On 16 July 2019, the Luxembourg law ("the Law") implementing into domestic law certain provisions of the EuVECA, EuSEF, MMF, ELTIF and Securitization regulations was published in the Memorial. This law also amends the law of July 23, 2016 relating to RAIFs.
The Law explicitly designates the CSSF as the competent authority in respect of the EuVECA, EuSEF, ELTIF and MMF Regulations and sets out the powers of the CSSF and the administrative sanctions that may be applied by the CSSF pursuant to such regulations.
The CSSF is also generally designated as the competent authority pursuant to the Securitization Regulation provided that the CAA is the competent authority for ensuring the respect of the obligations laid down in articles 6 (risk retention) to 9 (criteria for credit-granting) of the Securitization Regulation by sponsors, originators and securitization special purpose entities (SSPE) established in Luxembourg.
The Law also amends the RAIF law. Article 8 is amended to provide that FCPs may be managed by Luxembourg management companies authorized pursuant to chapters 15, 16 or 18 of the law of 17 December 2010 relating to undertakings for collective investment. The RAIF law is further amended, in article 49, to allow for the transformation of FCP RAIFs into SICAV RAIFs.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
