Luxembourg, Global Mutual Funds

Luxembourg – the authority responsible for supervision and control of the financial sector in Luxembourg is the IMP – Institute Monetary Luxembourgeois – a creation of the 1983 laws to regulate Undertakings for Collective Investment, which first appeared in 1959. The subsequent Law of 30 March 1988 rendered Luxembourg the first EU Member State to incorporate the 1985 UCITS Directive into national legislation and positioned it to take advantage of the cross-border marketing opportunities available to complying funds. Like Ireland, Luxembourg is primarily an administrative centre for funds that are targeted at investors elsewhere in Europe, but having been the first to capitalise on the UCITS Directive, Luxembourg has three to four times the value of funds under management than Dublin’s IFSC and has currently pulled ahead of France for leadership of the European league table.

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