CSSF press release 12/29 on yse of the value at risk (VaR) approach in determining global exposure of Luxembourg UCITS *

Luxembourg - October 2 2012
The CSSF issued, on 31 July 2012, a press release that clarifies how Luxembourg undertakings for collective investments in transferable securities (UCITS) using a value at risk (VaR) approach in determining their global exposure should take into account the recent clarifications issued by the European Securities and Market Authority (ESMA).

Co-authors: Antonios Nezeritis, David Heinen , Laura Rossi .

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CSSF circular on unlaunched sub-funds, sub-funds awaiting reactivation and sub-funds in liquidation *

Luxembourg - October 2 2012
The CSSF issued, on 9 July 2012, Circular 12/540 relating to unlaunched sub-funds, sub-funds waiting to be reactivated and sub-funds in liquidation (Circular 12/540).

Co-authors: Antonios Nezeritis, David Heinen , Laura Rossi .

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CSSF regulation on risk management and conflicts of interest with respect to specialized investment funds *

Luxembourg - October 2 2012
Following the law of 26 March 2012 amending the law of 13 February 2007 on specialized investment funds (the Law of 2007) in Luxembourg, specialized investment funds (SIFs) are now required in accordance with Article 42a of the Law of 2007.

Co-authors: Antonios Nezeritis, David Heinen , Laura Rossi .

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Draft bill regarding implementation of the AIFM Directive and proposing other interesting changes *

European Union, Luxembourg - October 2 2012
On 24 August 2012, draft bill no. 6471 (the Bill) implementing the directive 2011/61/EU of 8 June 2011 on alternative investment fund managers (the AIFM Directive) and amending certain Luxembourg laws was submitted to the Luxembourg parliament.

Co-authors: Antonios Nezeritis, David Heinen , Laura Rossi .

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Eurozone break-up: contingency planning for UCITS *

European Union - June 21 2012
Over the last decade, the UCITS (Undertakings for Collective Investments in Transferable Securities) product has enjoyed tremendous success globally.

Co-authors: Richard Frase, Christopher D. Christian, Angelo Lercara.

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