Funds

Recent Articles

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  18/04/2024

  United Kingdom

  Transparency: ECCTA 2023 and Register of Overseas Entities update

  The Economic Crime and Corporate Transparency Act 2023 (ECCTA), which is aimed at tackling economic crime and preventing abuse of corporate structures in the UK, will not only fundamentally reform the administrative requirements for UK companies, limited liability partnerships and limited partnerships generally, but will also expand the requirements of the Register of Overseas Entities (ROE) regime for overseas entities holding or acquiring UK real estate.  The ROE is a register at Companies House which came into effect on 1 August 2022. Here are some FAQs providing information about...

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  15/04/2024

  Luxembourg

  Bill of law for the transposition of CSRD in Luxembourg

  IntroductionFollowing the adoption of the corporate sustainability reporting directive:1 (the “ CSRD ”), the Member States of the European Union (the “ EU ”) are required to implement its relevant provisions into their national laws and regulations by 6 July 2024. At the date of this publication, only France, Hungary, Romania, and Czech Republic implemented CSRD into their national law. In this context, the long-awaited Luxembourg Bill of law 8370 was introduced before the Luxembourg Chambre des députés on 29 March 2024 (the “ Proposal”).To...

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  08/04/2024

  Luxembourg

  Reform of Circular 02/77 on NAV calculation errors and investment breaches

  IntroductionOn 29 March 2024, the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) published its long-awaited Circular 24/856 (the Circular) on investor protection in the event of net asset value (NAV) calculation error, non-compliance with investment rules and other errors at the level of the undertaking for collective investment (UCI). The Circular replaces the well-known Circular 02/77, whose reform was, according to the CSSF, necessary to reflect the numerous regulatory developments observed in the Luxembourg fund sector since its publication in 2002. One can notably mention...

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  02/04/2024

  Luxembourg

  Updated CSSF supervisory priorities in sustainable finance

  On 22 March 2024, the Commission de surveillance du secteur financier (the “CSSF”) published an updated version of its supervisory priorities in sustainable finance, which were initially issued in April 2023[1] (the “Communiqué”).This update aligns with the objective of the CSSF to proactively support the transition of the financial sector towards a sustainable economy. To this end, the Luxembourg regulator seeks to ensure the integration of the environmental, social and governance (“ESG”) requirements within a current evolving context necessitating a...

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  19/03/2024

  EU

  After many postponements, the Council of the European Union reached an agreement on the Corporate Sustainability Due Diligence Directive (CSDDD)

  As part of the European Green Deal, the European Commission proposed the Corporate Sustainability Due Diligence Directive (“CSDDD” or the “Directive”) on 23 February 2022, with the aim to introduce a new requirement on companies to conduct sustainability due diligence across their operations, subsidiaries and value chain. Under the CSDDD, in-scope companies will be required to establish due diligence processes to identify, prevent, mitigate and address the potential negative impacts on the environment and human rights. In-scope companies will also be required to report on...

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  08/03/2024

  EU

  Practical guidance on how to assess the existence of aid for risk financing measures

  FR

  On 26 January 2024, the Commission adopted practical guidance for Member States on assessing the existence of State aid for measures aimed at facilitating access to financing for certain businesses.Risk financing measures are particularly important as they enable States to support innovative start-ups, small and medium-sized enterprises (SMEs) and middle-sized enterprises (mid-caps) in the early stages of their development, to make the most of their growth potential, and to lead ecological and digital transitions.These aid may be considered compatible with the internal market under the General...

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