Accessing the capital markets and listing your securities on a stock exchange represents real business opportunities for issuers and fund promoters.
The listing process encompasses several steps requiring the involvement and support of a trusted and knowledgeable partner on which you can rely from beginning to end.
For that kind of relationship, you need a professional services firm that will work hand-in-glove with you, closely and collaboratively - not a firm that will keep you at arm’s length, but rather a firm that will frequently communicate with you to deliver an insightful, value-driven service that corresponds to the size of your business and your needs.
The primary reasons for listing funds are:
- Investors draw comfort from the fact that the local FSA and/or the Stock Exchange has reviewed and confirmed that the Offering Memorandum complies with the relevant rules and regulations
- Institutional investors (pension funds, etc.) have restrictions on the percentage of assets they can invest in unlisted securities (0-15%)
- Some jurisdictions prevent funds of funds from investing in offshore funds unless those funds are listed on an approved Stock Exchange
- Most REIT regimes need to be listed in order to benefit from tax exemptions or reduced rates
- Closed-end funds can benefit from an EU passport when listed on a Stock Exchange EU regulated market
- Luxembourg-domiciled funds and ‘foreign’ funds are eligible for listing in Luxembourg
Our dedicated investment management practice and our listing expertise can help you discover new opportunities and provide solutions to give your funds a competitive advantage.
We provide clients and issuers interested in submitting a listing in Luxembourg with in-depth knowledge of the listing process and a range of multi-disciplinary services tailored to each issuer’s needs, including:
Advice on the optimum securities vehicle structure
Deloitte provides advice on selecting the most suitable listing vehicle and helps the issuer assess the right market for its listing.
Guidance on the most tax-efficient structure
We provide advice on Luxembourg direct and indirect tax restructuring, assist with advance tax analysis procedures and coordinate with other jurisdictions in order to design the optimum tax structure for your listing.
Advice and assistance in the preparation and compliance of all required listing and admission documents
Deloitte will assist with the preparation of prospectuses and listing application forms and ensure strict compliance with CSSF and Luxembourg Stock Exchange regulations.
Management of communication and action plans between listing stakeholders
Deloitte can take care of communicating with regulators and the Luxembourg Stock Exchange throughout the filing process on your behalf.
Financial reporting services
Deloitte will assist you in preparing the financial information required, such as the conversion of financial statements from local GAAP to International Financial Reporting Standards, the capitalisation report and pro-forma financial information, etc.
Performance of due diligence, business plan, cash forecast, etc.
Deloitte can aid you in the preparation of your business plan and other diligence-related materials.
Deloitte Luxembourg draws on its strong local capabilities and cross-border networks. We are part of a global network that has the resources and expertise to provide our clients with seamless, high-quality services. We believe that our integrated approach and client-oriented solutions will serve you well in the listing process and beyond.