Mensuel de juillet 2022 - Fonds d’investissement

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DLT-registered Fund Units/Shares: A Comparison between German and Luxembourg Law
By Dr. Sebastiaan Niels Hooghiemstra*   Units/shares in the registered form are very common for both alternative investment funds (“AIFs”) and undertakings for collective investment in transferable securities (“UCITS”). June 2022 has been a “break through” month in this respect, as two big European fund jurisdictions, namely Germany and Luxembourg, have formally confirmed that distributed ledger technology (“DLT”) may be used to maintain unit-/shareholder registers for both AIFs and UCITS. This contribution provides an overview of the key aspects of the (different) approaches taken by the German and Luxembourg legislator.   The KryptoFAV: A tailored-made Framework under German law   On 18 June 2022, the German...
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