Luxembourg – the authority responsible for supervision and control of the financial sector in Luxembourg is the IMP – Institute Monetary Luxembourgeois – a creation of the 1983 laws to regulate Undertakings for Collective Investment, which first appeared in 1959. The subsequent Law of 30 March 1988 rendered Luxembourg the first EU Member State to incorporate the 1985 UCITS Directive into national legislation and positioned it to take advantage of the cross-border marketing opportunities available to complying funds. The law has been updated by IML Circular of 29 January 1991 and extended by further legislation – Law of 19 July 1991 – relating to UCIs for institutional investors and the Law of 8 June 1999 concerning pension funds. Read the rest of this entry »