The CSSF provides guidance on the liquidity management tools in the context of the Ukraine crisis
In recent weeks, investment fund managers have been faced with the question of how to deal with Russian and Belarussian assets in their managed funds. The Commission de Surveillance du Secteur Financier (CSSF) has now published guidance on how to treat this situation.
Performance fees: the CSSF digitalises data collection
Investment fund managers must report to the CSSF on the performance fee models used by all Luxembourg UCITS and AIFs that they manage. For this purpose, the CSSF has launched a special eDesk module for performance fees.
CSSF Thematic Review on the implementation of sustainability-related provisions in the investment fund industry
The CSSF published a report of its Thematic Review on the implementation of sustainability-related provisions in the investment fund industry.
Fund Formation – Fund Life Cycle
Assistance throughout the life cycle of a fund
Changes to the CSSF’s fund authorisation process
The CSSF continues to optimise its fund authorisation process. To this purpose, it recently published information on certain procedural changes and new requirements. The adapted fund authorisation regime will apply from 16 August 2021.
ELTIF – European Long-Term Investment Fund
learn more about the ELTIF regime for alternative investment funds
CSSF announces priority processing procedure for name changes and disclosure updates in light of adopted Guidelines on funds’ names
The CSSF has informed market participants of the publication of Circular CSSF 24/863, thus implementing the ESMA Guidelines on funds’ names into the Luxembourg regulatory framework. In that context, the CSSF has established a priority processing procedure for existing UCITS and AIFs that limit the updates to their issuing document/prospectus to amendments required in the context of the Guidelines.
Debt funds – Easing access to finance by harmonising the EU regulatory framework for loan origination funds
The amendments proposed by the EU Commission aim to harmonise the regulatory framework for loan origination AIFs within the EU, and simultaneously to promote loan origination AIFs to EU companies as an alternative source of financing.
Fund Financing: an ever-growing demand from fund managers
Last month Arendt organised a conference on the fund financing in Luxembourg. Trends in the fund financing market were discussed : structuring options, type of securities available and fund documentation issues.
ESMA publishes its Final Report on Guidelines on funds’ names using ESG or sustainability-related terms
On 14 May 2024, ESMA released its final report on the guidelines on funds’ names using ESG or sustainability-related terms, which also include a minimum investment threshold and qualifying criteria for different categories of ESG- and sustainability-related terms.
New CSSF Circular on NAV errors, non-compliance with investment rules and other errors concerning UCIs
On 29 March 2024, the CSSF published Circular CSSF 24/856 on the investor protection in case of a NAV calculation error, a non-compliance with investment rules and other errors at the level of a UCI Circular.
Customised sessions
A compilation of comprehensive learning solutions, bespoke training sessions, specific workshops and coaching sessions.
Modernising the Luxembourg fund toolbox
Luxembourg further increases the attractiveness and competitiveness of its financial centre through targeted improvements to the Luxembourg fund rules.
Fund Administration Services
High quality fund services to support international investors
Cross-border distribution of investment funds – New CSSF FAQ
On 20 September 2022, the CSSF published a new FAQ: CBDF - Guidance on marketing communications.
Arendt assisted Astorg as Luxembourg counsel on the structuring/closing of its Continuation Fund – Astorg Normec Fund
Arendt advised Astorg as Luxembourg counsel in connection with the closing of its Continuation Fund, Astorg Normec Fund, at €1.4 billion in capital commitments.
Favourable CJEU clarification on the VAT exemption for fund management services
On 17 June 2021, the Court of Justice of the European Union (CJEU) rendered its judgment in joined cases K (C-58/20) and DBKAG (C-59/20) dealing with the question of which conditions must exist in order for services rendered by a third-party supplier to the management company of an investment fund to qualify for the VAT exemption for fund management services.