Publication
Blue Bonds: Making a splash in the Capital Markets
In 2018, the Republic of Seychelles launched the first-ever “blue bond”, with the support of the World Bank Group and the Global Environment Facility.
Luxembourg regulator CSSF issues an FAQ regarding Circular 02/77
Global | Publication | July 2020
On July 7, 2020, the Commission de Surveillance du Secteur Financier (CSSF) issued an FAQ document on Circular 02/77 concerning the protection of investors in case of NAV calculation errors and the correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment (the FAQ).
The FAQ sets out in written form the approach taken by the CSSF over the past few years in respect of certain aspects of the Circular, and from that perspective is not controversial, effectively confirming and pulling together expected Luxembourg practice in respect of NAV calculation errors and investment rule breaches.
The FAQ is split into three sections or ‘chapters’: Chapter I dealing with the interpretative queries relating to the general application of the Circular, Chapter II covering the selection of the correction method to be applied in the context of a NAV calculation error, and Chapter III dealing with a small number of questions pertaining to the tolerance thresholds provided by the Circular.
Of particular utility for fund managers are the Appendices of the FAQ which set out in pictorial format decision trees in respect of (i) the correction of NAV calculation errors, (ii) the correction of investment breaches, and (iii) the use of the economic versus the accounting method for determining the financial impact of the investment breach.
Importantly, the FAQ provides a reminder that active ‘intra-day’ investment breaches (i.e. those investment breaches which occur between two official NAV calculations) are to be reported to the CSSF and compensated in accordance with the Circular.
Overall, the FAQ serves as a noteworthy reminder of the CSSF’s current practice, and is welcomed as a central repository of responses to common queries relating to the Circular.
If you’d like to know more about the Circular, the recently issued FAQ or, more generally, how Norton Rose Fulbright’s Luxembourg team can support you with your investment management projects, please don’t hesitate to contact a member of our team.
Recent publications
Publication
The parallel imposition requirement in exclusive distribution systems: key takeaways from the CJEU’s ruling in Beevers Kaas
On 8 May 2025, the Court of Justice of the European Union (the CJEU) delivered its ruling in case C-581/23 (the Ruling), providing guidance on one of the conditions for an exclusive distribution agreement to benefit from the block exemption under Article 4(b)(i) of the 2010 Vertical Block Exemption Regulation (the VBER)1, notably the so-called ‘parallel imposition requirement’.
Publication
Global antitrust and competition trends: 2025 hot topics
Antitrust authorities are increasingly aggressive in pursuing new theories of harm, pushing the boundaries of what amounts to an antitrust violation, and expanding the use of current legislation and regulation to fit a new era of issues.
Subscribe and stay up to date with the latest legal news, information and events . . .