New rules and regulations in Luxembourg

The CSSF’s Circular of August 23 in Luxembourg is ostensibly all about combating money laundering and terrorist financing. But it covers pretty much every aspect of how a fund management company in Luxembourg should operate, formalising many practices.
The law firm Allen & Overy has covered what is included in this Circular. Allen & Overy’s coverage  goes on for 140 pages. There is a huge amount of detail in it. Implementation and compliance with the Circular looks like it will add significantly to costs.

To read more on this story see the September issue of The NED.