On 23 August 2018, the Luxembourg supervisory authority of the financial sector, the CSSF, published a new circular, Circular 18/697 (the “Circular”), which is addressed to Luxembourg credit institutions, investment firms and certain professionals of the financial sector acting as depositaries for non-UCITS. The majority of the rules set out in the new Circular supplement the Luxembourg AIFM Law and Commission Delegated Regulation (EU) 231/2013 with regard to depositaries (the “AIFMD level 2 measures”). They clarify the organisational requirements and the best practices to be followed by Luxembourg professionals when acting as depositaries.

The new Circular not only provides a set of regulatory requirements clarifying certain rules provided by the Luxembourg AIFM Law and the AIFMD level 2 measures, but also provides clarification on certain aspects beyond these rules by notably providing guidance to be followed by depositaries when servicing investment funds investing in some of the non-traditional assets (e.g. real estate, non-listed companies, tangible assets, financial derivative instruments, etc.).

The new Circular will enter into force on 1 January 2019.

Contacts

Isabelle Lebbe

Partner

Investment Management

Mathieu Scodellaro

Counsel

Investment Management

YOU MIGHT ALSO WANT TO DISCOVER

14/12/2018
Launch of Japan's Asset Management One Alternative Investments (AMOAI) - First Luxembourg global infrastructure debt fund

Expanding their offering in global infrastructure investments, AMOAI (formerly known as Mizuho GAI) and its partners have recently announced the joint development of an investment scheme targeted at infrastructure debt.

Read More_
enhance
your
experience
unfortunately, you can not personnalize your browsing on this page

Would you like to configure your browsing experience at arendt.com?

Let us know your profile and favourite topics

You are

Banking and Financial Services

Fund Industry

Private Sector

Private Wealth

Public Sector