Lois et réglementation

The 60-seat Luxembourg parliament has finalised its adoption of a major upgrade of five investment laws, making its popular international framework for investment funds even more attractive for new types of funds coming into the market, in particular Eltifs. The industry has widely welcomed the changes, with one ManCo CEO describing them as “an evolution rather than a revolution.”

Le parlement luxembourgeois a adopté à une large majorité une loi importante qui modernise la réglementation des fonds d’investissement. Les fonds tels que les fonds européens d’investissement à long terme (Eltifs) et les fonds du marché monétaire seront désormais exonérés de la taxe d’abonnement pour les fonds basés au Luxembourg.

Global financial regulators and industry insiders clashed over the implementation of liquidity management tools (LMTs) to mitigate the impact of mass redemptions in open-ended investment funds at a meeting in Dublin on Wednesday.

Luxembourg’s parliament, with 55 votes in favour and only two against, has embraced a highly anticipated law that revamps its legislative arsenal for investment funds. Several fund categories, including European Long Term Investment Funds (Eltifs) and money market funds, are to be exempted from the registration tax imposed on Luxembourg-domiciled funds.

With a clear vision in mind, Jean-Marc Goy, chairperson at the Association of the Luxembourg Fund Industry, Alfi, is determined to foster the growth of the Grand Duchy’s asset management sector by encouraging effective collaborations with diverse stakeholders, including regulators. “The common goal is to strike the right balance between investor protection, and not putting in the way of the industry too many hurdles and obstacles that would stifle innovation”, Goy said in an IO Talks podcast interview.

Luxembourg is taking measures to become more competitive in the international funds market. Finance Minister Yuriko Backes has revealed plans to amend the «subscription» tax imposed on funds such as European Long Term Investment FUnds, known as ELTIFs, a move aimed at preserving Luxembourg’s position as a leading fund location in Europe.

La révision des règles de trading sur les marchés financiers de l’UE suscite la désapprobation des parties prenantes, suite à des négociations trilogue tumultueuses. Cet accord vise à renforcer la compétitivité mondiale de l’UE tout en simplifiant l’investissement grâce à un meilleur accès aux données de marché.

L’enfer est pavé de bonnes intentions, et ceci vaut également pour les réglementations bien intentionnées en matière environnementale, sociale et de gouvernance. Suite à la croissance des investissements axés sur les ESG ces dernières années, un nouveau problème fait son apparition : le risque de greenwashing (ou écoblanchiment). 

The association representing Luxembourg’s banking industry has claimed success in its lobbying effort to persuade the EU to amend the rules governing the prudential requirements and the supervision of third-country branches to its satisfaction. The association said Thursday that a series of subsequent amendments preserve the attractiveness of the EU as a financial centre towards the rest of the world.

L’industrie financière craint que les discussions entre le Parlement européen, la Commission européenne et le Conseil européen de lundi et mardi n’aboutissent pas à des résultats optimaux, ce qui pourrait conduire à une révision majeure de la directive sur les marchés d’instruments financiers (Mifid).