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Published on 2 January 2009
The Madoff case
The CSSF informs that the investigations regarding investment funds whose assets were deposited with Bernard L. Madoff Investment Securities LLC continue in order to establish the nature and the degree of responsibility the various parties have towards these funds.
The CSSF would like to stress that the Luxembourg law applicable to Luxembourg based depositary banks in their role of safe-keepers of investment funds' assets reflects faithfully the provisions of the European Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities.
Thus, when a fund's assets are deposited by the depositary bank with a third party, these deposits are under the monitoring and supervisory responsibility of the depositary bank, implying that the latter must know at all times in which manner the assets are invested and where and how these assets are available. This responsibility is not affected by the fact that the depositary has entrusted to a third party all or part of the assets in its safe-keeping.
The CSSF considers that the provisions laid down in Luxembourg law offer an appropriate framework in order to ensure an adequate protection which is in accordance with the European standards of an investment fund's assets on behalf of its investors.
The CSSF also wishes to note that during the ongoing investigations in the Madoff case, the Commission does not limit its analysis to the depositary banks concerned but verifies that all the other parties involved with the funds concerned have acted with the diligence imposed by Luxembourg law.
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