Source: www.reuters.com
A great opportunity for Luxembourg. I don't want to repeat this, but let Ms Hanna Duer tell it in the attached article.
"The responsibility of the depositary bank is quite clear under Luxembourg law, the custodian is 100 percent responsible for the assets even if it uses a sub-custodian," Duer said. "It is very important that Luxembourg sticks to its guns over the Luxalpha affair, investors will realize the regulator is serious about protecting their assets," she said.
If that hurdle is cleared investors are likely to be even more enthusiastic about Luxembourg-registered funds.
I just add some practical advice. If I may.
Madoff is casting his shadow. The Luxembourg CSSF, FIU and Justice Department need to grow to meet such an inflow of companies to be regulated and occasionally to be investigated on worldwide activities. It has to be prompt. Justice delayed is justice denied!
http://www.reuters.com/article/ousivMolt/idUSTRE5A52NU20091106?rpc=60
Egide Thein
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