The Investment Funds (IFs) industry in Luxembourg dominates the domestic financial sector and the EU funds landscape. The Assets Under Management (AUM) of the IF industry in Luxembourg is around 80 times its GDP, much higher than banking (13 times GDP) and insurance (3 times GDP). Based on IF domicile, Luxembourg has the largest fund industry by AUM in Europe, followed by Ireland; it is also the second largest fund industry in the world, next only to the USA.
- Format
- Paper
- Frequency
- regular
- ISBN
- 9798400280344
- ISSN
- 1934-7685
- Pages
- 48
- Published in
- United States of America
- Series
- Country Report No. 2024/181
- StockNumber
- 1LUXEA2024004
Table of Contents
- Glossary 4
- Executive Summary 5
- Introduction0F 8
- A. Background 8
- B. Institutional Structure for Regulation and Supervision 12
- C. Legal and Market Structure 12
- OVERSIGHT FRAMEWORK FOR INVESTMENT FUNDS 17
- A. Regulation 17
- Segregation and Custody of Assets 18
- Valuation and Accounting 20
- Delegation and Substance33F 22
- Redemption and Liquidity Risk Management 23
- Leverage 26
- Operational/Conduct of Business Requirements 27
- Composition of IF Portfolios 27
- Winding Up 28
- B. Authorization 29
- C. Supervision 31
- Risk-Based Supervision 31
- Off-Site Supervision 32
- On-Site Inspections 33
- Investigation 34
- Data Reporting 35
- D. Enforcement 38
- E. Cross-Border Cooperation 40
- F. Institutional Mechanisms for Systemic Risk Monitoring75F 41
- Appendix I. Some Key EU Requirements Relating to Segregation of Assets and Custody 44
- Appendix II. Liquidity Management Tools in Luxembourg 45
- Appendix III. Supervisory Response to Global Events 46
