actions”) and investment funds (“fonds d’investissement”) such as investment companies with variable capital (“SICAV”), investment companies with fixed capital (“SICAF”), investment companies in risk capital (“SICAR”), specialised investment funds (“SIF”) and mutual funds (“FCP”). One should bear in mind that the Bill covers already existing bearer shares and those which may be issued after the entry into force of the Bill. Depositary To comply with the obligation to deposit bearer shares, the management body of the relevant companies will have to appoint a depositary. The depositary may be (a) a credit institution, (b) an asset manager, (c) a distributor of UCI shares, (d) certain other professionals of the financial sector, (e) certain lawyers, (f) auditors, (g) accountants or (h) notaries. To be appointed, a depositary must fulfill certain conditions including but not limited to the following: - the depositary must be located in Luxembourg, - the depositary must not be a shareholder of the company. Register The bearer shares must be registered by the depositary on a register which shall mention: (i) the owner of the said bearer shares, (ii) the number of bearer shares held, (iii) the date of the deposit of the bearer shares, (iv) any transfer of the bearer shares (if applicable) and (v) any conversion of the bearer shares into registered shares (if applicable). Ownership and transfer A bearer shareholder will only have access to the share register entries relating to him. Ownership of bearer shares shall be evidenced by a registration in the share register. The holding of a bearer share certificate will no longer be sufficient in this respect. The transfer of bearer shares shall be made by way of a declaration of transfer entered in the shareholders’ register. A certificate confirming the registration of the bearer shares may be obtained from the depositary upon request of the bearer shareholder. Share Pledge The Bill also amends the law of 5 August 2005 on financial collateral arrangements by introducing a specific regime for the dispossession of security rights for the bearer shares: the pledge shall be recorded in the margin of the depositary register. Transitional provisions With respect to existing bearer shares, a depositary shall be appointed within six months following the entry into force of the Bill. Existing bearer shares shall be deposited within eighteen months following the entry into force of the Bill. Sanctions The rights attached to the bearer shares will be automatically suspended in the absence of such a deposit. After the expiry of eighteen months following the entry into force of the Bill, the bearer shares which have not been deposited will be cancelled and the share capital decreased accordingly. Bearer shares shall be cancelled at the value obtained by dividing the net equity by the number of existing shares. Publication The nomination and/or replacement of the depositary shall be filed with the Luxembourg Trade and Companies Register and shall be published in the Mémorial C. Criminal liability Members of the company’s management body may incur criminal liability if they do not comply with the new regulation.
In anticipation of the forthcoming directive of the European Parliament and of the Council amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to UCITS with respect to depositary functions, the CSSF has yesterday released a new circular aimed at clarifying the provisions applicable to Luxembourg credit institutions acting as depositary for UCITS (the “Circular”). Departing from a principle-based approach, the CSSF has enacted more prescriptive and detailed rules to govern UCITS depositary functions. Internal organisation of the UCITS depositary itself The objective of the Circular is to define new organisational requirements to be put in place at the level of the Luxembourg depositaries as well as at the level of the UCITS in terms of their role, duties and obligations concerning UCITS depositary functions. The current non-written requirements imposed by the CSSF in relation to the approval of a depositary have now been clearly stated in the Circular with specific rules in terms of heads of business lines, separation of conflicting functions from a hierarchical and functional perspective, adequate human and technical means to be put in place for example. Depositaries acting for UCITS will have to make sure that appropriate internal procedures as well as procedures or agreements with external entities they are working with are put in place. An exhaustive list of information set out in Appendix 2 of the Circular is to be communicated to the CSSF on a yearly basis, which will require an annual review thereof. Even the content of the written agreement appointing the depositary has been detailed on the basis of the requirements set forth in the AIFMD, but going a step further in relation to issues such as pledge provisions, right of reuse, netting and set-off. Role and duties of the UCITS depositary The Circular also aims at aligning to a large extent the role and duties of the UCITS depositary to the AIFMD depositary regime by adopting the same assets classification as the AIFMD, i.e. the financial instruments held in custody on the one side and the other assets for which the depositary has only an obligation to verify the ownership and keep an up-to-date inventory on the other side. A specific chapter has been dedicated to the treatment of cash, reinforcing its definition as a third category of assets, applying particular rules apart from the financial instruments and the other assets. Similarly to AIFMD, the oversight duties coming from the previous UCITS regime have now been harmonised and extended to all UCITS, without any distinction as to the legal form. What is expected from a UCITS depositary when carrying out its oversight duties is based on the AIFMD rules. Delegation of the UCITS depositary functions Very detailed rules have been set in relation to the due diligence process to be applied by a UCITS depositary in the case of the appointment of a sub-custodian or a third party-custodian. Areas such as the relationship with a fund distribution platform, a prime broker, a global sub-custodian, a collateral agent or a collateral manager have also been addressed by the Circular bringing more clarity with respect to the expectations of the Luxembourg regulator when UCITS have recourse to such intermediaries. The Circular also covers in greater detail the right of information and of intervention of the depositary towards the entities safekeeping the UCITS’s assets. Impact on existing depositaries and time to adapt Chapter E of Circular 91/75 will no longer be applicable to UCITS but will remain applicable to all funds which do not fall within the scope of AIFMD. Once the UCITS V Directive and the delegated acts in relation thereto are adopted later this year, the regime set forth in the Circular will be amended, notably to cover the liability regime which has not been included. Luxembourg credit institutions which currently act as depositary for UCITS have until 31 December 2015 at the latest to adapt their operational set-up and network of agreements to the new requirements of the CSSF. We have developed with Arendt Regulatory Solutions the Arendt Solutions for Depositaries to assist them in their compliance and due diligence processes. As part of the solution developed to help depositaries in their transition to the new UCITS regime, Arendt Institute provides specific training sessions and workshops to better understand the evolution of the depositary role and its responsibilities in the frame of the Circular.
On 9 July 2014, the Luxembourg Parliament approved the bill of law on a sale and buy-back transaction of real estate assets to a wholly owned Special Purpose Vehicle (“SPV”) by the Luxembourg State allowing the issuance of a Sukuk with a value of 200 million euros ($275 million). Three prime real estate assets underpin the Islamic bond, including the two towers of the Gate of Europe (Porte de l’Europe) on the Kirchberg Plateau, which is the main financial district and seat of the European Union bodies in Luxembourg. These assets will be sold to the SPV which will benefit from a general governmental guarantee. The SPV issues Sukuk which represents a right against the SPV to payment of a periodic distribution amount. The SPV acts as trustee on behalf of the Sukuk holders and leases the assets back for 5 years to the Luxembourg Government in consideration for a periodic payment of rental which will be equivalent to the periodic distribution amount payable by the SPV to the Sukuk holders. The approval of the bill of law on the issuance of sovereign Sukuk underlines the political will to diversify and develop alternative markets such as Islamic Finance within the financial services industry and establishes the Grand-Duchy as an integrative and diversified world class financial services hub.
We would like to draw your attention to the fact that section 2 of CSSF Regulation No. 13-02 relating to the out-of-court resolution of complaints will enter into force on 1 July 2014, the other sections having already entered into force at the beginning of the year. As a reminder, this regulation aims at facilitating the resolution of complaints against professionals without judicial proceedings. In this respect, Section 2 adds requirements to the current regulatory framework regarding the complaint management policy and process of these professionals, including in relation to the communication with the complainants and with the CSSF. Please contact us should you require any further information.
Arendt & Medernach’s teams in Luxembourg, London and Hong Kong have advised Ashmore Investment Management Limited (“Ashmore”) throughout the process leading up to the approval from the Luxembourg regulator (the “CSSF”) of the first Luxembourg R-QFII UCITS managed by a R-QFII manager based outside Greater China. Earlier this year, Ashmore became the first manager based outside Greater China to be granted a R-QFII license by the authorities of the People’s Republic of China (“PRC”). In addition, Ashmore’s Luxembourg R-QFII UCITS has been authorised by the CSSF to invest, subject to final approval by the PRC authorities, directly up to 100% of its net assets in debt instruments traded on the China Interbank Bonds Market (the “CIBM”), which is unprecedented. This is an important milestone for the Luxembourg financial centre. Indeed, it confirms the possibility for managers based in R-QFII centres other than Hong Kong, such as London, Singapore or Paris, to use their R-QFII license and quotas with existing or newly created Luxembourg UCITS platforms. It also confirms that Luxembourg UCITS may invest up to 100% into debt instruments dealt in on the CIBM, which was recently recognised by the CSSF. Christoph Hofmann, Ashmore's Global Head of Distribution, comments: “The Chinese investment market is one of the most dynamic in the world. Many of our clients are looking for ways to make dedicated investments in China’s local markets as part of their well-diversified global portfolios. Being able to do so in a UCITS-compliant structure offers a more flexible and effective way to access a compelling investment opportunity.”
Discover our latest Legal Update. The topics are: - Market abuse: new European rules - Theft of intangible assets: the unauthorised downloading of computer data and the photocopying of documents can be considered as theft under Article 461 of the Luxembourg Criminal Code - Status and rights during the criminal investigation of a person having the status of a civil party following its indictment in the same criminal investigation - Potential major reversal of case law in France relating to the sharing of liabilities between the offender and the victim for damage caused to assets by intentional criminal offences - Packaged Retail and Insurance-based Investment Products - MiFID II: main impact for the fund industry - The Private Placement Rules in Luxembourg post 22 July 2014 for non-EU AIFMs
The Mena FM Fund Services Power 30 is a chance to celebrate the service providers who shape the regional industry, upholding high operational standards to underpin the funds that make headlines with their performance.
Arendt & Medernach is, this year again, part of this list which has been put together with the help of personal nominations from industry professionals over the past few months.
Bishr Shiblaq is recognised in this article as "one of the region’s foremost authorities on the structuring of international transactions and investments through Luxembourg."
For more information, please see the press article below
Arendt & Medernach is delighted to inform you that, further to discussions with the Luxembourg Commission de Surveillance du Secteur Financier (the “CSSF”) on behalf of a number of our clients, we have received the confirmation that the China Interbank Bond Market (the “CIBM”) may be regarded as a regulated market eligible for UCITS investments, subject to conditions. This means that, in addition to the China A-Shares and listed onshore RMB fixed income securities which were already eligible, UCITS having appointed a manager benefitting from QFII or R-QFII licenses and quotas issued by the Chinese authorities, may now also have a direct access to onshore RMB fixed income securities dealt on the CIBM to build or complement their portfolio. Conditions relate to the relevant experience of the QFII / RQFII manager in relation to securities dealt on the CIBM, the suitability of the risk management process, guarantees regarding the overall liquidity of the portfolio and the inclusion of additional disclosures and risk descriptions in the prospectus. Please refer to our note dated April 2014, in which we anticipated this development, for a more detailed description of the possibilities to implement PRC strategies in Luxembourg funds.
The increasing number of recent sovereign and corporate Sukuk issuances in the Islamic world has not remained unnoticed in Europe.
Both the UK and Luxembourg have announced the issuance of sovereign Sukuk in a move to boost their Islamic finance credentials and to welcome further investments from the Islamic world.
Bishr Shiblaq explores, in the last issue of the islamic finance news magazine, the status of the Luxembourg bid.
"Collective Investment Schemes in Luxembourg – Law and Practice"
Complete revision of the Kremer-Lebbe book on collective investment schemes under Luxembourg law
The growing popularity of Luxembourg funds has gone hand in hand with growth in volume and the complexity of regulations governing them. This is what prompted the authors to draw up a summary aimed at professionals working in the sector. This book aims to help practitioners understand the legal operation of collective investment schemes and provide them with immediate and practical answers.
As widely reported in November 2013 , the first Luxembourg R-QFII UCITS allowing for a 100% China A-Shares strategy has been approved by the Luxembourg Commission de Surveillance du Secteur Financier (the “CSSF”). This announcement was expected and highly anticipated by the industry in both Hong Kong and Luxembourg. It gave a strong message that Luxembourg, as traditional fund centre and rising Renminbi ("RMB") financial centre , is determined to keep its first mover advantage regarding People’s Republic of China (“PRC”) strategies and is willing to encourage Asian, US and European asset managers to use the Luxembourg UCITS brand to market their PRC strategies in the EU and abroad. As the PRC economy matures and the PRC government is opening up its capital markets, managers have seen an increasing number of opportunities and clear interest of investors in portfolios providing them exposure to China A-Shares, RMB fixed-income securities, financial indices or derivatives on those instruments. Connecting those PRC strategies to their clients in the EU, Latin America, the Middle-East or Asia has been in the center of discussions with many asset managers willing to make the two main access channels to the PRC capital markets, namely QFII and R-QFII, fit a Luxembourg UCITS, a Part II fund or a SIF . The recent regulatory developments of those two schemes in the PRC have brought them towards a greater compatibility with UCITS rules and made possible the approval of new products such as the R-QFII UCITS referred to above. “How making use of QFII and R-QFII quotas in Luxembourg structures? What are the main issues to have in mind when considering such a project? And what will be next?” are questions which we would like to touch on in this note, which aims at being more practical than legal.
Discover our new brochure "Investment Management - setting up your regulated investment fund in Luxembourg".
Table of contents of the brochure:
Setting up your regulated investment fund in Luxembourg
Which Regulatory Regime?
Which Service Providers?
The Management Company
The Central Administration Agent and the Auditor
Investment Management at Arendt & Medernach
Arendt & Medernach Investment Management Team
About Arendt & Medernach
Dans cet article, Claude Kremer répond aux questions de Jean-Michel Gaudron concernant la vague des réformes des régulations bancaires et financières.
Discover our latest Legal Update. The topics are: - Enforcement of the 2013 financial information prepared by issuers of securities subject to the Transparency Law - Criminal settlement soon for Luxembourg - Strenghtening of procedural safeguards in criminal proceedings - Reporting obligations under the AIFMD from a Luxembourg regulatory perspective - EU Long-term Investment Funds Read the full Legal update by clicking on the attached document
Claude Kremer and Gilles Dusemon have been identified as leading lawyers in the field of private funds by the International Who’s Who Legal for the second consecutive year.
The International Who’s Who Legal Private Funds 2014 is a publication of Who’s Who Legal which has canvassed and analysed the opinions of law firm clients and private funds lawyers from around the world.
Who’s Who Legal comments on both personalities: “based in Luxembourg, Claude Kremer is the head of investment management and enjoys an “immaculate reputation” in the European funds field, while Gilles Dusemon serves as co-head of the private equity group and is “revered” by colleagues and clients alike.”
The research conducted by Who’s Who Legal has revealed 397 experts in 43 jurisdictions who can truly be considered leaders in their fields.
This year, 18 experts from Arendt & Medernach are listed for Luxembourg (in alphabetical order): Pierre Beissel, Héloïse Bock, Philippe Dupont, Gilles Dusemon, Eric Fort, Bruno Gasparotto, Alain Goebel, Guy Harles, Claude Kremer, François Kremer, Yves Lacroix, Isabelle Lebbe, Thierry Lesage, Claude Medernach, Claude Niedner, Marc Sunnen, Jean-Marc Ueberecken, François Warken.
Realizing their lack of control over investment flows in their own markets, Asian regulators have sought to build a plateform for cross-border sale of mutual funds in the region and beyond.
Three funds passporting shemes have emerged to compete with Europe's UCITS for the Asian market:
- the Hong Kong-China mutual recognition sheme
- the Asean CIS funds passport
- the APEC Asia funds passport
Each one has a story that is equally compelling as the other. But which one will be launched first and which one will succed?
All of these questions are discussed in the attached article.
Discover the new article written by Henning Schwabe & Claudia Hoffmann on "EMIR – the challenge of mitigating and reducing risk in OTC derivative transactions". This article has been published in the Kluwer ACE Magazine - January 2014.
In the light of the financial crisis beginning in 2007 which was caused by a lack of transparency in the trading process of over-the-counter (OTC) derivatives, the G-20 determined at the 2009 summit in Pittsburgh that all standardised OTC derivative contracts should only be traded on exchanges or electronic trading platforms and that they must be cleared by central counterparties (CCPs). Furthermore, the G-20 decided that OTC derivative contracts should be reported to trade repositories (TRs) and that non-centrally cleared contracts should be subject to higher capital requirements than centrally cleared contracts.
The US «Dodd-Frank Wall Street Reform and Consumer Protection Act» (Dodd-Frank), signed by President Barack Obama on 21 July 2010 was one of the first regulations concerning the new requirements for OTC derivative contracts determined during the 2009 G-20 summit in Pittsburgh.
At a European level, EMIR entered into force on 16 August 2012 and is aimed at monitoring risks arising from OTC derivative contracts and mitigating systemic risk.
Table of content of the document:
- Different codes to identify the product, the trade and entities
- Reporting of counterparty data – Confidentiality?
- Risk mitigation techniques
- Exchange of collateral
Does EMIR impact counterparty limits for UCITS?
The EU’s new Alternative Investment Fund Managers Directive (AIFMD) is supposed to give alternative investment fund managers the same cachet as their traditional investment manager peers following UCITS.
Or so, European regulators think. But the allure of AIFMD appears to have been lost on a critical sector of the alternative funds market.
Several experts, of whom Claude Niedner, discuss this point in the press article attached.
With its first success in the UCITS category, Arendt & Medernach has been named “Best Advisory Firm” for the second year running at the 2014 MENA Fund Manager Fund Services Awards which was held in Dubai on 14 January 2014.
Read the full press release in the document attached
On 10 January 2014, the Commission de Surveillance du Secteur Financier (the “CSSF”) has published a fourth update of its frequently asked questions (“FAQs”) on the law of 12 July 2013 on alternative investment fund managers (“AIFML”) as well as the Commission Delegated Regulation n° 231/2013 of 19 December 2012. As a reminder, these FAQs highlight key aspects of the AIFML from a Luxembourg legal perspective. Two new topics have been added since July 2013 which relate to marketing issues and reporting aspects.
Discover our latest Legal Update. The topics are: - Update of the CSSF’s FAQ on securitisation - AIFM Law and securitisation vehicles; - Civil proceedings in Luxembourg more expedient; - EMIR – a labyrinth of new requirements not only for financial counterparties; - Reporting obligations under Alternative Investment Fund Managers Directive (AIFMD); - Proposal for a Regulation of the European Parliament and of the Council on Money Market Funds; - Communication from the European Commission on Shadow Banking
On 7 November 2013, the Luxembourg VAT authorities published a circular (Circular n° 723ter) on the VAT treatment applicable to risk management for investment funds. The VAT authorities confirmed that risk management functions are to be considered as forming part of VAT exempt fund management services.
On 7 November 2013, the European Securities and Markets Authority (ESMA) approved the registration of the first four trade repositories under Regulation (EU) No 648/2012 of the European Parliament and the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“European Market Infrastructure Regulation” or “EMIR”).
For additional information on EMIR read our full newsflash: link below
Malaysia’s capital Kuala Lumpur was the stage for the Islamic Finance news Asia Forum 2013 (IFN 2013) held on October 21 and 22 in the Kuala Lumpur Convention Center.
Discover in the below article what has been discussed during the forum.
The upgrade of the UAE and Qatar will present new opportunities for Mena managers.
Bishr Shiblaq and Emmanuelle Entringer explain, in the attached article, the changes the AIFMD will bring for these managers.
In many ways the investment industry is highly entrepreneurial.
As markets expand and investment instruments proliferate, it has proved adept at seizing opportunities and developing new products and services...
Read more about this article by clicking on the attached documents.
The Luxembourg-domiciled issuer established by the International Liquidity Management Corporation (IILM) issued at the end of August a long-awaited landmark US$490 million Sukuk, aimed at developing a crossborder market in Islamic financial instruments.
As a leading and highly diversified international financial centre, Luxembourg has always been open to Islamic finance.
In 2002 Luxembourg was the first European stock exchange to list sukuk.
Today, Luxembourg is the leading European domicile for shariah-compliant investment funds and among the five leading domiciles for Islamic funds.
Read the full publication here.
Check our newsflash: UAE regulatory update and Islamic finance update. The main topics dicussed are:
1. Alternative Investment Fund Managers Directive ("AIFMD")
2. Fees for fund registration and distribution announced
3. Landmark $ 490 million IILM sukuk issued by Luxembourg domiciled issuer
The alternative investment fund managers directive has arrived and co-operation agreements shaken hands on. Now comes tricky implementation.
Discovered the full press article "Funds: AIMFD is go" here.
Finance Dublin spoke with Claude Kremer on the challenges the European industry is facing in the light of the continuous stream of regulation that is affecting the European funds industry, the opportunities that AIFMD gives Europe to emulate the success of UCITS in the alternative investment funds space.
Read the full article below
Topics: AIFMD implemented in Luxembourg – the essentials; Draft bill on business preservation and modernisation of bankruptcy law; Draft bill aiming at reforming social dialogue; New legislation on parental leave; Recent amendments to the criminal record and benefit thereof for employers; New EU prudential rules for banks and investment firms – “CRD 4”; New legislation introducing the concept of professionals of the insurance sector (“PSA”)
Read the lastest Luxembourg For Finance press article on Islamic finance in Luxembourg
Check our newsflash: Mandatory registration and other information for below-threshold AIFMs
Read here the CSSF Press Release concerning the practical guidance in relation to the registration or authorisation under the AIFM law of AIFM established in Luxembourg
On 11 July 2013 ESMA released an updated version of its Q&A on the Guidelines on ETFs and other UCITS issues (ESMA 2012/832).
The CSSF publishes guidance on the implementation of the Alternative Investment Fund Managers Directive (AIFMD) in Luxembourg
Topics : fight against money laundering and terrorist financing, criminal settlement, electronic achieving, remuneration policies of AIFMs, AIFMD implementing measures.
ESMA guidelines on ETFs and other UCITS issues: Q&A published
Authorisation and organisation of the Luxembourg management companies subject to Chapter 15 of the Law of 17 December 2010 relating to undertakings for collective investment as well as to investment companies which have not designated a management company within the meaning of Article 27 of the Law of 17 December 2010 relating to undertakings for collective investment.
CSSF publishes circular 13/559
Discover our brochure on Investment Management - Undertakings for Collective Investment in Transferable Securities (UCITS)
The present brochure outlines the main characteristics of UCITS and the requirements imposed by the CSSF for
both the setting-up and the corporate life of UCITS.
Table of contents of the UCITS brochure:
Umbrella funds/share classes
- Designation of a management company
- Self-managed SICAV/SICAF
- Luxembourg-based service providers
- Other service providers (not necessarily based in Luxembourg)
- Conditions for authorisation to delegate activities
- Investment restrictions
Efficient portfolio management techniques
- Governance and organisation of the permanent risk management function
- Risk profile determination
- Global exposure
- Liquidity risk
- Counterparty risk
- Concentration risk and monitoring of cover rules
- Risk disclosure/Leverage
- Risk Management Process
Key Investor Information Document
- Legal and regulatory provisions
- Features and Content
- Luxembourg UCITS marketing their units in another Member State
- UCITS established in another Member State marketing their units in Luxembourg
National and cross-border mergers
Once-off and ongoing costs at a glance
Arendt & Medernach UCITS team
About Arendt & Medernach
Arendt & Medernach has been chosen as the legal expert on a project to establish an international business support fund in Luxembourg.
Arendt & Medernach is named "Best Advisory Firm - Compliance and Regulation" at the 2013 MENA Fund Manager Fund Services Awards.
CSSF Regulation No. 12-01 laying down detailed rules for the application of Article 42a of the law of 13 February 2007 relating to specialised investment funds concerning the requirements regarding risk management and conflicts of interest
Final ESMA guidelines on repo and reverse repo agreements for UCITS
CSSF Recent Communication on UCI and Promoter
Circular CSSF 12/546
Topics: Banking secrecy, Luxembourg law of 21 July 2012, General Court’s MasterCard judgment, Professionals of the insurance sector, Special Limited Partnership (SLP) Regime, ESMA Q&A on KIID for UCITS, European regulation.
Bill of law AIFMD
CSSF issues regulation on risk management and conflicts of interest requirements for specialised investment funds
Topics: Package Retail Investment Products (PRIPS), Insurance Mediation Directive (IMD2), UCITS V.
New UAE Fund Regulation
As the European Commission readies Ucits V, nine countries in Europe have yet to fully implement Ucits IV.
Read more about the impact, this non-implementation may have on the efficiency of the directive in the press article below.
CSSF Press Release - UCITS
ESMA Recent communications
Non-launched compartments, compartments awaiting reactivation and compartments in liquidation.
Presentation of the main regulatory changes in risk management following the publication of CSSF Regulation 10-4 and ESMA clarifications: further clarifications from the CSSF on risk management rules, definition of the content and format of the risk management process to be communicated to the CSSF
Circular CSSF 12/540 on dormant sub-funds
Consumer Retail Package
We are very proud to announce that Isabelle Lebbe has been awarded for the second consecutive year "best lawyer" in the category “Best in Investment Funds”.
The rate of contraction of the sprawling European fund industry accelerated in the first six month of 2012, when 1,620 funds closed or merged well ahead of the 1,104 launches, according to Lipper.
The decrease in fund numbers comes at a time when net inflows into mutual funds remain weak and banks are steering investors into deposits.
Read more about this topic in the article below
Publication of the new law on SIFs
With more than 40% of net sales outside Europe, Ucits funds have become a global brand.
Outside Europe, however, there are serious concerns over the Ucits brand following the two-year long sovereign debt crisis that threatens to break up the monetary bloc.
Read more about this matter in the press article below.
Bill of law No. 6318 amending the Luxembourg law of 13 February 2007 on specialised investment funds has been adopted
Discover our brochure on "investment fund, re-domiciliation to luxembourg"
Table of contents of the brochure:
- Transfer of the registered office of the foreign corporate fund to Luxembourg – continuation of the legal personality
- Contribution in kind of the portfolio of the foreign fund (corporate form or not) into a Luxembourg fund, and subsequent liquidation in kind of the foreign fund (i.e. by distribution of shares/units of the Luxembourg fund to investors)
- Purchase of foreign fund’s assets by a Luxembourg fund by way of debt instruments with subsequent liquidation in kind of the foreign fund
- Contribution of the foreign fund into a Luxembourg fund by the investors of the foreign fund, with subsequent liquidation of the foreign fund by, or with the support of the Luxembourg fund
- Cross-border merger
> Cross-border merger of a foreign UCITS (corporate form or non-corporate form) into a Luxembourg UCITS
> Cross-border merger of a foreign fund (non-UCITS) into a Luxembourg fund
Arendt & Medernach investment funds team
About Arendt & Medernach
Consultation Paper - ESMA's guidelines on ETFs and other UCITS issues
Claude Kremer is a man on a mission. He talks to the Securities & Investment Review about his new role and priorities as President of the European Fund and Asset Management Association (EFAMA)
Read his interview in the document attached
New notification procedures to be followed by a UCITS governed by Luxembourg law wishing to market its units in another Member State of the European Union and by a UCITS of another Member State of the European Union wishing to market its units in Luxembourg.
Entry into force of the law of 17 December 2010 relating to undertakings for collective investment and CSSF Regulations No 10-04 and No 10-05 on implementing measures: Commission Regulations (EU) No 583/2010 and No 584/2010 of 1 July 2010 implementing Directive 2009/65/EC and Guidelines and other documents drawn up by the Committee of European Securities Regulators (CESR).
CSSF regulation No. 10-5 transposing Commission Directive 2010/44/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council.
Including the latest amendments of CSSF Regulation No. 11-04.
CSSF regulation No. 10-4 transposing Commission Directive 2010/43/EU of 1 July 2010 implementing Directive 2009/65/EC of the European Parliament and of the Council
Topics: E-money Directive in Luxembourg, Cayman investment fund, Insurance and Reinsurance law: Circular letters 11/2 and 11/7, Marketing of UCITS.
Topics: Implementation of UCITS IV, AIFM Directive, Cluster munitions, Energy performance, Law of 26 July 2010.
Topics: Luxembourg Stock Exchange, International debt securities, Risk measurement, Remuneration policies in the financial sector, Criminal liability.
Topics: Market Abuse Law, Luxembourg listed issuers, Community law into national law, Case C-101/08, Accounting Standards Commission, Assets of insurance companies, UCITS IV, Collective investments, Trash ratio.
Topics: Public procurement, Capital protection rules (Directive 2006/68/EC), Trade and companies’ register, Cross-border mergers, Criminal liability if directors, Controlled management procedures, Circular letter 09/6, Alternative investment fund, UCITS.
Guidelines for depositaries of specialised investment funds adopting alternative investment strategies, where those funds use the services of a prime broker.
Rules applicable to undertakings for collective investment when they employ certain techniques and instruments relating to transferable securities and money market instruments.
Grand-Ducal Regulation of 08 February 2008 relating to certain definitions of the law of 20 December 2002 as amended concerning undertakings of collective investment and implementing the Directive 2007/16/EC of the European Commission implementing...
Risk-spreading in the context of specialised investment funds ("SIF").
Rules of conduct to be adopted by undertakings for collective investment in transferable securities with respect to the use of a method for the management of financial risk, as well as the use of derivative financial instruments.
Entry into force of the law of 13 February 2007 relating to specialised investment funds.
New notification procedure in line with the guidelines of the Committee of European Securities Regulators (CESR) regarding the simplification of the UCITS notification procedure.
The concept of risk capital under the Law of 15 June 2004 relating to the investment company in risk capital (SICAR).
Guidelines of the Committee of European Securities Regulators (CESR) regarding the application of transitional measures resulting from Directives 2001/107/EC and 2001/108/EC (UCITS III) amending Directive 85/611/EEC (UCITS I).
Abolition of any prior control by the CSSF of advertising material used by persons and companies supervised by the CSSF; abrogation of point II. of Chapter L. of IML circular 91/75; abrogation of the two last sentences of point IV. 5.11 of CSSF circular 2000/15.
Protection of undertakings for collective investment and their investors against Late Trading and Market Timing practices.
Clarifications on the simplified prospectus.
Publication in the electronic reference database of the financial centre (“référentiel de la place”) of the simplified and full prospectuses as well as the annual and half-yearly reports by undertakings for collective investment.
Classification of the undertakings for collective investment governed by the provisions of the Law of 20 December 2002 concerning undertakings for collective investment.
Coming into effect of the Law of 20 December 2002 regarding undertakings for collective investment.
Guidelines concerning the task of auditors of undertakings for collective investment.
Specific rules applicable to Luxembourg undertakings for collective investment (UCIs) pursuing alternative investment strategies.
Protection of investors in case of NAV calculation error and correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment.
Grand-Ducal Regulation of 27 February 2007 determining the conditions and criteria for the exoneration of the subscription tax referred to in article 68 of the law of 13 February 2007 relating to Specialised Investment Funds
<p class="ms-rteThemeForeColor-2-0">Industry participants are questioning the motivation behind and benefits of Hong Kong's new agreement with Switzerland on mutual recognition of funds.</p>
<p class="ms-rteThemeForeColor-2-0">Intervention of our Partner and Head of Hong Kong office, <a href="/lawyers/Pages/stephane-karolczuk.aspx" target="_blank">Stéphane Karolczuk</a>, in this article firstly published by The Asian Investor.</p>
PwC Luxembourg and Arendt & Medernach are very pleased to host the annual Luxembourg Breakfast seminar on Monday 13 March 2017 at 6:30 am at the 2017 ICI Mutual Funds and Investment Management Conference in Palm Desert.>
MiFID II - As the number and scope of the rules to be introduced are significant, they will be presented over a cycle of three different seminars.>
Arendt & Medernach is a sponsor of the Alfi Asia roadshow that will take place from 10 to 13 January 2017>
Arendt & Medernach is a sponsor of the HKIFA's 10th annual conference.>
Arendt & Medernach, in collaboration with the Consulate General of Luxembourg in Shanghai and the Embassy of the Grand Duchy of Luxembourg in Beijing, has the great pleasure of announcing a seminar entitled Luxembourg: Multinational Companies' Investment Hub in Europe>
Join us on oin us on 6 December 2016 for a breakfast seminar in Copenhagen during which speakers will present the latest trends and developments in the European alternative investment industry. >
Distinguished external speakers together with representatives from our firm will discuss topics including: RAIF, Brexit, BEPS and EU investment fund landscape post UCITS V and AIFMD.>
We are pleased to announce the 1st Arendt seminar in Saudi Arabia to be held in Riyadh on Wednesday, 23 November 2016.>
Overview of the latest developments from the DIFC, Luxembourg, Cayman, Bermuda and the BVI>
Our Of Counsel Anne Contreras-Muller will be present at the European Microfinance Week, major annual event of the microfinance industry, from 16 to 18 November in Luxembourg.>
Discussing the implementation in Luxembourg of the new European supervisory approach and how regulated investment funds should prepare to it.>
Arendt & Medernach will participate in the ALFI roadshow to Switzerland in Geneva on 8 November and Zurich on 9 November. Our Partners Gilles Dusemon and Henning Schwabe will be present the two days to present Luxembourg as global fund centre.>
We are pleased to announce that Arendt & Medernach is sponsoring the Luxembourg for Finance Financial Mission in China at the end of October.>
We are delighted to announce our 7th Arendt Financial Law Forum Asia to be held in Raffles Hotel in Singapore on Wednesday, 19 October 2016. >
Our firm is a sponsor of this key investment forum, to be held the 11-12 October 2016 in Frankfurt. Meet Henning Schwabe and Michael Daemgen there!>
Arendt & Medernach is sponsoring the ALFI (Association of the Luxembourg Fund Industry) North America roadshow which will take place: Monday 3rd October in Toronto, Tuesday 4th October in Boston and Wednesday 5th October in New York.>
Please join us on 15 September 2016 for a breakfast seminar during which we will present and discuss the most relevant and up-to-date AIF structuring trends for the European AIF industry at large.>
Annual Seminar and Cocktail Reception took place in New York on Tuesday, 13 September 2016.
The modernisation of the Luxembourg company law framework via the adoption of bill of law 5730 is a significant development that will impact your business. The partners of Arendt & Medernach are pleased to invite you to an investment funds seminar on that subject on Tuesday, 6 September 2016>
Two seminars for a comprehensive understanding of the chinese structuring of acquisitions in selected countries in Europe>
Alfi Frankfurt on 7 July: Claude Niedner, our Partner Investment Management, Private Equity & Real Estate will be present as moderator of a panel on RAIF.>
Our Partner, Florence Stainier, will participate in the panel "Implementation of MiFID II regulation with special focus on investor protection". >
Arendt & Medernach is a sponsor of the LFF Renminbi Forum that will take place on Wednesday 15 June 2016 in Luxembourg, at the Philharmonie.>
Arendt & Medernach is a sponsor of the Luxembourg for Finance mission to Brazil. Meetings will take place in São Paulo the Tuesday 31 May and in Rio de Janeiro the 1 June 2016.>
Our Partner Henning Schwabe will be at the ALFI & ALRIM European risk management conference, as a speaker on a session about management of the cyber threat landscape for funds.>
Arendt & Medernach is a sponsor of the AIMA Global Policy & Regulatory Forum, which will be held on 18 May 2016 in London.>
Anne Contreras will moderate a panel at ALFI Impact Investing Conference the 12 May in Luxembourg.>
Claude Kremer and Michèle Eisenhuth, Partners in Investment Management practice area, will be present at the 27th Annual Conference on the Globalisation of Investment Funds proposed by IBA.>
Claude Kremer will be moderator of a panel about asset management industry at ALFI London conference on Wednesday 4 May 2016>
The partners of Arendt & Medernach were pleased to invite you to an investment funds seminar on remuneration and sanctions on Monday, 2 May 2016. The seminar focused on some of the main features of the new remuneration and sanctions regimes under UCITS V and AIFMD, and how they impact your operations.>
Arendt & Medernach is delighted to held a joint seminar organised in conjunction with the AMAC in Beijing. In this session, fund experts from Arendt & Medernach in Luxembourg and Hong Kong will introduce you to various aspects of the European fund industry.>
Florence Stainier speaker at IFN Forum Europe 2016 the 21 April 2016 in Luxembourg.>
Arendt & Medernach will be a sponsor of the ALFI US Roadshow 2016 which will be held from 12 to 13 April 2016 in New York & Greenwich.>
Arendt & Medernach and PwC Luxembourg are pleased to invite you to join the Luxembourg Breakfast seminar which will take place on Monday 14 March 2016 at 6:30 am at the 2016 ICI Mutual Funds and Investment Management Conference in Orlando.>
ALFI will held its Spring Conference 2016 on the 8 & 9 March 2016. Our Investment Management partners Michèle Eisenhuth and Claude Kremer will be speakers during this conference.>
Arendt & Medernach is a sponsor of the Luxembourg for Finance - Financial mission to Singapore 2016 which will be held on Monday, 22 February 2016 in Singapore.>
Arendt & Medernach is a sponsor of the Luxembourg for Finance - FinTechStage Luxembourg 2016 which will be held on February 18 in Luxembourg.>
Arendt & Medernach and Arendt Regulatory & Consulting were pleased to held a second UCITS Depositary Seminar on 3 February 2016 in Luxembourg.>
Banque Internationale à Luxembourg (BIL) and Arendt & Medernach are delighted to held a joint seminar on Investment Strategies 2016: Which asset class to invest in 2016 and how to structure your investments in Abu Dhabi on 19 January 2016.>
Arendt & Medernach is a sponsor of the ALFI - European Alternative Investment Funds conference 2016 which will be held from January 19 to 20 in the European Convention Center in Luxembourg.>
Banque Internationale à Luxembourg (BIL) and Arendt & Medernach are delighted to held a joint seminar on Investment Strategies 2016: Which asset class to invest in 2016 and how to structure your investments.>
we were delighted to held a seminar, organised in conjunction with the AMAC, in Beijing on 15 January 2016. It aims was to provide a comprehensive overview of our opportunities regarding Private Equity and Real Estate investments in Europe. >
We are pleased to announce that Arendt & Medernach is sponsoring the 2015 ALFI Asia roadshow which will take place in Tokyo, Taipei, Hong Kong from 8 to 10 December.>
We are pleased to announce that Arendt & Medernach is sponsoring the SweBeLux & Nobelux lunch seminar on "Distribution and Inducements – the changing face of tomorrow" in Stockholm on Monday, 23 November 2015.>
We are pleased to invite you to our 6th Arendt Financial Law Forum Asia to be held in Hong Kong on Thursday, 5 November 2015.>
We are pleased to announce our 6th Arendt Financial Law Forum Asia to be held in Singapore on 4 November 2015.>
Arendt & Medernach will be a sponsor of the 9th HKIFA annual conference to be held on 30 October 2015 in Hong Kong.>
We are pleased to announce that Arendt & Medernach will participate in the ALFI roadshow to Switzerland which will take place in Geneva and Zurich.>
The ADA’s Academic Symposium 2015 will be held on 21 October in Luxembourg. The Symposium will focus on regulation for microfinance in developing countries outside the EU and will be linked to the EIB Institute workshop on microfinance regulation within the EU to take place in Brussels the day before. Anne Contreras, Of Counsel, will be a speaker on the panel “The perspective of funders”.>
The workshop on Regulations and laws for microfinance in the EU: Current situation and opportunities for improvement, organised by EMN and MFC, together with the European Investment Bank institute (EIBI), will be held on 20 October in the headquarters of the European Economic and Social Committee (EESC) in Brussels.>
The Alfi Leading Edge Conference will be held on 14 October in London. This year, the theme of the conference will be “Global distribution – new rules, new game?”. Our Partner, Claude Niedner, will speak on the panel “Looking to the future”.>
Stephane Karolczuk participated as speaker to the ALFI Breakfast Seminar held in Hong Kong on October 8, 2015 and entitled "Luxembourg Investment Funds - Roadmap for Asian Managers targeting European Investors".>
The Investmentfondstage will take from 7 to 8 October in Frankfurt.Our Partner, Henning Schwabe will speak on the panel “(Neue) Luxemburger Rechtsstrukturen in der Praxis nach Umsetzung der AIFMD in Luxembourg.”Should you wish to know more about this event, please click on the link below:>
The Selectra conference impact investing will take place on 7 October at Deloitte offices in Milan. Anne Contreras, Of Counsel, will be a guest speaker at this event and will make a presentation entitled “Impact Investing: a focus on Europe’s experience”.>
Arendt & Medernach and KBL European Private Bankers, in partnership with Dubai International Financial Centre (DIFC), are pleased to invite you to a breakfast seminar on the "Challenges and opportunities of fund distribution in and from DIFC" which will be held on Sunday, 4 October 2015.>
Our Partner, Claude Niedner, will speak on the panel “Capital Markets Union, on the verge of a new era: Will the European Commission’s top priority really enhance the free flow of capital in Europe and increase the role that market-based finance plays in intermediating capital to European companies, projects and governments?”.>
Stephane Karolczuk gave the opening address of the “Offshore Funds Conference” organized by Courses & Seminars in Hong Kong on 15 September 2015. His speech was entitled “Strengthening Hong Kong as an International Fund Management Centre… a Luxembourg perspective”.>
Stephane Karolczuk made a presentation entitled “Updates on EU Regulation on UCITS and AIFMD” at the Euromoney 10th Annual Asset Management Asia Seminar on 3 September 2015 in Singapore.>
The Alfi Frankfurt Roadshow will be held on 6 July at the Kap Europa Convention Center. Our Partner, Claude Niedner, will participate in the roadshow and moderate the panel “Alternative UCITS & Hedge Fonds”.>
The Asian Investor Stock Connect 360 Conference was held on 29 June 2015 in Hong Kong. Stéphane Karolczuk, Head of our Hong Kong Office, was speaker at this event on the panel “‘International Regulators’ concerns about investing via Stock Connect”.>
The RQFII Seminar was held on 12 June in Luxembourg.>
The IFN Forum Europe 2015 will be held on 10 June 2015 in Luxembourg. Our Partner, Claude Kremer, will speak on “Where do Shariah Funds fit into the grand scale of the global Asset Management industry?”.>
Anne Contreras, Of Counsel, will be speaker at the New Opportunities for the Luxembourg Investment Funds Environment conference on 4 June 2015.>
Arendt & Medernach is a sponsor of the LFF Renminbi Forum 2015 which will be held on 3 June 2015 at the Philharmonie in Luxembourg. Our Head of our Hong Kong Office, Stéphane Karolczuk, will be speaker on the panel "Structuring of RMB Funds".>
The Alfi & HFMweek New York will be held on 2 June 2015. Our Partner, Claude Niedner, will be speaker on the panel "Practical insights on marketing and distribution in Europe under AIFMD".>
Our partner Henning Schwabe will be speaker at the Alfi & Alrim European Risk Management Conference>
We are delighted to inform you of our AIFMD Marketing Intelligence Seminar to take place in Luxembourg on Monday, 11 May 2015.>
The Inter-Pacific Bar Association was held from 6 to 9 May 2015 in Hong Kong. Stéphane Karolczuk, Head of our Hong Kong Office, was a speaker on the panel “The reality of modern Islamic Finance”. >
Florence Stainier will be a speaker during the Luxembourg For Finance in Stockholm which will take place on 4 May 2015.>
The ASIFMA’s 5th Offshore RMB Markets Conference was held on 28 April 2015 in Hong Kong. Stéphane Karolczuk, Head of our Hong Kong Office, was a speaker on the panel “Developing Offshore RMB Markets”. >
Our partner Claude Kremer will be speaker at the Fund Forum Asia China Summit on “QFII and stock connect” on 13 April 2015.>
Michèle Eisenhuth and Claude Kremer will be speakers at the ALFI Spring conference on 24 & 25 March 2015 in Luxembourg.>
Florence Stainer and Bishr Shiblaq will be spearkers during the Luxembourg For Finance (LFF) roadshows in Dubai and Doha from March 3 to 5. >
Chirazad Ben Messaoud will be a speaker during the Nobelux Nordic Roadshow which will take place from March 3 to 5. >
Arendt & Medernach, in collaboration with the Embassy of the Grand Duchy of Luxembourg in Beijing, has the great pleasure of inviting you to a seminar entitled Luxembourg: your place to do business to be held in Beijing on Thursday, 12 March 2015, at the premises of the Embassy.>
The breakfast seminar has taken place in London on 12 March 2015.>
Arendt & Medernach, in collaboration with the Consulate General of Luxembourg in Shanghai, has the great pleasure of inviting you to a seminar entitled Luxembourg: your place to do business to be held in Shanghai on Wednesday, 11 March 2015, at the premises of the Consulate General.>
Arendt & Medernach is an active member of the European Impact Investing Luxembourg (EIIL). The EIIL annual conference "The role of social finance for the Luxembourg of tomorrow" will take place on January 29, 2015 in Luxembourg.>
Arendt & Medernach sponsored the ALFI Roadshow Asia which will be held the 13th of January in Taipei, the 15th of January in Tokyo & the 16th of January in Hong Kong.>
The IFN Forum Egypt will be held on 8 December 2014. The main theme will be the "Developments in Egypt’s evolving economic landscape and opportunities in key African Markets".
Bishr Shiblaq, head of our Dubai Office, will be a speaker during the IFN Forum in Egypt.>
Sandra La Sala will be a speaker during the ALFI - santiago de chile roadshow conference which will be held on November 21 in Santiago de Chile.>
Arendt & Medernach sponsored the European Microfinance Week 2014 annual conference. This event has been held from November 12 to 14 in Luxembourg.>
Arendt & Medernach sponsored the 20th annual conference of EFAMA in Brussels. This event took place on Monday, November 6, 2014.
This year the discussed question was "From regulatory reaction to the crisis to creating new growth for Europe?".>
Arendt & Medernach sponsored the 8th HKIFA annual conference. This event took place on Monday, November 3, 2014.
This year the focus has been made on "Innovation in the contexte of the fund management industry".>
Michèle Eisenhuth and Nicolas Bouveret will be speakers during the ALFI USA roadshow 2014 which will take place in Boston on 6 October 2014 and in New York on 9 October 2014.>
Arendt & Medernach is a sponsor of the ALFI Switzerland Roadshow which will be held on 30 September 2014 in Geneva and 1 October 2014 in Zurich.>
The partners of Arendt & Medernach were pleased to invite you to the second seminar on the practical impact on your business of MiFID II and MIFiR.>
Stephane Karolczuk was a speaker at ALFI Hong Kong Breakfast Seminar event held in Hong Kong on June 25, 2014.>
Stephane Karolczuk was a speaker on a panel “Distribution & Product Development: Asian Influence on European UCITS” at the ICBI - Global Fund Distribution Luxembourg conference to be held on June 17 – 18 in Luxembourg.>
Gilles Dusemon will be a speaker at the ALFI New York roadshow on 5 June 2014 in New York.
For more information about the conference, please consult the programme attached>
The aim of this Luxembourg Limited Partnership Regime workshop to present and give valuable insight into the specificities and advantages of the Luxembourg Limited Partnerships. For more information, please click on the document attached>
Arendt & Medernach is a sponsor of the ALFI microfinance & impact investing conference 2014. Meet our partners during the conference which will be held on 27 May 2014 in Luxembourg. For more information about the conference, please consult the programme attached.>
Stephane Karolczuk was a speaker at the Luxembourg Trade and Investment Office (Shanghai) – PEAS event held in Shanghai on May 22.>
Stephane Karolczuk was a speaker at the Clearstream – AMAC event “Access to the Global Investment Funds Market” held in Beijing and Shanghai on May 14 and May 16>
Arendt & Medernach is a sponsor of the ALFI & ALRiM Risk management conference 2014 which will be held on 29 April 2014 in Luxembourg.>
Bishr Shiblaq will be a speaker at the Mena Operational Leaders Summit on 28 & 29 April 2014 in Dubai.
For more information about the summit, please consult the programme attached.
Arendt & Medernach is a sponsor of the ABA Spring conference 2014. Meet our partners during the conference which will be held from 1-5 April 2014 in New York, United States.>
Stéphane Karolczuk will be a speaker in the “ICBI – Fund Forum Asia 2014” on March 31, 2014 in Hong Kong. >
Michèle Eisenhuth and Claude Kremer will be speakers at the ALFI Spring conference on 18 & 19 March 2013 in Luxembourg.>
Gilles Dusemon will be a speaker at the Private Investment Funds conference on 9, 10 & 11 March 2014 in London, England.>
Further to our "Luxembourg, a European hub for investment funds & wealth management" seminar held in Koweit on 5 March 2014, please find attached the conference slides.
Further to our "EMIR" seminar held in Luxembourg on 22 January 2014, please find attached the conference slides>
Claude Kremer was a speaker at the 7th "Hong Kong Investment Funds Association" conference on 4 December 2013 in Hong Kong, Asia.>
Bishr Shiblaq was the briefing leader at the Islamic Finance Briefings conference on 10 December 2013 in Dubai, UAE.>
Henning Schwabe will be a speaker at the "Regulatorisches Risikomanagement in KAGen" conference on 1 November 2013 in Wiesbaden, Germany.>
Bishr Shiblaq will be a speaker at the "Islamic finance news" Forum on 21 October 2013 in Kuala Lumpur, Asia.>
Anne Contreras will be a speaker at the "global impact investing network" Investor forum on 11 October 2013 in London, United Kingdom.>
Further to our AIFMD Seminar in London on 10 October 2013, please find attached the conference slides.>
Anne Contreras and Marc Elvinger will be speakers at a conference entitled "European impact investing Luxembourg - the gateway to innovative finance" on 26 September 2013 in Luxembourg.>
Claude Niedner will be a speaker at the UCITS & AIFMD conference on 17 September 2013 in London, United Kingdom.>
Further to our Annual UCTIS & Private Equity Seminar in New York on 23 April 2013, please find attached the conference slides.>
Anne Contreras was a speaker at the Sustainable investments conference on “SRI Funds” from 2:00 p.m. on 24 January 2013 in Luxembourg.>
Camille Bourke was a speaker at the AIFMD Update conference on "Comparative Overview from EU Member States: France, Germany, Luxembourg, The Netherlands" from 1:45 p.m. on 12 December 2012 in London .>
Gilles Dusemon was a speaker at the LFF Milan seminar on 5 December 2012 in Milan.>
Anne Contreras was a speaker at the Sustainability day 2012 on "Regulatory inflation: threat or opportunity for impact finance?" from 10:25 a.m. on 5 December 2012.>
Stéphane Karolczuk was a speaker at the UCITS Asia 2012 conference on "EU Regulatory Update" from 12:20 p.m. on 13 November 2012 and on "UCITS IV: Remaining Distribution Challenges" from 2:00 p.m. on 14 November 2012.>
Catherine Martougin, Gilles Dusemon and Claude Niedner were speakers at the ALFI European Alternative Investment conference.>
Catherine Martougin was a speaker at the training INREV Risk Management for non listed property funds on "Risk management in upcoming regulations and future outlook for real estate industry" from 4:00 p.m. on 21 November 2012 in Amsterdam.>
Further to our conference "Alternative investment funds & UCITS - Luxembourg update" held in London on 16 November 2012, please find attached the conference slides.>
Further to our conference "AIFMD Luxembourg update" held in Luxembourg on 17 October 2012, please find attached the conference slides.>
Anne Contreras was a speaker at the Sustainable investments conference on “SRI Funds” on 9 October 2012 in Luxembourg.>
Michèle Eisenhuth was a speaker at the ALFI Leading Edge Conference Series on "UCITS - AIFMD implications" on 3 July 2012 in Luxembourg.>
Further to our conference "Luxembourg Private Equity and Alternative Investment Funds" held in New-York on 5 June 2012, please find attached the conference slides.>
Michèle Eisenhuth was a speaker at the UCITS 2012 conference - Your complete guide to the latest legal and regulatory developments for complex and non-complex UCITS on "Should UCITS and Newcits be separated by regulation?" on 23 May 2012 in London.>
Michèle Eisenhuth was a speaker at the Strategies for Investing in Alternative UCITS conference on "Current & Future Steps to Amend Regulation" on 2&3 May 2012 in London.>
Anne Contreras was a speaker at the ALFI Responsible Investing Conference on "Regulation in the spotlight: EuSEF" on 10 May 2012 in Luxembourg.>
Claude Kremer and Carine Feipel were speakers at the ICI 2012 Mutual Funds and Investment Management conference. >
Michèle Eisenhuth was a speaker at the ILA - Roles and Responsibilities of UCI Directors conference on "Major legal issues related to the roles of funds directors" 20 March 2012.>
Claude Kremer and Michèle Eisenhuth were speakers at the ALFI Spring conference. >
Michèle Eisenhuth was a speaker at the ILA conference on "Regulations and what boards should be focused on" on 26 January 2012 in Luxembourg.>