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On August 6, 2010, the Luxembourg Government submitted to the Chamber of Representatives a draft law, the main objective of which is the implementation of the EU Directive 2009/65/CE (“UCITS IV Directive”). The draft law also includes some additional changes for investment funds, in particular in respect of taxes.
The draft law provides for the key amendments to the existing UCITS regime following the text of the UCITS IV Directive:
- European passport for management companies, which allows management of UCITS located in other Member States;
- Harmonized legal framework for UCITS mergers, including cross border;
- Possibility to create master-feeder UCITS structures;
- Simplified regulator-to-regulator notification process;
- Replacement of...
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