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The place for listing
Alternative Investment Funds
Luxembourg The Listing
Centre Of Excellence
2011
2010 Key Figures
SIF Law 13 February 2007
Number of specialised investment funds (SIFs) launched
since February 2007
1000
933 new SIFs
800
since the introduction
of the new Law
600
400
200
0
F MAM J J A S ON D
J F MAM J J A S ON D
J F MAM J J A S ON D
J F M
2007
2008
2009
2010
Source: CSSF/ALFI
5,000 people employed to
support the alternative
fund industry in Luxembourg
483 entities
Private Equity
Real Estate
Hedge Funds1
EUR €25 bn
of assets
EUR €19,895 bn
of assets
EUR €146,847 bn
of assets
300 funds
171 funds
597 funds
Source: ALFI
1 All hedge funds and funds of hedge funds administrated in Luxembourg;
the figure includes funds domiciled and non-domiciled in Luxembourg.
Around
from 11 different countries list
7,445 lines of Undertakings
for Collective Investments
(“UCI’s”)
Table of Contents
1. Alternative Investment Funds
2
2. Why listing Alternative Investment Funds and why Luxembourg?
4
3. Admission to trading: a choice between two markets:
6
3.1. “Bourse de Luxembourg”: EU regulated market 6
3.2. “Euro MTF market”: Exchange regulated market
6
4. Phases to list on the Luxembourg Stock Exchange
8
4.1. Strategy/Planning
8
4.2. Documentation
8
4.3. Admission
9
4.4. Continuing obligations
9
5. Overview of the Regulatory environment
10
6. Trust and Transparency
12
7. PwC Luxembourg Capital Markets Group
13
Alternative Investment Funds
Asset Management companies are grappling with the
blurring of the distinction between traditional
long-only investment and alternative strategies. In
Luxembourg, this is evidenced both by the strong
growth in pure alternative investment funds and
also the rapid emergence of alternative strategies
embedded within the UCITS funds – the so-called
“Alternative UCITS”.
The general shift towards non-traditional asset
classes has forced the majority of the traditional
fund administrators to broaden their service
proposals and offers, including listing funds to allow
diversified category of investors to participate in the
structures (e.g. UCITS funds, pension funds).
2 PwC Luxembourg
Most of the Luxembourg providers are able to
perform high quality accounting of alternative funds
with the specific aspects of consolidation and IFRS
reporting. In addition, distribution aspects like
shareholder monitoring (e.g. hot issues, capital calls
and side pockets) and performance fee management
(e.g. computation, shareholder equalisation and
crystallisation) are part of the standard services
offered. Thus, the one-stop-shopping of traditional
and alternative fund servicing can be achieved, at
least on a domicile level, by relying on dedicated
resources and technically mature infrastructures.
The innovation of Luxembourg’s regulatory
investment fund framework has fostered it into a
dominant position as the onshore regulated
domiciliation centre for alternative investment funds
(e.g. Hedge Funds, Fund of Hedge Fund, Real Estate
Funds and Private Equity Funds). Some of these
funds are distributed on a cross-border basis.
What’s more, Luxembourg has a well established
administration expertise in funds ranging from
Hedge Funds to Private Equity.
Hedge Funds
Luxembourg is an established European centre for Hedge Funds.
Luxembourg Hedge Funds benefit from the know-how of service
providers and the flexibility of the Luxembourg regulator.
As at 31 December 2010, EUR 71,417 billion of Hedge Funds
assets were under administration in Luxembourg and
EUR 75,429 billions for Fund of Hedge Funds. The sector was
totalling EUR 146,847 billions for 597 funds and showed a
growth of 18,51% over the year. Hedge Funds and Fund of
Hedge Funds account for two thirds of alternative investments in
Luxembourg.
Luxembourg’s long-standing focus on Hedge Funds and Fund of
Hedge Funds products has enjoyed rapid growth in recent years
as a result of regulatory and market developments.
Structured as Specialised Investment Fund, “Part II” funds of the
2002 Law or as an Alternative UCITS, the fund range from
simple long-short equity funds to more complex macro, arbitrage
and commodity vehicle.
The first attempt from the Luxembourg regulator to regulate
hedge fund occured in 1991 and allowed, among other things,
the launch of products applying alternative investment
strategies: extensive use of derivatives, short selling, leverage
through borrowings, real estate investments, venture capital
Funds and Funds of Hedge Funds.
Then to simplify the rules applicable to Luxembourg-domiciled
Hedge Funds and to clarify the main investment restrictions
applicable to short selling, leverage and derivatives, the
Regulator issued at the end of 2002, CSSF Circular 02/80 on
investment Funds using alternative investment strategies. This
Circular is applicable to regulated Hedge Funds called “Part II”
funds and it is open to all investors. Retail investors can invest in
such Non-UCITS products. This has helped to significantly
reduce the time needed to approve new products.
Also hedge fund strategies became visible in UCITS funds when
the UCITS III Directive of 2001 introduced wider investment
flexibilities which were further refined in the Eligible Assets
Directive of 2007. Fund managers have now launched
approximately 1,000 UCITS with hedge fund-like strategies,
among which 50% are domiciled in Luxembourg. Assets
managed in Alternative UCITS already equals 10% of the size of
the global hedge fund industry.
Private Equity and Venture Capital Funds
Benefiting from a flexible tax and legal environment,
Luxembourg has been recognised for many years as a
preeminent jurisdiction for structuring Private Equity Funds
and private equity deals.
Real Estate Investment Funds
The number of Luxembourg Real Estate Funds and Funds of
Real Estate Funds has continuously grown over the last five
years corresponding to EUR 19, 895 million of assets under
administration.
Historically, Luxembourg’s private equity practice related to
“Soparfis” (Sociétés de participation financière) as acquisition
vehicles in private equity investments, allowing for efficient tax
structuring with minimal legal and administrative
requirements. However, the adoption in 2004 of the law on
SICARs (Sociétés d’investissement à capital-risque) really
spurred the development of Luxembourg into a major centre for
Private Equity Funds.
Almost all new Real Estate Funds have been launched as
Specialised Investment Funds reflecting the popularity of this
onshore legal framework for Real Estate Fund initiators.
The launch of the Specialised Investment Funds was a further
step along the way to putting Luxembourg firmly on the map as
“the” European jurisdiction for Private Equity Funds and
structuring.
What’s more, a new vehicle has become available since the law
on Specialised Investment Fund (SIF) entered into force on
13 February 2007 and it replaces the 1991 regulation. This law
further reduces the time to market as no pre-approval from the
Regulator is needed before launching the Fund. Because it is
dedicated to well-informed investors, fund managers exploit the
increased investment power introduced by the law. The success
of the SIF Law (more than 933 SIFs approved between February
2007 and beginning of April 2010) is a testimony to the vision of
the Luxembourg legislature and to its capacity of translating
industry and clients’ demands into reality.
The Luxembourg Stock Exchange 3
Why listing Alternative Investment Funds and why Luxembourg ?
Why listing?
Listing alternative investment funds on a stock exchange
market provides numerous benefits for both issuers and
investors.
Access to additional
funds for future growth
Listed funds and their issuers will leverage from greater
visibility and transparency.
Investors will benefit from access to centralised data base where
they will be able to find relevant information on the fund (i.e.
prospectus, financial statements and other information related
to the issuer).
In case of liquidity needs, the products can benefit from the
right regulated trade and post trade infrastructures to minimise
the risks throughout the securities transactions value chain.
During the life of the listed funds on-going communication
inform the investors about corporate events (merger, dividends,
shareholders meeting, etc.) but also securities pricing and
valuation is regularly defined and communicated by the
market.
Listing funds can also provide some tax advantages for the
investors and make often the products more easily eligible
within the portfolio of asset managers.
4 PwC Luxembourg
Benefit from
Tax advantages
Increase liquidity
Listing
Enhance issuer’s
visibility and
transparency of
financial
information
Provide
additional
investors’ trust
with regards
to valuation
Provide eligibility for
institutional investors
(e.g. UCITS funds, insurance
companies and pension funds)
Why Luxembourg?
• Stable and secure public finance and tax environment;
• Benefits from confirmed triple AAA long term credit rating
and high level of reputation;
• Long history and an important experience in the
domiciliation and the administration of investment funds;
• European leader of registration of investment funds
distributed on a pan-European basis;
• Due to the straightforward, inexpensive and short time
listing formalities;
• The change of status by moving from an offshore centre to a
regulated onshore centre, the Luxembourg, enhances the
distribution to a broader range of investors (i.e. institutional,
high net-worth individuals and retail investors);
• The existence of a permanent base centre permits eligibility
for investments in the context of various jurisdictions.
Domestic
Foreign
Total
New listings
Quotation lines
Legal entities
1,213
7,293
446
7
152
37
1,220
7,445
483
Source: The Luxembourg Stock Exchange as at 31 December 2010
The Luxembourg Stock Exchange 5
Admission to trading: a choice between two markets operated
by the Luxembourg Stock Exchange
The Luxembourg Stock Exchange offers broad listing
opportunities via its two markets, with the highest
standards, meeting the eligibility criteria imposed to
investors by securities regulators and central banks.
There are no restrictions on the type of securities to
be listed on both markets, upon the condition of
compliance with the Rules and Regulations of the
relevant exchange. Issuers need to comply with
different requirements according to the chosen
market, both before and after admission.
“Bourse de Luxembourg” market:
The EU regulated market
Operating since May 1929, it is an EU-Regulated Market as
defined in the European Directive 2004/39/EC and published
on the list of the regulated markets in the Official Journal of the
European Union. It offers a European passport for the admission
to trading of securities in more than one EU member state to
issuers looking to enlarge their scope of international investors.
The Luxembourg supervisory authority, the Commission de
Surveillance du Secteur Financier (“CSSF”), is in charge of
approving prospectuses for admission to trading on the “Bourse
de Luxembourg” market.
Issuers on the “Bourse de Luxembourg” market are subject to
the requirements of the Prospectus, Transparency Obligation
and Market Abuse Directives, including the preparation of
consolidated financial information in accordance with
International Financial Reporting Standards (“IFRS”) or, in the
case of non-EU issuers, with accounting standards deemed
equivalent.
“Euro MTF market”: The exchange regulated market
The Euro MTF is a Multilateral Trading Facility in compliance
with the Market in Financial instruments Directive (the
“MiFID”, which was launched in July 2005 to satisfy the needs
of those issuers not interested in a European passport or in need
of more flexibility in relation to the preparation of financial
information. It is not an EU-Regulated Market and therefore is
outside the scope of EU Prospectus and Transparency
Obligation Directives, allowing financial reporting under
accounting standards other than IFRS or equivalent standards,
in certain cases with a description of the main differences with
IFRS or US Generally Accepted Accounting Standards.
The Luxembourg Stock Exchange is in charge of approving
prospectuses for admission to the Euro MTF market, in
accordance with its Rules and Regulations. The Rules and
Regulations provide the Luxembourg Stock Exchange with
some flexibility so that, in limited and appropriate
circumstances, some requirements can be adapted to
accommodate an issuer’s particular situation.
Since its launch, the Euro MTF has expanded rapidly, reaching
6,295 securities admitted to trading as at 29 April 2011.
6 PwC Luxembourg
Did you know that?
• Luxembourg’s Euro MTF was the first European
exchange regulated market in 2009 with an offering
value of EUR 1,575 Mio(1).
• The money raised on Luxembourg’s Euro MTF market
contributed to 57 % of the total raised on Europe’s
exchange regulated markets.
• Luxembourg attracted 73 % of all international IPO by
value and 54 % by volume with its Euro MTF market
hosting all 21 of its international IPO.
• 483 issuers from more than eleven different countries
list 7,445 lines of Undertakings for Collective
Investments (UCIs).
(1) Source : PwC IPO Watch 2009
The Luxembourg Stock Exchange 7
Phases to list on the Luxembourg Stock Exchange
Strategy/Planning
Preparing
Documentation
Strategy/Planning/Documentation
Planning and good preparation are keys to a successful
admission. In order to fulfill the admission requirements for
trading alternative investment funds have to comply with the
following criteria:
• Conformity of the fund and its shares / units with the laws
and regulations which they are subject to;
• Appropriateness of the financial track record (only for closed
ended funds);
• Free negotiability of the shares / units;
• Sufficient distribution of the shares / units to the public;
• Minimum size of the market capitalisation;
• Acceptance of the shares/ units with a clearing house.
8 PwC Luxembourg
Admission :
• BdL
• Euro MTF
Continuous
Reporting
Obligations
Due to the amendments of the Luxembourg Law dated 19
December 2002 (the commercial “Accounting Law”),
transposing Directive 2006/46/EC, listed issuers including
listed funds on the EU regulated market must publish in their
annual financial report a corporate governance statement
including the following information:
• reference to the corporate governance code to which the
company is subject to or with which the company has
voluntarily decided to comply, including details of where the
text of the relevant code is publicly available;
• all relevant information concerning corporate governance
practices applied in respect of the company which are
additional to any statutory requirements and details of where
this information has been made available by the company for
inspection by the public;
• details of, and reasons for, any departures from the
requirements of the applicable code;
• a description of the main features of the internal control and
risk management systems of the company in relation to the
financial reporting process;
• a description of the operation of the shareholder meeting, the
key powers of the shareholder meeting, shareholders’ rights
and the exercise of such rights; and
• details of the composition and operation of the board of
directors and the committees of the board of directors with
administrative, management and supervisory functions.
The Association of Luxembourg Fund Industry has published a
Corporate Governance Code which serves as the reference for
the governance of Luxembourg domiciled investment funds.
Admission
The first question issuers need to consider when preparing a
successful submission file, is the status of the fund, closed-end
or open-end, which will determine the type information to be
submitted.
Closed-end fund are considered to be funds that do not permit
the redemption of its shares/units at the holders request. While
open-end funds allow at the holder’s request the repurchase or
redemption, directly or indirectly, of its shares/units out of the
assets of the fund.
• In the case of admission to trading of closed-end funds on the
“Bourse de Luxembourg” market, the prospectus and related
documents will be submitted for approval to the CSSF.
• In the case of admission to trading of open-end funds on the
“Bourse de Luxembourg” market as well as open and
closed-end funds on the Euro MTF market, the prospectus
and related documents will be submitted for approval to the
Luxembourg Stock Exchange.
Another question is whether the Issuer is seeking the admission
of equity securities (shares /units) or other types of securities
like debt securities.
Non-Luxembourg domiciled funds may be admitted to trading
on a market operated by the Luxembourg Stock Exchange based
on a prospectus approved in compliance with harmonised
EU law.
The listing on the Luxembourg Stock Exchange of non
Luxembourg based investment funds is not subject to additional
requirements.
Continuing obligations
On the regulated market “Bourse de Luxembourg”
Closed-ended funds are required to provide periodic and
ongoing information defined as “Regulated Information”.
This Regulated Information must be published; made available
to an officially appointed mechanism (OAM) which is the
Luxembourg Stock Exchange; and filed with the CSSF.
Periodic Regulated Information
Issuers must draw annual reports and half-yearly reports and
issuers of shares have to provide an interim financial reporting.
Ongoing Regulated Information
Most reporting requirements concern information relating to
major holdings and apply to both holders and issuers of shares.
Issuers must also take into consideration the reporting
obligations foreseen in the Market Abuse Directive concerning
particularly the price sensitive information.
Open-ended funds should comply with the ongoing obligations
required by their national legislation.
On the “EuroMTF market”
Periodic Information
The financial reporting can be prepared under IFRS or other
accounting standards. The reports will be made available:
Ongoing Information
Without prejudice to the other continuing obligations imposed
by the issuer’s national regulations, the issuer shall
communicate to the Luxembourg Stock Exchange as early as
possible any information relating to events affecting the
securities admitted to trading, including but not limited, to:
• Amendments affecting the rights of the securities. Any new
issue or subscription of securities;
• Any change of transfer or paying agent. Announcements of
any dividend distribution;
• Any other event or information which, on the date of its
publication by the issuer or on its behalf, is likely to influence
the price of the securities;
• Other useful information for investor protection.
The issuer shall communicate all other information that it
deems useful for the protection of investors or for the due and
proper operation of the market.
Detailed description of the ongoing obligations for entities listed
on the Euro MTF market is disclosed in chapter 10 of part 1 of
the rules of the Luxembourg Stock Exchange.
• as soon as latest audited financial statements and latest
management report prepared in accordance with the issuer’s
national legislation are ready; and
• within the four months of the end of the first semester, a
semi-annual report on the issuer’s activities and results,
except where a semi-annual report is not required by the
issuer’s national legislation.
The Luxembourg Stock Exchange 9
Overview of the Regulatory environment
Investment Funds
PART II FUND
SIF
Legal Framework
• Subject to Part II of the Law 17 December 2010 relating to
Undertaking for Collective Investments (2010 Law)
• Subject to the Law of 13 February 2007 on Specialised
Investment Funds (SIF Law)
Possible Investment Funds envisaged under the legal
framework
•
•
•
•
•
•
•
•
Eligible investments and investment restrictions
• Eligible investments unrestricted
• Risk diversification requirements
• Prior approval of the investment objective and strategy by
the CSSF
• Eligible investments unrestricted
• Risk diversification requirements
Eligible Investors
• All types of investors
• Well-Informed Investors
Status of the entity
• Open-end
• Closed-end
• Open-end
• Closed-end
Type of Securities admitted to trading
• Equity securities (Shares/Units)
• Debt securities
• Equity securities (Shares/Units)
• Debt securities
Admission to listing and/or trading of open-end entities
(equity securities)
• Prospectus subject to the 2010 Law
• Meet the requirements imposed by rules and regulation of
the relevant market
• Prospectus subject to the SIF Law
• Meet the requirements imposed by rules and regulation of
the relevant market
Admission to listing and/or trading of close-ended entities
(equity securities)
• Prospectus in line with the requirements of the Prospectus
Law
• Meet the requirements imposed by the rules and regulation
of the relevant market
• Prospectus in line with the requirements of the Prospectus
Law
• Meet the requirements imposed by the rules and regulation
of the relevant market
10 PwC Luxembourg
Hedge Funds
Fund of Hedge Funds
Real Estate Funds
Private Equity Funds
Hedge Fund
Fund of Hedge Funds
Real Estate Funds
Private Equity Funds
Investment Vehicles
SICAR
SOPARFI
• Subject to the Law of 15 June 2004 on Investment Company in Risk Capital, as amended
(SICAR Law)
• Subject to the Law of 10 August 1915 on Commercial Companies, as amended
(Company Law)
• Private Equity Funds
• Venture Capital Funds
•
•
•
•
• Investments must represent “risk capital” as defined in Circular CSSF 06/241. Not subject to
risk spreading requirements
• Eligible investments unrestricted
• Regular holding companies are not subject to risk spreading requirements
• Well-Informed Investors
• All types of investors
• N/A
• N/A
• Equity securities (Shares/Units)
• Debt securities
• Equity securities (Shares/Units)
• Debt securities
• Prospectus in line with the requirements of 10 July 2005 on Prospectus on transferable
securities (Prospectus Law)
• Meet the requirements imposed by the rules and regulation of the relevant market
• Prospectus subject to the Law of 10 July 2005 on Prospectus on transferable securities
(Prospectus Law)
• Meet the requirements imposed by the rules and regulation of the relevant market
• Prospectus in line with the requirements of 10 July 2005 on Prospectus on transferable
securities (Prospectus Law)
• Meet the requirements imposed by the rules and regulation of the relevant market
• Prospectus subject to the Law of 10 July 2005 on Prospectus on transferable securities
(Prospectus Law)
• Meet the requirements imposed by the rules and regulation of the relevant market
Hedge Funds
Funds of Hedge Funds
Private Equity Funds
Real Estate Funds
The Luxembourg Stock Exchange 11
Trust and transparency
The forthcoming wave of regulations will generate greater
demands on European alternative fund managers’ operations
and transparency. With the European Alternative Investment
Fund Managers Directive (AIFMD), the US Wall Street Reform
and Consumer Protection Act (Dodd-Frank) and the US Foreign
Account Tax Compliance Act (FATCA), when combined, will
make Europe’s alternative investment fund managers among
one of the most heavily regulated in the world.
Alternative fund managers must recognise the opportunity they
have to increase assets – provided they regain investors’ trust.
Transparency has an essential part to play in doing so. Portfolio
transparency and controls transparency not only inform
investors but also improve the ability of fund boards to
discharge their duties by giving them greater insight into the
activities of alternative fund managers and other service
providers.
With the full implications of these regulations only becoming
clear in the last few months, many alternative fund managers
will have to add considerable infrastructure in terms of
qualified people and systems.
As a result of AIFMD, many managers will need to significantly
improve transparency through internal and external reporting,
covering gearing, liquidity, risk management and trading
activity.
The Luxembourg Financial Market Place, its infrastructure and
the Luxembourg Stock Exchange aim to support the issuers and
promoters in meeting these new objectives and challenges.
12 PwC Luxembourg
In response to CESR’s call for evidence on implementing
measures on the AIFMD, many markets players have called the
European Securities and Market Authority’s attention to the fact
that already many alternative investment funds are listed and
subject to disclosure requirements under the Prospectus
Directive, as well as, existing reporting requirements of the
relevant listing authorities. In this light, many listed alternative
fund managers expect to report obligations under the AIFM to
be lighter when compared to non-listed managers.
Market and Post Market infrastructure
All securities on both markets of the Luxembourg Stock
Exchange are traded on the Universal Trading Platform (UTP)
of NYSE Euronext. This is possible thanks to a partnership
agreement signed on 22 March 2007 between Euronext N.V.
and the Luxembourg Stock Exchange. The UTP platform is the
single trading platform used by the cash and derivatives
markets of NYSE Euronext. It is based on a global network
which enables members to access the services and applications
of NYSE Euronext and relies on unified communication
protocols, both for public flows (market data) and private flows
(order entry).
Post-trade activities for both markets of the Luxembourg Stock
Exchange are assured by LCH.Clearnet S.A. which acts as a
central counterparty (CCP) for certain securities and so ensures
that trades are cleared rapidly and cost effectively. An
innovative structure allows participants to use both Euroclear
Bank and Clearstream Banking Luxembourg to settle trades.
CCP services allow investors to trade on the Luxembourg Stock
Exchange using industry best practices, and therefore
strengthen post-trade efficiency.
Enhance Data dissemination and Information
Transparency
Luxembourg Stock Exchange centralises all regulated
information issued by companies and making it accessible, thus
ensuring effective dissemination of such information to the
public. With this service, issuers or their representatives can file
documents containing regulated information and are provided
with a range of follow-up functionalities. Regulated information
and documents are then made available for free public
consultation and downloadable via the Luxembourg Stock
Exchange website at www.bourse.lu
Issuers may also use our Financial News Service (FNS) for the
publication of notices and press releases, for announcements
and, in particular, price-sensitive information that must be
published rapidly. Such news notices are then disseminated
through the Luxembourg Stock Exchange website with a
simultaneous distribution to EU financial media.
The PwC Luxembourg Capital Markets Group
How PwC can Help
Our Capital Markets Group can assist you in accessing capital
markets with innovative tailored solutions.
A multi-disciplinary approach enables companies to benefit
from a team of tax, regulatory, advisory and audit experts,
through a broad range of services, including:
Advice on the structuring of investment vehicles and
products
Guidance on the selection of the adequate investment listing
vehicle (e.g. Hedge Funds, Fund of Hedge Funds Private Equity,
Real Estate or structured products) in the light of local capital
markets regulation and exchange admission opportunities
Guidance on market opportunities
Advice on the selection of the market type (i.e. European
regulated or exchange regulated markets), in line with the
listing strategy and target investors
Advice on the most tax efficient listing structure
• Assessment of the company’s tax compliance status with
listing rules
• Design of a feasible tax plan to control and minimise tax
exposure according to the most competitive financial vehicle
or structure
Advice on stock exchange admission to trading
• Development of a strategy to handle the listing process and/
or approval by regulatory authorities
• Provision of an overall insight into the capital markets related
European Directives (Prospectus, Transparency, Market
Abuse, MiFID, etc.)
• Advice and review of prospectuses’ financial contents,
compliance with related regulations and approval process
• Support in the submission of listing files and communication
with the competent authorities
Due diligence
Financial and business due diligence reviews
Project management
Advice on the project management and coordination of
transactions
PwC Luxembourg’s professionals have a vast experience in
dealing with Luxembourg regulations and market practices,
which enables them to anticipate and iron out difficulties in
public offers, admission to the Official List and admission to
trading, both locally and internationally. They are part of PwC’s
global network of capital markets specialists, providing them
with the opportunity to refer to and leverage the experience and
best practices developed in other leading financial centres.
The Luxembourg Stock Exchange 13
Contacts
Further information on the listing process
and market data is available on the
Luxembourg Stock Exchange website:
www.bourse.lu
Luxembourg Stock Exchange
11, av. de la Porte-Neuve,
B.P. 165, L-2011 Luxembourg
For further information, please contact:
Hubert Grignon Dumoulin
Issuers and market regulation
Issuers, Head of department
[email protected]
+352 477936-503
Alessandro Picco
Equity and Investment funds
Issuers, equities & UCIs
[email protected]
+352 477936-261
Ronny Alf
Equity and Investment funds
Issuers, equities & UCIs
[email protected]
+352 477936-229
14 PwC Luxembourg
Contact details of Luxembourg’s
Financial Sector Regulator:
Commission de Surveillance du Secteur Financier
110, route d’Arlon, L-2991 Luxembourg
+352 26 251-1
[email protected]
www.cssf.lu
Should you require further information on services provided by
PwC Luxembourg Capital Markets Group, please contact:
Laurent Collet
Luxembourg Capital Market Leader
[email protected]
+352 49 48 48-2549
Régis Malcourant
Hedge Funds Leader
[email protected]
+352 49 48 48-2540
Didier Prime
Luxembourg Asset Management Leader
[email protected]
+352 49 48 48-6130
François Génaux
Financial Services Consulting Leader
[email protected]
+352 49 48 48-2509
Vincent Lebrun
Private Equity Leader
[email protected]
+352 49 48 48-2225
Amaury Evrard
Real Estate & Infrastructure Leader
[email protected]
+352 49 48 48-5751
PwC Luxembourg (www.pwc.com/lu) has about 2000 professionals from 53 different countries. PwC firms provide industry-focused assurance, tax and advisory services to enhance value for their clients. More than 161,000 people in 154
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Published by the Société de la Bourse de Luxembourg S.A. (www.bourse.lu) and PwC Luxembourg (www.pwc.com/lu).
© 2011 PricewaterhouseCoopers S.à.r.l.. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers S.à.r.l. Luxembourg which is a member firm of PricewaterhouseCoopers International Limited, each member firm of
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