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Luxembourg Investment Services Law (Amendment)

 

 

Law of 12 March 1998

       modifying the Law of 5 April 1993 regarding the financial sector for the purpose of rearranging the Directive 93/22/CEE einvestment servicesf

        modifying Article 113 of the Commercial Code

(Loi du 12 mars 1998 - modifiant la loi du 5 avril 1993 relative au secteur financier aux fins de transposer la directive 93/22/CEE 'services d'investissement' - modifiant l'article 113 du Code de Commerce)

[English Translation of the Content and Articles 13, 16, 21, 25, 32, etc.]

 

 

Article One

Articles 13 to 38 of the Law of 5 April 1993 regarding the financial sector shall be replaced by the following provisions:

 

Chapter 2

Approval by other professionals of the financial sector of Luxembourg law

 

Article 13             Field of application

 

(1) This chapter applies to all the juridical persons under the Luxembourg law exercising activities of financial sectors in the professional capacity except for the juridical persons mentioned in Paragraph (2) of this article.  Those gother professionals of the financial sectorh so defined may be referred to as gPSF.h

Such persons are called investment businesses when they exercise in the professional capacity the activities consisting of providing investment services for third parties.  [cc]

(2) This chapter does not apply:

-          to the credit organizations that are subject of the preceding chapter;

[cc.]

-          to the advisors and administrators of Luxembourg OPC that are subject of the Law of 30 March 1988 regarding the organizations of collective investment (OPC) or the Law of 19 July 1991 concerning the organizations of collective investment of which securities are not appropriated to the investment in the public.

-          [cc]

 

Article 14             Necessity of Approval

Article 15             Procedure of Approval

 

Article 16             Legal form of establishment

 

Approval for the activities that involve the management of funds of third parties may only be granted to juridical persons having the form of an organization under public law or of a commercial company.

 

Article 17             Central administration and infrastructure

Article 18             Shareholders

Article 19             Honorability and professional experience

Article 20             Financial basis

Article 21             Sufficient credit

 

Approval shall be subject to vindication of sufficient credit in accordance with the activity program.

 

Article 22             External revision

Article 23             Withdrawal of the Approval

 

Section 2         Special provisions to certain categories of PSF

Subsection 1    Investment businesses

 

Article 24             Investment businesses

A)                     Commission agents

B)                     Wealth managers

C)                     Professionals intervening on the behalf

D)                    Distributors of parts of OPC

E)                     Underwriters

 

Subsection 2    Certain PSF other than the investment businesses

 

Article 25             Financial advisors

 

(1) Financial advisors are professionals whose activities consist of providing advisory services on individual basis on the financial operations, especially on the investments.

(2) Financial advisors shall be remunerated only by their clients.  They are not allowed to intervene directly or indirectly in the execution of the advice they provide.

(3) Activity of mere information is not the subject of the present law.

 

Article 26             Dealers

Article 27             Market makers

Article 28             Professional custodians of securities or other financial instruments

Article 29             Persons carrying out operations of change-espece

Article 29bis        Recovery of claims

 

Chapter 3        Approval for establishment of branch offices and for free provision of services in Luxembourg by credit organizations or PSF under foreign law

 

Article 30             Credit organizations and investment businesses with the origin in European Community countries

Article 31             Financial institutions with the origin in European Community countries

Article 32             Credit organizations and investment businesses with the origin other than European Community countries; PSF other than investment businesses with the origin in European Community or other countries

 

Chapter 4        Approval for establishment of branch offices and for provision of services in other State members of European Community by credit organizations, investment businesses or certain financial institutions under Luxembourg law

 

Article 33             Establishment of branch offices in countries of European Community

Article 34             Provision of services in countries of European Community

 

Part Two         Professional obligations, prudential rules and rules of conduct in the financial sector

 

Article 35             Field of application

Article 36             Prudential rules of the financial sector

Article 36bis        Prudential rules specific for certain PSF

Article 37             Rules of conduct of the financial sector

Article 37bis        Participation in the indemnification system of investors

Article 38             Definition of laundering

 

Article Two

In Chapter 1 of Part Three of the Law of 5 April 1993 regarding the financial sector, Articles 42 and 44 shall be replaced by the following provisions.

 

Article 42             Competent authority

Article 44             Professional secrecy of IML

 

Article Three

Chapter 2 of Part Three of the Law of 5 April 1993 regarding the financial sector shall be replaced by the following provisions.

 

Chapter 2        Supervision of the credit organizations, certain financial institutions and investment businesses doing their activities in several countries of European Community

 

Article 45             Power for supervision of the credit organizations and investment businesses doing their activities in several countries of European Community

Article 46             Manners of supervision of the credit organizations and investment businesses doing their activities in several countries of European Community

Article 47             Supervision for certain financial institutions with the origin in countries of European Community

 

Article Four         Modifying provisions

 

*This is just an unofficial translation of a part of the law.  For an original, complete text, visit the governmentfs site.

 

àList of Luxembourg Financial Laws in English

àList of Luxembourg Financial Laws in French

àSwiss Banking Laws

 

àPrivate Salon Conference for Hedge Funds

àTranslation of Fund Prospectus, Offering Memorandum, etc.

 

àBooks on Luxembourg [Business Law, Investment, etc.]

 

English Translations of Swiss Banking Laws

  Swiss National Bank Regulation  Swiss Banking Law  Swiss Money Laundering Ordinance

English Translations of Luxembourg Financial Laws

  Trust and Fiduciary Contracts Law  Amended Collective Investment Organization Law  Investment Services Law  Collective Investment Organization Law

 

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