Collective Investment Schemes in Luxembourg

Banking / Finance

Collective Investment Schemes in Luxembourg Law and Practice, 2nd Edition

Edited by Claude Kremer · Isabelle Lebbe · Denise Kinsella
Oxford University Press March 2014

Specifications

ISBN-13
9780199651863
Publisher
Oxford University Press
Publication
March 2014
Format
Hardback , 800 pages
Jurisdiction
Luxembourg ? Countri(es) for reference only

Details

  • Provides the only analysis of the regulatory framework applicable to collective investment schemes in the important financial centre of Luxembourg
  • Contains a systematic and comprehensive account of the law and regulations applicable to Luxembourg funds
  • Includes guidance on the key EU Directives relating to collective investment schemes
  • Written by leading investment fund practitioners based at a Luxembourg firm specializing in funds and fund-related matters

New to this edition

  • Contains coverage of the latest developments on the AIFM Directive
  • Addresses the Act of 13th February 2007 (Luxembourg) relating to specialized investment funds, and the Act of 17th December 2010 (Luxembourg) on undertakings for collective investment
  • Covers all relevant new guidance issued at EU level, including the UCITS IV Level II measures
  • Explores the new positions adopted by the Luxembourg tax authorities

This book is the only analysis of the legal regime governing collective investments in the important financial centre of Luxembourg. Written by expert practitioners from a leading funds practice, it provides a detailed, comprehensive, and practical account of the regulation and operation of investment funds under Luxembourg law.

Beginning with a definition of undertakings of collective investment funds and a description of the background to the relevant legislation, the authors go on to provide a detailed account of how undertakings for collective investments are classified and how they operate in practice.

Covering all relevant EU Directives including the UCITS Directives, Prospectus Directive, MiFID, and the Savings Directive, the authors also consider the application of these Directives under Luxembourg law. The latest developments on the AIFM Directive are also addressed.

A comprehensive and systematic account, this new edition is an important reference source for all practitioners and investment managers regularly dealing with Luxembourg investment funds, as well as providing an exceptional introduction to this area of the law.

 

Readership: The primary market consists of private practice and in-house lawyers advising on investment funds. The secondary market includes the service industries (such as auditors) and fund managers.

Table of Contents

1: Introduction
2: Supervision of AIFM established in Luxembourg
3: Permitted activities for undertakings for collective investment
4: Establishment of undertakings for collective investment
5: Securities issued by undertakings for collective investment
6: Parties involved in the operation of undertakings for collective investment
7: Marketing the units or of undertakings for collective investment in the Grand Duchy of Luxembourg
8: Supervision of undertakings for collective investment
9: Dissolution and restructuring of undertakings for collective investment
10: Undertakings for collective investment and criminal law
11: Undertakings for collective investment and tax law
12: Undertakings for collective investment and European law
13: Risk capital investment companies
14: Securitisation vehicles

About the Author

Claude Kremer is a founding partner at the Luxembourg law firm Arendt & Medernach. He has devoted his whole professional career to the global fund and asset management industry. He was admitted to the Luxembourg Bar in 1982 and is a non-executive board member of a number of Luxembourg investment funds established by international asset management groups. In 2005, he formed part of the EU Commission expert group on market efficiency. After serving as chairman of the Association of the Luxembourg Fund Industry (ALFI) from May 2007 until June 2011, Claude was elected president of the European Fund and Asset Management Association (EFAMA) in June 2011. He holds Master's degrees in law and in history from the Université Pierre Mendès France de Grenoble (France) and a Master's degree in accounting and finance from the London School of Economics and Political Science (U.K.). He is also a reader in fund law at the University of Luxembourg.

Isabelle Lebbe is a partner at the Luxembourg law firm Arendt & Medernach, where she specialises in a wide range of investment funds with a focus on UCITS funds. She has been a member of the Luxembourg Bar since 1999 and is an arbitrator and a member of the Belgian Centre for Arbitration and Mediation (CEPANI). A regular conference speaker, Isabelle is also the chairwoman of the Editing Committee of the Luxembourg Fund Review Magazine and sits on a number of committees of the Association of the Luxembourg Fund Industry (ALFI) and the Commission de Surveillance du Secteur Financier (CSSF), the regulatory authority of the financial sector in Luxembourg. She was named "Best in Investment Funds" in Europe at the Euromoney Legal Media Group's inaugural Women in Business Law Awards 2011.

Contributors: 
Consultant Editor, Denise Kinsella, translator

Reviews

Review(s) from previous edition

"Claude Kremer and Isabelle Lebbe's book on Collective Investment Schemes is a must for every actor of (sic) the financial sector. Not only does it present a complete view of the UCI industry, it also underlines (once more, should I say) the professional skills of the authors - Jean-Louis Schiltz, Minister of Telecommunications, Luxembourg

"We value this publication highly as it represents a most useful and comprehensive study of UCI's in Luxembourg, which can be seen as point of reference by market players and lawyers alike" - Commission de Surveillance du Secteur Financier

"Maîtres Claude Kremer and Isabelle Lebbe have written an interesting and useful treatise on the law and practice surrounding UCIs. I particularly admire the thoroughness and completeness of their work. Academics as well as practitioners in the field are likely to turn to this book frequently and fruitfully" - Professor Christian C.P Wolff, Director, Luxembourg School of Finance

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