The Luxembourg Law of 1 August 2019 implementing Directive (EU) 2017/828 ("Shareholders Rights Directive") amending Directive 2007/36/EC on the exercise of certain rights of shareholders in listed companies was published in the Official Gazette on 20 August 2019.

As indicated in our Newsletter – May 2019, the changes introduced by the Shareholders Rights Directive affect various market players1.

UCITS management companies ("UCITS ManCos") and alternative investment fund managers ("AIFMs") managing, respectively, UCITS and AIFs which invest in shares of companies which have their registered office in a Member State and whose shares are admitted to trading on a regulated market situated or operating within a Member State are covered by the Shareholders Rights Directive.

Those UCITS ManCos and AIFMs are required, in particular, to develop an engagement policy and they are subject to additional transparency requirements.


1. For example, institutional investors (mainly life-assurance/reinsurance companies and pension institutions), asset managers (UCITS management companies, AIFMs, self-managed UCITS, and investment firms which provide portfolio management services to investors), directors of EU listed companies, intermediaries, proxy advisors.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.