<p><strong>The Luxembourg Supervisory Authority for the Financial Sector (<em>Commission de Surveillance du Secteur Financier </em>– the “CSSF”) issued on 23 October 2013 its updated “Frequently Ask Questions” on securitisation vehicles (“FAQ”) in order clarify its position in relation to the definition of “securitisation special purpose entities” under the law dated 12 July 2013 on alternative investment fund managers (the “AIFM Law”).</strong></p>

<p>Une arme de plus pour la Place. Mais une arme qu'il faudra régler minutieusement pour éviter les soucis. Le projet de loi n° 6595, déposé le 22 juillet dernier, est le résultat de deux années de travail mené avec le soutien des professionnels de la Place.</p>

<p><strong>Après des années de travaux visant à réformer la loi modifiée du 27 juillet 1991 sur les médias électroniques¹, le Luxembourg a adopté en juillet 2013 une nouvelle loi visant à simplifier et renforcer le système existant dans le domaine de l’audiovisuel.</strong></p>

<p><strong>On December 11, the European Parliament and EU Member States agreed on the long awaited Bank Recovery and Resolution Directive (RRD).</strong></p>
<p>The RRD is considered as one of the major steps in developing Banking Union and the Single Resolution Mechanism. It is dedicated to prevent new costs for tax payers and to restore confidence in the European financial sector by ensuring that failing banks can be reorganized in a predictable and efficient way with minimum recourse to public money.</p>

<p>On 6 November 2013, Directive 2013/50/EU of the European Parliament and of the Council of 22 October 2013 amending the so-called Transparency Directive (2004/109/EC*) was published in the Official Journal of the European Union (the “New Directive”).</p>

<p>On 3 July 2012 the European Commission published a “Proposal for a Directive of the European Parliament and of the Council amending the UCITS IV Directive” (the “<strong>UCITS V Proposal Directive</strong>”). Wildgen, Partners in Law, published a short article “<a href="http://www.wildgen.lu/publications/articles/ucits-v-proposal-directive"… V - Proposal for a Directive</a>” on the same date.

<p><strong>The <em>Commission de Surveillance du Secteur Financier </em>(CSSF) has issued its updated version of the frequently asked questions dated 10 January 2014 concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers.</strong></p>

<p><strong>The bill of law number 6595 submitted to the Parliament on 22 July 2013 (the “Bill”) intends to introduce in Luxembourg the private foundation (“<em>fondation patrimoniale</em>”), which has been in development for two years.</strong></p>

<p>As recently announced on our website, the Commission de Surveillance du Secteur Financier (CSSF) has issued on 10th January an updated version of the frequently asked questions relating to the Luxembourg Law of 12th July 2013 on alternative investment fund managers (the AIFM Law).</p>

<p><strong>EMIR Regulation* that came into force on 16 August 2012 introduces new requirements to reduce the risks associated with the derivates market and thus improve transparency. In this regard, it provides, inter alia, for a reporting obligation of all derivates to a trade repository.</strong></p>