Circular CSSF 21/769 – Teleworking in supervised entities

On 9 April 2021, the CSSF published Circular CSSF 21/769 regarding governance and security requirements for Supervised Entities (as defined below) to perform tasks or activities through Telework (as defined below) (“Circular 21/769”). Scope of Circular 21/769 Following the significant increase in Teleworking over the past year in Luxembourg (the number of resident teleworkers in […]

Evelyn MaherPartner, Bonn Steichen & Partners

ESMA updated its Q&As for the prospectus regulation

On 28 January 2021, ESMA updated its Questions and Answers (Q&As) relating to Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 .On the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (“Prospectus Regulation”) and to Commission Delegated […]

Evelyn MaherPartner, Bonn Steichen & Partners

CSSF updates UCITS and AIFMD FAQs

Data Transfer On 24 November 2020, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its Frequently Asked Questions concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment schemes (the “UCITS FAQ”) and an updated version of its Frequently Asked Questions concerning the Luxembourg Law of 12 July 2013 on alternative investment […]

Evelyn MaherPartner, Bonn Steichen & Partners

Performance Fee Guidelines | Entry into Effect

BACKGROUND On 3 April 2020, ESMA published its final guidelines on performance fees in investment funds – applicable to UCITS and certain types of AIFs (the “Guidelines”). As a reminder, the guidelines provide comprehensive guidance to fund managers when designing performance fee models for the funds they manage, including the assessment of the consistency between the performance […]

Evelyn MaherPartner, Bonn Steichen & Partners

Investor Compensation Scheme Luxembourg | CSSF FAQ

On 26 November 2020, the CSSF issued Frequently Asked Questions regarding the Investor Compensation Scheme Luxembourg established by article 156 of the Law 18 December 2015 and governed by Part III, Title III of the same Law (the “FAQ” and the “Law”). The Investor Compensation Scheme or Système d’indemnisation des investisseurs Luxembourg (“SIIL”) covers clients of investment firms, banks, […]

Evelyn MaherPartner, Bonn Steichen & Partners

New eDesk Module for Submission of Information | CSSF Communication

On 8 December 2020, the CSSF issued a Communication regarding the introduction of a new eDesk module (the “Communication” and the “eDesk Module”), announcing the progressive digitalisation for the reception and processing of a series of requests, including both those submitted at the initiative of the interested parties and those to be submitted following a specific request […]

Evelyn MaherPartner, Bonn Steichen & Partners

SFDR | CSSF Communication and Fast Track Procedure

Background On 16 December 2020, the CSSF issued a communication covering both new regulatory requirements on transparency with regard to the integration of sustainability risks, the consideration of adverse sustainability impacts and the provision of sustainability – related information, as well as the adoption of a fast track procedure. Regulatory requirements Regulation (EU) 2019/2088, of 27 November […]

Evelyn MaherPartner, Bonn Steichen & Partners

BREXIT | Deadline for Marketing of UK UCITS in Luxembourg

BACKGROUND On 21 December 2020 draft law No. 7736 was presented before the Luxembourg Parliament (the “Draft Law”). The scope of the Draft Law includes, inter alia, an amendment to the law of 17 December 2010 relating to undertakings for collective investment (the “UCI Law”). SCOPE The Draft Law amends the UCI Law by prolonging until […]

Evelyn MaherPartner, Bonn Steichen & Partners

Liquidity and Valuation Shocks | ESMA Report on the Preparedness of Investment Funds

As part of its actions to address the impact of COVID-19 on the financial system from a macroprudential perspective, on 6 May 2020, the European Systemic Risk Board (“ESRB”) published a recommendation to address liquidity risk in investment funds, requesting that ESMA: coordinates with the EU national competent authorities (including the CSSF) (the “NCAs”) to undertake a […]

Evelyn MaherPartner, Bonn Steichen & Partners

Karin Klempp Franco of Barcellos Tucunduva Advogados participated in The Art of Deal Making: Using External Expertise Effectively

Foreword by Andrew Chilvers For ambitious companies eager to expand into overseas markets, often theconventional route of organic business development is simply not fast enough. The other option to invest in or buy a business outright is far quicker but often fraught with unforeseen dangers. And even the biggest, most experienced players can get it […]

Ricardo dos Santos de Almeida VieiraPartner, Barcellos Tucunduva Advogados

Cayman Islands Foundation Companies

The Cayman Foundation Company (the “Foundation Company“) is governed by the Companies Law (2020 Revision) (the “Law“) of the Cayman Islands except as specified in The Foundation Companies Law, 2017.  The Foundation Company is a not for profit body corporate having separate legal personality and may be established for any lawful purpose including commercial and […]

Janet FrancisPartner, FrancisGrey