On 13 February, 2017 the Luxembourg Financial Regulator
(Commission de Surveillance du Secteur Financier –CSSF)
announced its position in respect of ESMA's opinion by issuing
press release n°17/06. The CSSF expects
UCITS under its supervision to take the necessary measures to
comply with the transitional provisions set forth in ESMA's
opinion (as outlined in our previous legal alert on this
New investors should close existing share classes for
investment by 30 July, 2017 at the latest.
Existing investors should close existing share classes for
additional investment by 30 July 2018 at the latest.
The CSSF also stated that from now on UCITS that want to launch
new share classes must comply with ESMA's common principles for
setting up share classes in UCITS. The position that other national
regulators will take in respect of the opinion will need to be
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The seminar will take place on 31 March 2017. It aims to provide German companies with an overview of the latest developments in relation to insurance coverage, banking transactions and legal aspects of doing business with Iran.
The employment landscape is one that is constantly shifting. Employers who fail to keep up with the changes do so at their peril.
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On 30 December 2016, the IRS released the final Qualified Intermediary Agreement (Final QIA) as part of the Revenue Procedure 2017-15.
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