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By Paul PEPORTE, Counsel, Yannick ARBAUT, Counsel and Philippe NOELTNER, Associate, Allen Overy Luxembourg
If you are a manager of Luxembourg investment funds entering into over-the-counter (OTC) derivatives contracts, pay attention to what will happen in Brussels this autumn. The European Market Infrastructure Regulation known as EMIR (Regulation (EU) No 648/2012) is being reviewed. The obligation and responsibility to report OTC derivatives transactions will change. Reporting obligations of Luxembourg investment funds trading in OTC derivatives are to be taken seriously. Sanctions for a breach of these obligations can potentially top millions of euros. Certain EU regulators have already used their power to fine entities which have not complied with...
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