Chevalier & Sciales


Authorisation requirements of Luxembourg investment advisers to Luxembourg funds (i.e. SIFs, UCITS, etc.)

Advisers to collective investment funds are henceforth included in the scope of application of the 1993 financial services legislation and must hold an investment adviser authorisation issued by the Finance Ministry, the CSSF has announced, following the entry into force of the law of 21 December 2012.

The legislation transposed into Luxembourg law the so-called ‘Omnibus I’ Directive 2010/78/EU of 24 November 2010, establishing the powers of the three EU financial regulatory agencies, the European Banking Authority, the European Securities and Markets Authority and the European Insurance and Occupational Pensions Authority and setting out the framework for reporting, notification and co-operation responsibilities of national regulators in these sectors. The legislation came into force on 31 December.

The legislation notably amends Luxembourg’s 1993 legislation by ending the exclusion from authorisation requirements of investment advisers to UCITS and Part II funds established under the law of 17 December 2010 and advisers to Specialised Investment Funds regulated by the SIF law of February 2007. Investment adviser authorisation is carried out under Article 24 of the financial services legislation…

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