SCANNING 2

5. The Chamber of Notaries inquires as to wheth- er restricting the maintenance of the register to Luxembourg entities does not violate the freedom of establishment and freedom to provide services as granted by European law The same day, the Luxembourgish Ordre du bar- reau issued its opinion on Bill 6625. What’s next? Bill 6625 is to be voted by the Chambre des Députés (vote not scheduled so far).

THE OPINION OF THE ORDRE DU BARREAU IS AVAILABLE HERE.

SWITZERLAND Rejection of the Lex Koller’s strengthening by the National Council Background The Federal Act on the Acquisition of Real Estate by Persons Abroad (LFAIE), also known as the "Lex Koller", is a Swiss law which restricts access to home ownership for people who are not domiciled in Switzerland. Application of the Lex Koller shall vary depending on the type of residence permit in Switzerland, on the country of origin of the potential buyer or on the place of residence of this latter. Enforcement of the Lex Koller shall also change according to the building’s type of use: principal or secondary resi- dence, holiday accommodation, firm headquarters or investment property. Consequently, a foreign buyer cannot invest in a residential property with a performance purpose. However, it may very well invest capital in property for commercial, industrial or social use. The “Badran” motion to toughen up the Lex Koller has been filed to the National Council in Septem- ber 2013. It has eventually been rejected on 2 June 2014. What’s in there? TThe Badran motion filed in September 2013 was intended to modify the LFAIE in order to abolish the privilege granted to people abroad regarding the acquisition of shares in real estate funds and real estate companies listed on the stock exchange. According to the law in force, acquisition of shares in a real estate fund by a person abroad is not subject to the authorization scheme provided by

the Lex Koller when these shares are subject to regular market. Similarly, acquisition of shares of a legal person whom real purpose is the acquisi- tion or trade of property subject to authorization (known as “residential property companies”) do not require authorization if units are listed on a stock exchange in Switzerland. According to the initiators of this motion, this reg- ulation does not comply with either the letter or the spirit of the Lex Koller. Therefore, those latter advocate the abolition of this privilege. What’s next? The Badran motion has been rejected on 2 June 2014 and its initiators do not plan to submit it to popular vote. BELGIUM Royal Decree approving the regulations regarding the prohibition of marketing of certain financial products to retail customers Background The Royal decree approving the regulations of the Financial Services and Markets Authority, regard- ing the prohibition of marketing of certain financial products to retail customers dated 24 April, 2014 has been published on 20th May, 2014. THE BADRAN MOTION IS AVAILABLE HERE

THE OPINION OF THE LUXEMBOURGISH CHAMBER OF COMMERCE IS AVAILABLE HERE.

Modification of the statistical data collection for money market and non-money market investment funds Background As to comply with various ECB regulations and guidelines, the BCL and the CSSF have set up a data collection system for money market funds and investment funds (circulars BCL 2007/211 and BCL 2009/227 as amended by Circular BCL 2013/231; circular CSSF 13/564). What’s in there? On 28 May 2014, the BCL and the CSSF issued the circular BCL 2014/237; CSSF 14/588 repealing circular BCL 2013/231; CSSF 13/564. version of the current reports as well as an ex- tension of the reporting population (in particular, SICARs are added to the reporting population). What’s next? Circular BCL 2014/237; CSSF 14/588 enters into force on 1 January 2015 In comparison with the current statistical data col- lection, the modifications consist in new

THE CIRCULAR IS AVAILABLE HERE.

page 8 - Scanning - July 2014