On 10 July 2019, the Luxembourg parliament adopted the final text of the bill of law implementing into Luxembourg domestic law the provisions of Directive (EU) 2017/828 amending Directive 2007/36/EC as regards the encouragement of long-term shareholder engagement (the “SRD II”) and amending...

In the last couple of years questions arose how the PEPP should ideally be regulated and the European Commission and various interest groups, till now, have not found a solution for all possible problems in developing a common regulatory framework yet. For that purpose, this Report focused on...

On 8 July 2020, the Council published the last version of the European crowdfunding regulation (‘CFR'), as well as a related directive to amend MiFID II. Although both the regulation and related directive now need to be adopted by the European parliament before it can be published in the...

On 8 March 2018, the European Commission published a proposal for a crowdfunding regulation (hereafter: ‘CFR') as well as a proposal to amend MiFID II . The CFR proposal seeks to facilitate the scaling up of crowdfunding services across the internal market to increase access to finance for...

The Liechtenstein UCITS Law of 28 June 2011 implements the UCITS IV Directive, overhauls the country's UCITS regime, and introduces reforms aimed at making the jurisdiction more attractive to investment funds. The resulting legislation creates a flexible legal environment for funds that is fully...

The fund industry is permanently evolving, but incremental changes are hardly noticed. Sometimes however, industries undergo radical changes, where the process of evolution is significantly disrupted by outside technological, demographic, regulatory, and economic forces. This article discusses...

Depending upon whether a prime broker is solely acting as a counterparty or as a counterparty and a depositary/sub-custodian, the prime broker may either enter into a prime brokerage agreement with the alternative investment fund manager (the “AIFM”) for acting as a counterparty and an...

In recent years, more and more “co-investment vehicles”, of all shapes and sizes, have been used in the Luxembourg alternative investment fund (“AIF”) domain. Their popularity can be explained by the fact that co-investments allow fund managers to fund larger deals without jeopardising...

Currently, there is a dynamic and ongoing improvement in life expectancies that is not accounted for in pension systems designed to provide financial security in retirement.All over Europe, there are currently employment-based (2nd pillar) pension funds and first pillar pay-as-you-go (PAYG)...