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Bailey McCann, Opalesque New York: The European Securities and Markets Authority (ESMA) published its final set of guidelines on ETFs and other UCITS issues in December last year. According to a new update from law firm Laven Legal Services, Luxembourg has officially adopted these guidelines into law. These rules consolidated the guidelines on ETFs and other UCITS issues and the guidelines on repo and reverse repo agreements, respectively adopted in July and December of last year.

The Central Bank of Ireland has already adopted these guidelines in full, and the move by Luxembourg further harmonizes regulations across popular locales for alternative investment firms. The attorneys note that the rules make significant changes to disclosure requirements and that, "UCITS that are affected will have to update their prospectus, key investor information document and marketing communications to ensure that they are compliant with the new requirements."

All existing Luxembourgish UCITS have until February 18, 2014 to comply with the new laws. UCITS created after February 13, 2013 will be required to comply with the new laws immediately. The changes are expected to impact UCITS portfolio management techniques, and OTC derivatives operations.

Additional changes are underway in Luxembourg, the Luxembourg Stock Exchange will cooperate with Altus on t......................

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