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| Luxembourg Approves UCITS IV Bill |
by Ulrika Lomas, Tax-News.com, Brussels
Thursday, August 05, 2010
The Luxembourg government has recently approved the draft bill transposing the
latest UCITS (Undertakings for Collective Investment In Transferable Securities)
directives into national law.
The main changes worthy of note under the new UCITS IV structure include the
introduction of master-feeder structures and the management company passport,
enabling UCITS authorized in one European Union (EU) member state to be remotely
managed by a management company located in another EU member state. Cross-border
distribution procedures have also been simplified.
The Association of the Luxembourg Fund Industry (Alfi), the representative
body of the Luxembourg investment fund community, welcomed the government’s
latest announcement, emphasizing that UCITS IV “provides a unique opportunity
for funds to work in a more resource and cost-effective environment, making
Europe an attractive domicile for funds globally.”
Commenting on the government’s approval of the bill, Claude Kremer, the chairman of Alfi, stated that: “The Luxembourg authorities have taken a very proactive approach to the
introduction of UCITS IV, including introducing new tax measures to remove uncertainties
on the fiscal treatment of new UCITS IV freedoms such as master-feeder structures
and the management company passport. The speed of the process and the introduction
of these new measures clearly demonstrate once again Luxembourg’s vigorous
support of the European Fund Industry.”
UCITS are investment funds that have been established in accordance with the UCITS
Directive (adopted in 1985). Once registered in any one EU country, a UCITS fund
can be freely marketed across the EU.
Luxembourg is the leading domicile for funds in Europe and ranks first globally
in the cross-border distribution of funds. Investment vehicles domiciled in
Luxembourg are distributed worldwide in over 50 countries, in particular in
Europe, Asia, Latin America and the Middle East.
The draft bill is due to be adopted by parliament by the end of the year.
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