Anne-Gaëlle Delabye
Partner | Legal
Luxembourg Legal Services
Partner
Luxembourg Legal Services
Big things are happening at Ogier. Change is embedded in everything we do. It is redefining our talent, our ways of working, our platforms of delivery, our culture.
Services
We have the expertise to handle the most demanding transactions. Our commercial understanding and experience of working with leading financial institutions, professional advisers and regulatory bodies means we add real value to clients’ businesses.
Sectors
Our sector approach relies on smart collaboration between teams who have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients to see around corners.
We have the expertise to handle the most demanding transactions. Our commercial understanding and experience of working with leading financial institutions, professional advisers and regulatory bodies means we add real value to clients’ businesses.
Legal
Corporate and Fiduciary
Consulting
Banking and Finance
Corporate
Dispute Resolution
Employment law
Intellectual Property
Investment Funds
Listing services
Local Legal Services
Private Wealth
Property law
Regulatory
Restructuring and Insolvency
Tax
Banking and Finance overview
Asset Finance
CAYLUX Fund Finance
Debt Capital Markets
Derivatives
Fund Finance
Islamic Finance
Leveraged Finance
Listing services
Real Estate Finance
Regulatory
Restructuring and Insolvency
Structured Finance
Sustainable Finance
Corporate overview
Economic Substance
EIIS Services in Ireland
Equity Capital Markets
Insurance and Reinsurance
Listing services
Mergers and Acquisitions
Private Equity
Real Estate Structuring, Acquisitions and Disposals
Regulatory
Technology and Web3
Dispute Resolution overview
Banking Disputes
Corporate and Financial Services Disputes
Crypto Disputes
Enforcement of Judgments and Awards
Fraud and Asset Tracing
Funds Disputes
Insurance Disputes
International Arbitration
Regulatory
Restructuring and Insolvency
Section 238 Shareholder Appraisal Rights
Shareholder and Valuation Disputes
Trusts Disputes and Applications
Investment Funds overview
Hedge Funds
Managers and Sponsors
Private Equity
Real Estate, Infrastructure and Energy Funds
Regulatory
Sustainable Investing and Impact Funds
Technology and Web3
Local Legal Services overview
Cayman Local Legal Services
Channel Islands Local Legal Services
Ireland Local Legal Services
Employment law
Estate Planning, Wills and Probate
Expat services
Family Office
Intellectual Property
Make your Guernsey will online
Make your Jersey lasting power of attorney online
Make your Jersey will online
Notary public services
Relocating your business
Relocating your family
Property law
Accounting and Financial Reporting Services - Ogier Global
Cayman Islands AML/CFT training - Ogier Global
Corporate Services - Ogier Global
Debt Capital Markets - Ogier Global
Fund Services - Ogier Global
Governance Services - Ogier Global
Investor Services - Ogier Global
Ogier Connect - Ogier Global
Private Wealth Services - Ogier Global
Real Estate Services - Ogier Global
Regulatory and Compliance Services - Ogier Global
Our sector approach relies on smart collaboration between teams who have a deep understanding of related businesses and industry dynamics. The specific combination of our highly informed experts helps our clients to see around corners.
Ogier provides practical advice on BVI, Cayman Islands, Guernsey, Irish, Jersey and Luxembourg law through our global network of offices across the Asian, Caribbean and European timezones. Ogier is the only firm to advise on this unique combination of laws.
Keep up to date with industry insights, analysis and reviews. Find out about the work of our expert teams and subscribe to receive our newsletters straight to your inbox.
Fresh thinking, sharper opinion.
We get straight to the point, managing complexity to get to the essentials. Our global network of offices covers every time zone.
No Content Set
Exception:
Website.Models.ViewModels.Components.General.Banners.BannerComponentVm
Insight
29 March 2019
Luxembourg Legal Services
3 min read
ON THIS PAGE
The Luxembourg government has introduced a new bill of law (bill of law 7426 (the Bill)) establishing transitional measures for investment funds in the context of the withdrawal of the United Kingdom (UK) from the European Union (EU).
The Bill is set to modify the law of 17 December 2010 on undertakings for collective investment (the UCI law) and the law of 13 February 2007 on specialised investment funds (the SIF law).
It introduces a transitional period of 12 months after the withdrawal date for undertakings for collective investment in transferable securities (UCITS), undertakings for collective investment regulated by part II of the UCI law (part II UCIs) and specialised investment funds (SIFs) to adjust (to the extent required) their investment policies, and contains specific provisions in relation thereto for UCITS established in the UK and currently marketed in Luxembourg.
Unlike bill of law 7401[1] (see our previous briefing here), the Bill will apply whether or not the withdrawal agreement between the EU and UK is ratified by the UK parliament. Following the withdrawal of the UK from the EU (Brexit), the UK will have the status of a third country, which may potentially have an impact on the investment policies of certain funds, whose assets may no longer fulfil applicable eligibility requirements.
As a result, UCITS, part II UCIs, and SIFs established in Luxembourg whose investment policies are no longer complied with as a result of Brexit will need to perform the adjustment as soon as possible (in any event within a maximum period of 12 months to rectify any non-compliance resulting from Brexit). It is worth noting that the 12 month grace period envisaged in the Bill only applies to investment policies which predate Brexit and will therefore not be afforded to non-compliant investment policies that are implemented post-Brexit.
Furthermore, in order to ensure the continuity of UCITS marketed in Luxembourg and thus safeguard the interests of Luxembourg investors, the Bill provides that any UCITS which, at the time of Brexit, are authorised by the UK authority in accordance with Directive 2009/65/EC[2] and are managed by a UK UCITS management company authorised under the same directive, and which market their shares to retail investors in Luxembourg, will be able to continue to do so for a maximum of 12 months following Brexit.
Should the management company of such UCITS be authorised by the competent authority of a Member State other than the UK, units in said UCITS may continue to be marketed to retail investors in Luxembourg during the same period, but only if the management company is also authorised as a manager of alternative investment funds (since UCITS authorised by the UK authority will qualify as third-country alternative investment funds (AIFs) at the time of Brexit).
During the 12-month period, entities that may be affected by or fall within the scope of the Bill, should consider taking all necessary steps with the Commission de Surveillance du Secteur Financier to rectify any noncompliance in status which may arise as a result of Brexit.
For any additional information, please contact Ogier in Luxembourg.
[1] Bill of law on measures to be taken in relation to the financial sector in case of withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union.
[2] Directive 2009/65/EC of the European Parliament and of the Council of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS)
Anne-Gaëlle Delabye
Partner | Legal
Luxembourg Legal Services
Partner
Luxembourg Legal Services
Ogier is a professional services firm with the knowledge and expertise to handle the most demanding and complex transactions and provide expert, efficient and cost-effective services to all our clients. We regularly win awards for the quality of our client service, our work and our people.
This client briefing has been prepared for clients and professional associates of Ogier. The information and expressions of opinion which it contains are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.
Regulatory information can be found under Legal Notice
Sign up to receive updates and newsletters from us.
Sign up
No Content Set
Exception:
Website.Models.ViewModels.Blocks.SiteBlocks.CookiePolicySiteBlockVm