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18 April 2019 / news

Investment Management News Update – February/March 2019

The Investment Management News Updates: an overview in which our Investment Management Team highlights recent developments.

Belgian UBO register: deadline for registration postponed until 30 September 2019

Loyens & Loeff publications

  • MiFID II/MiFIR update: Dutch Section 10 Exemption extended to UK firms (the Netherlands)
    On 4 February 2019, the Dutch Minister of Finance published a regulation expanding the so-called "Section 10 Exemption", as laid down in the Exemption Regulation AFS (Vrijstellingsregeling Wft). The Section 10 Exemption is available for investment firms in designated third countries (i.e. the US, Switzerland and Australia) to gain market access to Dutch professional clients. With the amendment, the Section 10 Exemption will become (temporarily) available for authorized investment firms with their registered seat in the United Kingdom in the situation that the United Kingdom withdraws from the European Union without a proper withdrawal agreement arranging an orderly withdrawal being in place (i.e. in case of a hard Brexit). Click here to read this update
  • Luxembourg proposes transition period for UK-based fund managers in case of hard Brexit (Luxembourg)
    The Luxembourg parliament has released a draft bill dated 31 January 2019 in respect of measures to be taken in connection with the financial sector in case of a hard Brexit. As regards AIFMD, the draft bill grants special powers to the Luxembourg supervisory authority for the financial sector (CSSF) with a view to maintain the good functioning or stability of the financial markets or guarantee the protection of investors. Click here to read this update

  • 'First Brexit Law' and 'Second Brexit Law'
    The Luxembourg parliament adopted the draft bills n°7401 (the 'First Brexit Law') and n°7426 (the 'Second Brexit Law') on 26 March 2019 and 28 March 2019, respectively, in respect of Brexit-related measures to be taken in connection with the financial sector (investment management/funds). The First Brexit Law and the Second Brexit Law, both dated 8 April 2019, have been published in the Mémorial on 11 April 2019. They both shall enter into force on the day on which the United Kingdom withdraw from the European Union without an agreement. Click here to read this update

Legislative dates for your diary

General interest



Financial Litigation


  • Developments in Dutch case law
    On 22 January 2019 the Court of Appeal (Gerechtshof) of The Hague has ruled that the VAT exemption for fund management should be interpreted in a strict manner insofar it concerns services provided by third parties to a fund manager. Click here to read more

  • Guidelines concerning the VAT exemption
    On 22 March 2019, the State Secretary of Finance published guidelines which confirm that AIF’s – including AIF’s which are managed by a AIFM which is exempt from having to obtain a license – should be considered subject to governmental supervision and are thereby eligible for the VAT exemption. Click here to read more

Data Protection & Privacy Updates


Should you require any assistance in the field of Investment Management, please contact your trusted adviser of our Investment Management Team

Although this publication has been compiled with great care, Loyens & Loeff N.V. and all other entities, partnerships, persons and practices trading under the name  'Loyens & Loeff', cannot accept any liability for the consequences of making use of this issue without their cooperation. The information provided is intended as general information and cannot be regarded as advice.

Cellularline deal notice

Loyens & Loeff advised Cellularline S.p.A.

Loyens & Loeff advised Cellularline S.p.A. on the acquisition of 80% of the shares in WorldConnect AG against a consideration of CHF 15.8 million. read more
Chambers and Partners Europe 2020 - Loyens & Loeff Belgium

Loyens & Loeff recognised as Top-tier Law Firm

Today, 9 July 2020, Chambers & Partners High Net Worth (HNW) has published its rankings for 2020. read more

VAT: Secondment of staff by a parent company

The CJEU confirmed that secondment of staff against a strict reimbursement of associated costs is subject to VAT. read more