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      Alfi welcomes the Luxembourg Government’s draft bill on UCITS4

      Alfi welcomes the Luxembourg Government’s draft bill on UCITS4

      On 23 July 2010, the Luxembourg Government approved the draft bill implementing UCITS 4 into national law. The final adoption of the Government draft bill by Parliament is expected to take place before the end of this year.

      Commenting on this approval, Claude Kremer, chairman of Alfi said: “The Luxembourg authorities have taken a very proactive approach to the introduction of UCITS4, including introducing new tax measures to remove uncertainties on the fiscal treatment of new UCITS4 freedoms such as master-feeder structures and the management company passport.

      The speed of the process and the introduction of these new measures clearly demonstrate once again Luxembourg’s vigorous support of the European Fund Industry.

      The Association of the Luxembourg Fund industry (Alfi) welcomes this move, and believes that UCITS4 provides is a unique opportunity for funds to work in a more resource and costeffective environment, making Europe an attractive domicile for funds globally.”

      The Association of the Luxembourg Fund Industry (ALFI is the representative body of the Luxembourg investment fund community. Created in 1988, the Association today represents over one thousand Luxembourg domiciled investment funds, asset management companies and a wide range of service providers.

      The Luxembourg Fund industry is the largest fund domicile in Europe and a worldwide leader in crossborder distribution of funds. Luxembourg-domiciled investment structures are distributed on a global basis in more than 50 countries with a particular focus on Europe, Asia, Latin America and the Middle East.