by admjmjwp-2163991203236864020304CSSF Update – New Circular on NAV Error – CSSF Circular 24/856
The New CSSF Circular 24/856 replacing Circular 02/77 as from 1st of January 2025, introduces changes on the following main points :
– Responsability of UCI’s governing body to prevent errors/non-compliance
– Implementation of New Errors
– Obligation of the responsible person to compensate the fund for the errors occured
by admjmjwp-2163991203236864020304Understanding the key changes in AIFMD II : enhancing cross-border operations and governance
Following extensive discussions and negotiations, on 20 July 2023 the European authorities [the Council of the EU and the European Parliament] reached a political agreement on the revision of Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD), leading to the issuance of AIFMDII on 7 February 2024.
These amendments aim to harmonise existing regulatory practices, ensuring robust governance and investor protection while facilitating cross-border operations of alternative investment funds (AIFs) and their managers (AIFMs). After publication in the EU’s Official Journal on 26 March 2024, AIFM2.0 will come into force on 15 April 2024. EU member States have two years to implement the directive.
Let’s delve into the significant changes introduced by AIFMD II across various aspects of alternative investment management :
- Enhanced cross-border possibilities for depositaries
- Ancillary Services Expansion
- Enhanced AIFM Authorisation Requirements
- Regulation of AIFs with Lending Activities
- Liquidity Management Tool
by admjmjwp-2163991203236864020304LUXEMBOURG RAIF SUCCESS SEDUCES FOREIGN AUTHORITIES
The success of RAIF, which since 2016 has been helping to make Luxembourg’s fund management industry more attractive, is now being felt abroad : on January 31, 2024, SWITZERLAND launched its own reserved, unregulated fund, the Limited Qualified Investor Fund (“L-QIF”).
On January 31, the Federal Council issued a decree implementing the Swiss Collective Investment Schemes Act (“CISA”, June 23, 2006), which establishes a new category of investment funds reserved for professional investors, like Luxembourg’s FIAR: the LQIF will offer sophisticated investors and fund managers even greater choice in structuring their investments.
Its main features are :
– no supervision or approval by FINMA (Swiss Financial Market Supervisory Authority);
– no risk diversification rules.
Further information here
by Kinga Kosycarz2023 in review
Looking back on an exceptional year…
As we say goodbye to 2023, we are glad to share some of our highlights from this remarkable year.
1) New office. We have moved into a magnificent new office space, thoughtfully designed for both comfort and professionalism. Our new spaces are now ready to host meetings and business events, creating a welcoming environment for our clients and partners.
2) Digital Revolution. In 2023 We launched our all-new website, providing a user-friendly platform to explore our services, our story and legal insights.
3) Smooth fund migration. Our team successfully completed the migration of two UCITS funds, showcasing our competence in tackling complex regulatory issues in the financial sector.
4) Extending our reach. We are proud to have welcomed new clients to the Marjac family, reinforcing our mission to provide exceptional legal services.
Thank you for your loyalty and support throughout the year. Let’s look forward to a prosperous 2024 filled with more achievements