<p><strong>On April 15, 2014 was published in volume 57 of the Official Journal of the European Union the Commission Delegated Regulation (EU) No 382/2014 supplementing Directive 2003/71 of the European Parliament and of the Council (the “Directive”) with regard to regulatory technical standards for publication of supplements to the prospectus (the “Regulation”).</strong></p>

<p>Nachdem ein erster Versuch zur Umsetzung der Richtlinie 2011/61/EU des Europäischen Parlaments und des Rates vom 8. Juni 2011 über die Verwalter alternativer Investmentfonds im Juli 2013 an den Bedenken des Bundesrates gescheitert war, wurde die Richtlinie nunmehr im Rahmen der Aufhebung des alten Investmentgesetzes und der Einführung des sogenannten Kapitalanlagegesetzbuchs mit Wirkung zum 23. Dezember 2013 ins deutsche Recht umgesetzt. Dies hatte ebenfalls eine Abänderung und Anpassung des vormals geltenden Investmentsteuergesetz zur Folge.</p>

<p><strong>On the occasion of its 47^th meeting, the Paris MoU<em> (Paris Memorandum of Understanding) </em>Committee approved the 2013 inspection results and adopted new performance lists for flags and recognised organisations.</strong></p>

<p><strong>The Luxembourg Parliament has adopted, on 13 May 2014, the law (bill 6556) amending some tax provisions concerning the area of so-called “exit tax” in order to make the exit taxation compliant with EU law.

<p><strong>Out-of-court resolution of complaints:  new CSSF circular 14/589 giving details regarding the provisions applicable to professionals that entered into force on 1^stJuly 2014.</strong></p>

<p><strong>The CSSF circular 14/587 has been issued on 11 July 2014 and relates to provisions applicable to credit institutions acting as UCITS depositary subject to Part I of the law of 17 December 2010 relating to undertakings for collective investment, as amended, and to all UCITS, where appropriate, represented by their management company.</strong></p>

<p>On 18 July 2014, the CSSF has updated their FAQ document concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers as well as the Commission Delegated Regulation (EU) No 231/2013 of 19 December 2012 supplementing Directive 2011/61/EU of the European Parliament and of the Council with regard to exemptions, general operating conditions, depositaries, leverage transparency and supervision.</p>

<p>In its 22 July press release (hyperlink below), CSSF states it has received a total number of 773 applications submitted according to the law of 12 July 2013 on alternative investment fund managers (hereafter “AIFM”) with a total of 215 requests for authorisation and 558 requests for registration. </p>
<p>In relation to the 215 requests for authorisation, 105 have been received from existing UCITS management companies, 48 from existing non-UCITS management companies and 62 from other existing or newly created entities. </p>

<p>In the frame of the recent publication in the Official Journal of the European Union of Regulation (EU) No 596/2014 on market abuse (the “<strong>MAR</strong>”), on July 15, 2014 the European Securities and Markets Authority (“<strong>ESMA</strong>”) published two consultation documents (ESMA/2014/808 and ESMA/2014/809, together the “<strong>Documents)</strong>.</p>

<p>Le Grand-Duché de Luxembourg a favorisé l’émergence de captives de réassurance en permettant la constitution d’une réserve fiscalement déductible. Les captives de réassurance luxembourgeoises, tout comme les autres sociétés de réassurance établies dans d’autres Etats de l’Union Européenne, sont actuellement confrontées à l’application des dispositions contraignantes de la Directive Solvabilité II dont l’entrée en vigueur dans les Etats Membres a été reportée au 1er janvier 2016.