Continued Covid-19 restrictions this autumn are a problem for all fund jurisdictions, but especially for Luxembourg. Many who work there live in Belgium, France or Germany. Making decisions for Luxembourg funds from other countries could well run into regulatory and tax problems if it goes on for much longer.

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There has been more focus on depositaries recently as a result of Cayman’s new Private Funds Law and the FCA’s decision to look into decisions taken by the depositary at Woodford Investment Management.

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