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Luxembourg – The Better Compromise

The case for the Grand Duchy

The EU referendum in Great Britain has brought Europe’s achievements back into public consciousness; many people had started to take those achievements for granted. One such institutional achievement is the European single market, which has made cross-border financial services possible. The 1985 UCITS Directive (85/611/ EC) was an extremely successful standard for investment funds applicable for the first time in all member states.

This directive has made Europe more attractive in terms of global competition, because on the one hand it enables regulated competition for the best jurisdiction for fund vehicles within Europe, and on the other because it gives the European Union a strong competitive position, above all in Asia and South America. Investors and asset managers value this variety within a reliable, modern framework. Above all, the passporting introduced with Directive 2009/65/EC further strengthened competition within Europe, because it means that it is significantly easier for a fund authorised once by UCITS in an EU country to apply for an operating licence for other member states.

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