Luxembourg Investment Fund Managers take note:
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The three things you need to knowHere are the key aspects of the new law on Substance that you need to know. You can also read an unofficial English translation of CSSF Circular 18/698.
“Looking at the volume and detail of the circular one may wonder what it means for Luxembourg-based management companies. Is this the start of a new era? Or a mere transcript of regulatory practice already in place? The answer is that it is neither, but it will be integral to the sector moving forwards.”
Silke Bernard, Investment Funds Partner
The new circular provides a great level of transparency, reliability and comfort to the market while at the same time keeping a considerable level of flexibility that will allow the CSSF to adjust its individual regulatory assessment to specific situations.
For a view on why this new circular will make Luxembourg an even more welcoming place for asset managers, click here.