Archives > 2009-01

The ALFI published last 29 January on its website the document giving ALFI’s views on the Madoff affair and its implications for the Luxembourg fund industry that was presented at the EFAMA Management Committee meeting held on Tuesday, 20 January. The text is pure Luxembourg wooden language and unfortunately corroborate that leaders in the financial center of Luxembourg are far away from what is to be done prisoners of there insulated business culture. Let's comment a few paragraphs : Luxembourg regulation on the responsibility the depositary of an investment fund complies with...

Almost 5 years ago the European Commission issued the following content in a Press Release ( IP/04/430, dated 31/03/2004 ). The Internet consultation flagged up significant gaps on, for example, minimum capital requirements, legal duties or the scope of liability for depositaries. A true Internal Market for depositary services will require convergence of these rules. In order to appoint...

I have quoted circular IML 91/75 (as amended by Circular CSSF 05/177) to demonstrate that the depositary's liability is not as clear as what Luxembourg authorities are saying to reassure the...

There is a motto in Luxembourg, Mir wellen bleiwen wat mir sin , which means "We want to remain what we are" Yesterday the CSSF, Minister Luc Frieden, the Director of LuxembourgForFinance, and...

Bloomberg has reported that Investments with Bernard Madoff have forced Luxembourg funds and sub funds to suspend redemptions. List of Luxembourg-registered sub-funds and funds that have...