#MiFID II

[charismabee]

65 academic articals to read I am going to die

[forexregulationinquiry]

Navigating Forex Regulations in Europe : A Comprehensive Guide

Discover the intricacies of Forex regulations in Europe with our forexregulationinquiry. From ESMA rules to MiFID II compliance, this invaluable resource demystifies the complex landscape of European Forex trading, ensuring you navigate it with confidence and clarity.

[ekremdum-blog]

Embracing MiFID II: Turning Regulation into a Competitive Advantage

The financial landscape is a constant game of adaptation, where regulations often act as both challenges and catalysts for growth. Imagine a small investment firm in London in 2018, standing at the crossroads of change. The new rules under MiFID II had just taken effect, and their team was scrambling to decode the labyrinth of requirements. They had to restructure their workflows, invest in…

[10bmnews]

Coinbase, Gemini Eye EU Expansion With New Licenses: Reuters

Coinbase and Gemini are reportedly advancing their EU presence by securing licenses from Luxembourg and Malta regulators, respectively. According to sources, Winklevoss Twins-led Gemini is on the verge of obtaining a license in Malta. The crypto giant had already secured a Markets in Financial Instruments Directive II (MiFID II) license from the Malta Financial Services Authority (MFSA) last…

[complianceconsultant]

Compliance Compass has officially launched It’s here! 🚀 We’re excited to announce that Compliance Compass is now live — built by Compliance Consultant and created for compliance leaders like you. Whether you're preparing for an FCA audit or developing staff training under Consumer Duty, this platform gives you clarity, tools and expert guidance at your fingertips. Here’s what you can unlock today: 🎥 40+ short videos to upskill your team 📄 35+ checklists and 40+ cheat-sheets for SMCR, MiFID II, and more 🎧 25 insightful podcast episodes 🗨️ Peer-level chat groups 📝 Training test questions to assess team readiness 🎓 Workshops, strategy guides, ongoing content 🆘 Enquiry service for paid members 💷 Cut-price ebooks – and it keeps growing weekly! Get started now with a free membership – no card required. Upgrade anytime for even more value. 👉 Access Compliance Compass Today http://dlvr.it/TLLyPR Let us help you Make Compliance Work – one step at a time. #Compliance, #RiskManagement, #Legal, #Governance, #Audit, #RegulatoryCompliance, #FCA, #DataProtection, #AML, #FinancialCrime, #ESG

[korshubudemycoursesblog]

Mastering Financial Services: A Beginner’s Guide to Regulation & Compliance

The financial world is like a vast ocean—packed with opportunity, but full of complex rules. Whether you're dreaming of a career in banking, investment, or fintech, one thing’s certain: understanding regulation and compliance isn’t optional—it’s essential.

But let’s face it. “Regulation” and “compliance” sound intimidating, right? Legal jargon, endless acronyms, and thick policy manuals aren’t exactly thrilling reads. That’s where this guide—and the Financial Services - Basics of Regulation & Compliance course—come in to save the day.

We’re breaking it all down simply, clearly, and practically—so you’ll walk away feeling confident and ready to take your first (or next) step in the world of finance.

Why Regulation & Compliance Matter More Than Ever

Every time you use a credit card, invest in stocks, or deposit money, you’re relying on a financial system built on trust. And trust doesn’t just appear—it’s created through systems, safeguards, and legal protections.

That's what regulation and compliance are all about:

Regulation is the set of rules financial institutions must follow.

Compliance is how those institutions make sure they’re actually following the rules.

In other words, it’s the backbone of every legit financial organization.

From preventing fraud and protecting investors to ensuring fair treatment for customers—regulatory frameworks shape everything.

Who Sets the Rules? Meet the Regulators

Across the globe, different agencies enforce financial regulations. Let’s look at some key players:

🏛 United States

SEC (Securities and Exchange Commission): Oversees securities markets.

FINRA (Financial Industry Regulatory Authority): Regulates broker-dealers.

Federal Reserve & OCC: Regulate banks and lending institutions.

🇬🇧 United Kingdom

FCA (Financial Conduct Authority): Ensures integrity in UK financial markets.

PRA (Prudential Regulation Authority): Focuses on systemic risks and stability.

�� Global Standards

BIS (Bank for International Settlements): Sets international banking rules.

FATF (Financial Action Task Force): Targets money laundering and terrorism financing.

Each regulator plays a unique role, but together, they create a safety net for the financial system.

Real Talk: Why You Should Care About Compliance

Let’s say you work at a bank and miss an anti-money laundering red flag. That slip-up could cost millions in fines—or worse, your reputation.

In fact, some of the world’s biggest scandals have happened due to non-compliance:

Wells Fargo’s fake accounts scandal

HSBC’s money laundering oversight

Lehman Brothers collapse in 2008

These weren’t minor accidents. They were compliance failures that rocked economies and lives.

Bottom line: If you're in finance and don’t know the basics of regulation, you’re flying blind.

What You’ll Learn in a Regulation & Compliance Course

Whether you're just getting started or trying to sharpen your knowledge, a well-structured course is key. We recommend this one: Financial Services - Basics of Regulation & Compliance.

So, what will it cover?

🔹 Key Concepts You’ll Master:

Understanding Financial Systems – Get a big-picture view of how banks, investments, insurance, and fintech operate.

Major Regulations & Laws – Learn about GDPR, AML, KYC, Basel III, MiFID II, and more in plain English.

Compliance Programs – Discover how companies build internal systems to stay legal and ethical.

Risk Management – Identify and minimize financial and legal risks.

Ethics & Responsibility – Understand the importance of doing business the right way.

No boring theory—this is practical knowledge you can use immediately in your job or interviews.

Careers That Require Regulation & Compliance Knowledge

Think this is just for lawyers or risk officers? Think again.

Nearly every role in finance touches compliance in some way, especially:

✅ Financial Analysts

✅ Risk Managers

✅ Accountants

✅ Auditors

✅ Compliance Officers

✅ Investment Advisors

✅ Insurance Underwriters

✅ Fintech Product Managers

Even customer service agents in banking need to understand the basics of KYC (Know Your Customer).

So if you’re entering the financial world, this knowledge isn’t just nice to have—it’s critical.

How Compliance Adds Value to Companies

A company that’s good at compliance isn’t just “playing defense.”

In fact, businesses that build strong compliance cultures:

🛡 Avoid costly fines and lawsuits

📈 Build trust with investors and customers

🧲 Attract top talent

🌎 Expand globally with confidence

It’s a competitive edge—especially as financial markets become more digital, global, and complex.

How Regulation is Changing in the Digital Era

Let’s talk fintech. Mobile banking, crypto, AI-based investing—these are reshaping the financial landscape. But they also bring new regulatory challenges.

Some hot-button issues include:

Data Privacy Laws (like GDPR in Europe)

Crypto regulation

Cybersecurity requirements

ESG (Environmental, Social, Governance) compliance

Governments are scrambling to catch up with technology—and companies need professionals who can navigate both the old and new worlds of finance.

That’s why courses like Financial Services - Basics of Regulation & Compliance are more relevant than ever. They give you a rock-solid foundation while also addressing where the industry is headed.

What Makes This Course a Smart Investment?

We get it—there are thousands of finance courses out there. So why this one?

Here’s what makes it stand out:

✅ Beginner-friendly: No prior knowledge needed. ✅ Actionable knowledge: No fluff—just what you’ll actually use in real roles. ✅ Taught by industry experts: Real-world insights from professionals who’ve worked in compliance. ✅ Online and self-paced: Learn at your convenience—on mobile or desktop. ✅ Recognized certificate: Boost your LinkedIn profile or CV with verified learning.

If you’re serious about starting or growing a career in finance, this course delivers clarity, confidence, and career edge.

👉 Enroll in Financial Services - Basics of Regulation & Compliance today

[rosenlegallaw]

How Important Are Successful Attorneys in Finance

In the world of finance, most people tend to focus on the analysts, portfolio managers, and CEOs who dominate headlines. However, behind every major deal, compliance move, and risk mitigation plan, attorneys play a less publicized but significant role. Their success or failure can directly impact the integrity and profitability of financial institutions.

The Role of Attorneys in Financial Operations

Attorneys in finance are not just present for damage control or legal paperwork. They are embedded in the operational core of many firms. Whether it’s investment banking, asset management, or fintech, legal professionals contribute to decision-making at high levels. They help structure deals, assess regulatory risks, and ensure that contracts are enforceable and legally sound.

For instance, mergers and acquisitions in the financial sector often involve complex legal frameworks. A successful attorney will know how to spot hidden liabilities, negotiate terms that protect their client’s interests, and handle regulatory filings without delays. If mistakes are made in these processes, the consequences can be severe — ranging from failed deals to multimillion-dollar penalties.

In trading and investment, compliance departments staffed with attorneys work to keep firms within the boundaries of financial law. With regulations like Dodd-Frank, MiFID II, and Basel III, financial institutions face increasingly detailed compliance obligations. Here, an attorney’s success is measured not only by keeping the firm compliant, but also by how efficiently they do so. Slow or conservative interpretations can hold back operations, while overly aggressive ones can lead to violations. Striking the right balance requires skill and experience.

Risk Management and Regulatory Strategy

Another area where skilled attorneys make a meaningful difference is in managing legal risk. Financial firms are subject to scrutiny from a variety of national and international bodies. Being unprepared for an audit or investigation can result in fines, reputational damage, or even license revocations.

Attorneys help institutions prepare for such scenarios. A successful legal team can spot early signs of regulatory trouble and advise on corrective measures before they escalate. They also help draft internal policies that anticipate future regulatory trends, ensuring that the firm stays ahead of the curve rather than scrambling to adjust.

Additionally, attorneys assist in crafting financial products that comply with both domestic and international rules. Structured finance, derivatives, and cross-border investments often come with legal complexities that can trip up even the most experienced firms. Having someone who understands both the law and the financial mechanics can mean the difference between a product that thrives and one that is pulled from the market.

In enforcement situations, attorneys also represent financial institutions in disputes with regulators or in litigation. A successful defense or settlement can save a firm millions of dollars and preserve its market reputation.

Long-Term Value

While the impact of attorneys may not always be visible to outsiders, internally their work contributes to long-term stability and growth. Legal risks often have long tails — they might not show up immediately, but when they do, the consequences can be lasting. A poorly reviewed contract or overlooked regulation can cause issues years later.

Firms that employ capable legal counsel are better positioned to avoid these long-term pitfalls. They operate with more confidence in their strategic moves and can respond more quickly to changes in the financial environment.

In short, the presence of effective attorneys within financial institutions helps ensure that the entire operation runs more smoothly. They enable smarter risk-taking, tighter compliance, and stronger deal-making. Success in finance doesn’t rely solely on bold strategies and sharp analysis — it also depends on the people who make sure those strategies don’t break the rules.

[zero2046-blog]

Gemini 获得 MiFID II 牌照，将在欧洲推出加密衍生品交易

深潮 TechFlow 消息，5 月 9 日，据 Cointelegraph 报道，知名加密货币交易所 Gemini 已获得由马耳他金融服务管理局（MFSA）颁发的《金融工具市场指令 II》（MiFID II）牌照。这一监管批准将使 Gemini 可以在欧盟和欧洲经济区（EEA）内提供合规的加密衍生品交易服务。 Gemini 欧洲负责人 Mark Jennings 表示，此次获批标志着 Gemini 在欧洲扩展业务的重要里程碑，未来将向高级用户提供永续期货等衍生品交易服务。Gemini 计划在未来数月内满足相关条件，正式推出这些产品。

[bitcoinfunda]

Gemini to launch crypto derivatives in Europe with new license

Gemini, the cryptocurrency exchange founded by Cameron and Tyler Winklevoss, has received regulatory approval to expand crypto derivatives trading across Europe. Gemini has secured a Markets in Financial Instruments Directive II (MiFID II) license from the Malta Financial Services Authority (MFSA), allowing the exchange to offer crypto derivatives in the European Union, the exchange announced on…

[techit-rp]

The Fintech Takeover? How Investment Banking Is Embracing Innovation

Once viewed as two competing forces—one steeped in tradition, the other driven by innovation—investment banking and fintech are now converging to reshape the financial ecosystem. While fintech startups initially aimed to disrupt established players, the evolving narrative today is one of collaboration, not competition.

From blockchain-powered settlements to AI-driven due diligence, these synergies are redefining how deals are structured, executed, and analyzed. For aspiring finance professionals, understanding this transformation is not optional—it’s essential. Enrolling in an investment banking course in Hyderabad that incorporates fintech trends can be the first step to staying future-ready.

From Disruption to Collaboration: A New Era in Finance

In the early 2010s, fintech startups emerged with a mission to disrupt traditional finance. Peer-to-peer lending platforms, robo-advisors, neobanks, and blockchain apps quickly gained popularity by offering speed, transparency, and customer-centric solutions. Meanwhile, investment banks, known for their legacy systems and slow tech adoption, appeared vulnerable.

However, rather than fading into irrelevance, leading investment banks began partnering with fintechs, investing in innovation, and launching their own in-house tech incubators. The result? A powerful new hybrid model where banks leverage fintech agility, and fintechs gain access to infrastructure, clients, and regulatory expertise.

Key Collaborative Models Redefining Investment Banking

1. AI-Powered Analytics and Decision Making

Investment banks are teaming up with fintechs that specialize in data analytics and machine learning to enhance M&A advisory, risk management, and equity research.

Example: Goldman Sachs collaborates with Kensho, an AI company, to process vast datasets for predictive modeling.

Impact: Faster, data-driven decisions and improved client outcomes.

2. Blockchain-Based Settlements and Smart Contracts

Blockchain isn’t just about cryptocurrency—its potential to automate and secure financial transactions is being harnessed by investment banks to streamline post-trade processing.

Example: JPMorgan’s Onyx platform uses blockchain to speed up cross-border payments and settlements.

Impact: Reduced operational risk, lower costs, and real-time verification.

3. Digital IPO Platforms

Going public is becoming increasingly digital. Fintech platforms are helping investment banks manage electronic roadshows, book building, and IPO allocations.

Example: India-based CAMS and NSE are launching digital interfaces for SMEs going public.

Impact: More inclusive and efficient capital markets.

4. RegTech and Compliance Automation

Regulatory technology (RegTech) startups are assisting banks in automating compliance with ever-evolving global regulations.

Example: Fintechs like Ascent and ComplyAdvantage offer AI-driven monitoring for KYC, AML, and MiFID II.

Impact: Reduced compliance costs and enhanced regulatory accuracy.

Why Collaboration Works Better Than Competition

Investment banks have the capital, clientele, and regulatory clearance that fintech startups often lack. On the other hand, fintechs are agile, innovative, and built around modern tech stacks. By working together, both sides fill gaps in each other’s capabilities.

This collaboration enables:

Scalable innovation with lower risk

Faster go-to-market solutions

Broader client servicing with better personalization

The Indian Context: Hyderabad’s Role in the Fintech-Banking Ecosystem

India is one of the fastest-growing fintech markets in the world, and Hyderabad is emerging as a fintech and banking hub alongside Mumbai and Bangalore. With initiatives like the Telangana Fintech Forum and T-Hub, Hyderabad is nurturing a collaborative environment between startups and financial institutions.

Several Hyderabad-based startups are now working with banks and NBFCs to build solutions for underwriting, financial inclusion, algorithmic trading, and even ESG investing.

Professionals in Hyderabad are uniquely positioned to tap into this growth. Enrolling in an investment banking course in Hyderabad that integrates fintech concepts is a strategic way to align your career with where the industry is headed.

What Does This Mean for Aspiring Investment Bankers?

The definition of a “banker” is rapidly changing. While financial modeling and valuation remain foundational, the next generation of investment bankers is expected to:

Understand AI and blockchain fundamentals

Interpret data from fintech dashboards

Work cross-functionally with product and tech teams

Advise on tech-driven M&A and IPO strategies

If you’re a student or professional in finance, now is the time to future-proof your skills. A traditional MBA might not be enough—you need exposure to how fintech is integrated into investment banking operations.

Why Choose an Investment Banking Course in Hyderabad?

Given the city's rapid rise as a fintech and tech hub, Hyderabad offers the perfect ecosystem for aspiring bankers to learn and grow.

Look for a course that provides:

Fintech Modules – Covers robo-advisory, blockchain, AI, and regtech.

Hands-On Tools – Exposure to Bloomberg Terminal, Python, Power BI, etc.

Industry Projects – Collaborations with startups or financial institutions on real-world problems.

Placement Network – Strong ties with banks, VC firms, and fintechs in Hyderabad and beyond.

One such program is offered by the Boston Institute of Analytics, which combines traditional financial acumen with cutting-edge technology. This investment banking course in Hyderabad prepares you not just for today’s roles, but for the tech-driven future of finance.

Final Thoughts: Collaboration Is the New Innovation

The narrative has shifted. Fintech is not here to replace investment banking—it’s here to redefine and enhance it. The most successful professionals will be those who understand both worlds and know how to bridge the gap.

For banks, collaborating with fintechs means evolving faster and serving clients better. For fintechs, aligning with banks offers scale, stability, and credibility. And for professionals and students, this hybrid world is an invitation to become part of something transformational.

If you’re serious about breaking into this exciting, tech-infused domain, investing in an investment banking course in Hyderabad could be your gateway to becoming the next-generation dealmak

[10bmnews]

Gemini Bags Malta MiFID License, Eyes EU-Wide Crypto Perps Rollout

Key Takeaways: Gemini’s MiFID II license from the Malta Financial Services Authority allows the exchange to offer crypto derivatives across all EU and EEA countries./span> Malta’s crypto-friendly stance was key to Gemini’s choice of base, and the license shows months of engagement with local regulators to meet compliance standards. The exchange is actively pursuing a MiCA license to expand its…

[complianceconsultant]

Compliance Compass has officially launched It’s here! 🚀 We’re excited to announce that Compliance Compass is now live — built by Compliance Consultant and created for compliance leaders like you. Whether you're preparing for an FCA audit or developing staff training under Consumer Duty, this platform gives you clarity, tools and expert guidance at your fingertips. Here’s what you can unlock today: 🎥 40+ short videos to upskill your team 📄 35+ checklists and 40+ cheat-sheets for SMCR, MiFID II, and more 🎧 25 insightful podcast episodes 🗨️ Peer-level chat groups 📝 Training test questions to assess team readiness 🎓 Workshops, strategy guides, ongoing content 🆘 Enquiry service for paid members 💷 Cut-price ebooks – and it keeps growing weekly! Get started now with a free membership – no card required. Upgrade anytime for even more value. 👉 Access Compliance Compass Today http://dlvr.it/TLL2j9 Let us help you Make Compliance Work – one step at a time. #Compliance, #RiskManagement, #Legal, #Governance, #Audit, #RegulatoryCompliance, #FCA, #DataProtection, #AML, #FinancialCrime, #ESG

[maitreguillaumetefengang]

Comprendre la SICAR luxembourgeoise : cadre légal, avantages et conditions d’éligibilité (Maitre Guillaume Tefengang)

Mes chers lecteurs,

Aujourd’hui, je souhaite vous éclairer sur un véhicule d’investissement particulièrement pertinent dans le paysage européen du capital-risque et du capital-investissement : la Société d’Investissement en Capital à Risque, plus communément appelée SICAR, de droit luxembourgeois. En tant qu’avocat d’affaires international, j’ai eu l’occasion d’accompagner de nombreux acteurs dans la mise en place et l’utilisation de ces structures, et je suis convaincu de leur intérêt pour les investisseurs avertis et les gestionnaires de fonds spécialisés.

La SICAR, comme son nom l’indique, est une société d’investissement spécifiquement conçue pour les investissements dans le capital-risque. Elle constitue un instrument juridique sophistiqué, taillé sur mesure pour les besoins des opérations de private equity et de venture capital. Il est important de noter que la SICAR est généralement qualifiée de Fonds d’Investissement Alternatif (FIA) au sens de la directive européenne AIFMD (Alternative Investment Fund Managers Directive). De ce fait, elle s’adresse principalement à des investisseurs dits « bien informés », capables d’évaluer adéquatement les risques inhérents à ce type d’investissement.

Qui sont ces investisseurs « bien informés » ? La législation luxembourgeoise est précise à ce sujet. Il s’agit d’investisseurs institutionnels, tels que les fonds de pension ou les compagnies d’assurance, d’investisseurs professionnels au sens de la directive MiFID II, ou encore d’investisseurs qui, bien que ne répondant pas à ces critères, ont confirmé par écrit leur statut d’investisseur bien informé et soit investissent un minimum de 100 000 euros dans la SICAR, soit ont été évalués par un établissement de crédit, une entreprise d’investissement ou une société de gestion qui certifie leur expertise, leur expérience et leurs connaissances en matière d’appréciation d’un investissement dans une SICAR. Cette exigence garantit que seuls des acteurs ayant une compréhension approfondie des marchés et des risques associés peuvent accéder à ce type de véhicule.

Concernant les actifs éligibles, la SICAR a pour vocation d’investir ses fonds dans ce que l’on appelle le « capital-risque ». La loi luxembourgeoise définit cet investissement comme la contribution directe ou indirecte d’actifs à des entités en vue de leur lancement, de leur développement ou de leur introduction en bourse. Cette définition large permet à la SICAR de soutenir des entreprises à différents stades de leur croissance, depuis la phase de démarrage jusqu’à l’introduction sur les marchés financiers. Il est également possible pour une SICAR de détenir, de manière marginale et exceptionnelle, des instruments financiers dérivés. Enfin, la loi prévoit la possibilité d’un investissement temporaire dans d’autres types d’actifs, dans l’attente d’opportunités d’investissement en capital-risque. Le cadre juridique de la SICAR repose sur la loi luxembourgeoise du 15 juin 2004, telle que modifiée. Cette loi, souvent appelée la « Loi SICAR », est structurée en deux parties. La première établit les dispositions générales applicables à toutes les SICAR, tandis que la seconde contient des dispositions spécifiques aux SICAR qui se qualifient comme FIA et qui sont donc soumises à la gestion d’un gestionnaire de fonds d’investissement alternatifs (GFIA) agréé. En raison de la définition très large des FIA, la grande majorité des SICAR tombent sous cette seconde catégorie. Il est également crucial de noter que les SICAR qui investissent dans des actifs à court terme et qui ont des objectifs distincts ou cumulatifs offrant des rendements alignés sur les taux du marché monétaire ou visant à préserver la valeur de l’investissement doivent également se conformer aux exigences du Règlement (UE) 2017/1131 sur les fonds monétaires. De plus, veuillez absolument noter qu’ un certain nombre de règles supplémentaires doivent être respectées au niveau national et européen, notamment en matière de lutte contre le blanchiment d’argent et le financement du terrorisme (AML), de marchés d’instruments financiers (MiFID), d’abus de marché, de dérivés, de transactions de financement sur titres et de droits des actionnaires.

Contrairement à d’autres types de fonds qui peuvent être constitués sous forme contractuelle, la SICAR doit impérativement être établie en tant qu’entité juridique dotée d’un capital social fixe ou variable. Il est important de souligner que, bien qu’étant des sociétés de capitaux, les abréviations SICAV (Société d’Investissement à Capital Variable) ou SICAF (Société d’Investissement à Capital Fixe), bien connues pour d’autres types de fonds constitués sous forme de sociétés, ne sont pas utilisées pour les SICAR. La création d’une telle entité juridique nécessite la rédaction d’actes constitutifs. La SICAR peut être structurée comme un fonds unique ou comme une structure « umbrella » avec plusieurs compartiments. Chaque fonds ou compartiment peut ensuite avoir un nombre illimité de classes d’actions, afin de répondre aux besoins spécifiques des investisseurs auxquels il s’adresse.

Avant de pouvoir exercer ses activités, une SICAR doit obtenir une autorisation préalable de la Commission de Surveillance du Secteur Financier (CSSF), l’autorité de régulation des marchés financiers au Luxembourg. Une fois autorisée, la SICAR est soumise à une supervision continue de la part de la CSSF, notamment par le biais d’obligations de reporting régulières. La CSSF perçoit également une redevance annuelle pour son activité de surveillance. Les projets de documents et les informations à soumettre à la CSSF pour approbation sont détaillés au chapitre III de la Loi SICAR. En pratique, la compilation et la soumission de ces documents sont généralement réalisées avec l’assistance d’avocats, d’auditeurs et/ou d’une banque établie au Luxembourg. Le processus d’approbation d’une nouvelle SICAR ou de la création de compartiments supplémentaires est soumis au paiement d’une redevance unique. La CSSF tient un registre officiel des SICAR autorisées et soumises à sa supervision. Une SICAR peut démarrer ses activités dès l’obtention de son autorisation.

Concernant la base de capital, le capital social souscrit, y compris les primes d’émission éventuelles, doit atteindre un montant de 1 000 000 d’euros dans les 24 mois suivant l’autorisation de la SICAR. De plus, au moins 5% de chaque action doit être libéré lors de la souscription. Ces exigences visent à assurer une solidité financière minimale pour la SICAR. En matière de transparence, une SICAR est tenue de préparer un prospectus, un document d’informations clés pour l’investisseur (DICI ou KID selon la réglementation PRIIPs) si des investisseurs de détail peuvent y investir, ainsi qu’un rapport annuel. Il n’y a pas d’obligation de préparer un rapport semestriel. Ces documents permettent aux investisseurs de disposer d’informations essentielles pour prendre leurs décisions d’investissement et pour suivre la performance de la SICAR.

Un aspect fondamental pour les SICAR qui se qualifient comme FIA est l’obligation de désigner un Gestionnaire de Fonds d’Investissement Alternatifs (GFIA), à moins qu’elles ne bénéficient des exemptions limitées prévues par la loi AIFM. Le GFIA peut être établi au Luxembourg, dans un autre État membre de l’Union européenne ou dans un pays tiers. La SICAR peut soit désigner un GFIA externe, soit choisir d’être gérée en interne. Dans ce dernier cas, la SICAR elle-même est considérée comme le GFIA et doit se conformer à toutes les obligations légales de la loi AIFM. Les SICAR qualifiées de FIA et gérées par un GFIA européen agréé bénéficient d’un « passeport » permettant au GFIA de commercialiser les actions ou les parts de la SICAR auprès d’investisseurs professionnels au sein de l’Union européenne, via un régime de notification entre autorités de régulation. Il est également possible pour une société de gestion d’Organismes de Placement Collectif en Valeurs Mobilières (OPCVM) de solliciter un agrément en tant que GFIA afin de gérer à la fois des OPCVM et des FIA. Enfin, les petits GFIA qui ne dépassent pas certains seuils en termes d’actifs sous gestion doivent être enregistrés et sont soumis à certaines exigences de la loi AIFM, ou peuvent opter pour un agrément formel afin de bénéficier du passeport.

Il existe des régimes spécifiques pour les SICAR qui se qualifient en tant que Fonds Européens de Capital-Risque (EuVECA) ou Fonds Européens d’Entrepreneuriat Social (EuSEF). Ces régimes offrent la possibilité d’être soumis respectivement aux réglementations EuVECA et EuSEF, qui prévoient toutes deux un passeport permettant la commercialisation du fonds auprès d’investisseurs éligibles basés dans l’Union européenne. Ces régimes sont particulièrement intéressants pour les fonds qui ciblent spécifiquement le financement de jeunes entreprises innovantes ou d’entreprises à vocation sociale.

En ce qui concerne les prestataires de services, une SICAR qualifiée de FIA n’est pas obligée d’être gérée par une société de gestion, mais elle peut l’être. Les SICAR auto-gérées ne peuvent gérer que les actifs de leur propre portefeuille et ne peuvent pas gérer d’actifs pour le compte de tiers. L’administration centrale d’une SICAR doit être située au Luxembourg. La SICAR doit également désigner un dépositaire luxembourgeois, qui est notamment responsable de la conservation des actifs. Les dépositaires éligibles sont les établissements de crédit luxembourgeois, mais aussi les entreprises d’investissement luxembourgeoises qui remplissent certaines conditions fixées par la loi du 5 avril 1993 relative au secteur financier, telle que modifiée. Il est également possible de collaborer avec un dépositaire professionnel d’actifs autres que des instruments financiers. Les dirigeants de la SICAR et du dépositaire doivent jouir d’une honorabilité suffisante et posséder une expérience suffisante dans l’exercice de leurs fonctions dans le domaine du capital-risque et du capital-investissement. Le rapport annuel doit être audité par un réviseur d’entreprises agréé indépendant et possédant les qualifications professionnelles appropriées. Parmi les autres prestataires de services typiques d’une SICAR, on trouve les avocats, les gestionnaires de portefeuille (conseillers en investissement), les administrateurs et/ou agents de registre et de transfert, les agents domiciliataires, les distributeurs et les agents payeurs.

Permettez- moi de vous rappeler que c’ est bien la loi luxembourgeoise qui réglemente le fonctionnement des Sociétés d’Investissement en Capital à Risque (SICAR) est principalement la Loi du 15 juin 2004 relative à la Société d’investissement en capital à risque (SICAR).

Vous pouvez trouver le texte intégral de cette loi, ainsi que ses modifications ultérieures, sur le site officiel de la législation luxembourgeoise dit Legilux : https://legilux.public.lu/eli/etat/leg/loi/2004/06/15/n1/jo

Il est important de noter qu’une loi du 21 juillet 2023 est venue modifier la loi du 15 juin 2004 relative à la SICAR. Vous pouvez consulter cette loi modificative ici : https://legilux.public.lu/eli/etat/leg/loi/2023/07/21/a442/jo

On constate donc avec aisance que le cadre juridique souple et bien défini de la SICAR, sa supervision par une autorité de régulation reconnue et son accès au passeport européen pour la commercialisation en font un instrument de choix pour structurer des opérations complexes et lever des capitaux à l’échelle européenne. J’espère que cette présentation détaillée vous aura permis de mieux comprendre les spécificités et les avantages de la SICAR luxembourgeoise. N’hésitez pas à me contacter si vous souhaitez approfondir ce sujet ou discuter de vos projets d’investissement !

(https://www.t-lex.associates/comprendre-la-sicar-luxembourgeoise-cadre-legal-avantages-et-conditions-deligibilite/)

[bergtlaw]

🎓Top #Talent Acquisition🌟📍Vaduz, May 2025

We are proud to welcome Priv.-Doz. Dr Thomas Stern MBA, LL.M., to our team at #BergtLaw as one of the leading minds in financial markets regulation and banking supervision in the German speaking region.

With an impressive track record as Head of the Division for Bank and Investment Firm Resolution and former Deputy Head of the Supervision Department (Banking Division) at the Financial Market Authority Liechtenstein (#FMA), and an academic career spanning habilitation, lectureships, and professorial appointments, Dr. Stern brings not only unrivalled expertise in #banking, securities, payment services, #MiCAR, and prudential regulation, but also a unique ability to bridge law, supervisory practice, and academia. He is also historically the first legal scholar ever to receive a Habilitation (venia legendi) in Law in #Liechtenstein, marking a special historic and academic milestone.

He will bolster our capabilities in advising financial market participants on licensing procedures, cross-border regulatory questions, and compliance with #PSD2, #MiFID II, MiCAR, and national/EU prudential frameworks. This translates into a decisive advantage for our clients – whether they are established institutions or innovative #fintechs – navigating an increasingly complex and fast-evolving regulatory environment.

With Dr. Stern’s joining, we are now even better positioned to support new market entrants, crypto asset service providers (#CASPs), payment service providers, and other financial intermediaries throughout the entire regulatory lifecycle – from initial structuring to licensing, implementation, and ongoing supervision and compliance.

Dr. Stern’s specialised expertise in corporate restructuring and insolvency frameworks is of particular importance, especially in the current macroeconomic context. With an LL.M. in Corporate Restructuring from the University of Heidelberg, and long-standing experience in resolution regimes, crisis management and preventive restructuring tools, he is set to lead and expand our practice in these fields in the coming years.

His longstanding participation in expert groups of the European Commission, #EBA, and ECB/SSM speaks to his deep insights and practical foresight.

We look forward to offering this enhanced strategic insight to our clients and to collaborating with new partners who seek tailored, cross-disciplinary regulatory solutions.

#BergtLaw #FinancialRegulation #MiCAR #LegalInnovation #TalentAcquisition #BankingLaw #Liechtenstein #FintechLaw #CorporateLaw #MiFID #PSD2 #DigitalAssets #VASP #FintechCompliance #CASP #Liechtenstein