CFPB Director Chopra Emphasizes “Pressing Need” for Data Protections -
On June 12, 2024 and June 13, 2024, Consumer Financial Protection Bureau Director Rohit Chopra appeared before the Senate Banking Committee and the...more
7/1/2024
/ Breach Notification Rule ,
Consumer Financial Protection Bureau (CFPB) ,
Court of Justice of the European Union (CJEU) ,
Data Breach ,
Data Privacy ,
Data Protection ,
Data Security ,
Federal Trade Commission (FTC) ,
Multi-Factor Authentication ,
Personal Data ,
Securities and Exchange Commission (SEC) ,
Settlement ,
State Privacy Laws ,
UK GDPR ,
Vermont
FTC Announces Proposed Settlement with Data Aggregator over its Alleged Selling of Precise Location Data -
The Federal Trade Commission (“FTC”), on January 18, 2024, announced a proposed settlement with InMarket Media...more
As we begin the new year, we offer this special edition with predictions for 2024 from members of the Cyber Bits Partner Committee. Regardless of what happens in 2024, we renew our commitment to keep you informed of the...more
1/8/2024
/ Artificial Intelligence ,
Biometric Information ,
China ,
Consumer Privacy Rights ,
Cybersecurity ,
Disclosure Requirements ,
Enforcement ,
EU ,
Facial Recognition Technology ,
Machine Learning ,
Popular ,
Regulation S-P ,
Risk Management ,
Securities and Exchange Commission (SEC)
One of the two main objectives of the Law is to implement the 2019/1023 Directive, which itself aims to foster the proper functioning of the EU internal market and remove hindrances to the exercise of fundamental rights and...more
11/2/2023
/ Corporate Restructuring ,
Creditors ,
Debt Restructuring ,
Debtors ,
EU ,
EU Directive ,
Insolvency ,
Legislative Agendas ,
Luxembourg ,
Modernization ,
New Legislation
In January 2019, we published a newsflash “Luxembourg Register of Beneficial Owners Has Arrived”1 on the publication of a law2 that established the Luxembourg Register of Beneficial Owners (Registre des Bénéficiaires...more
On 11 July 2023, the Luxembourg Parliament adopted bill of law n°8183 which amends five existing Luxembourg laws relating to alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the...more
7/26/2023
/ Alternative Investment Fund Managers Directive (AIFMD) ,
ELTIF ,
EU ,
Financial Institutions ,
Financial Services Industry ,
Fund Managers ,
Investment Funds ,
Investment Management ,
Luxembourg ,
New Regulations ,
UK
The Luxembourg government published bill of law n°8183 (the “Bill”) on 24 March 2023 that amends five existing laws on alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the UCI...more
3/28/2023
/ AIFM ,
AIFs ,
Annual Reports ,
Companies Act ,
CSSF ,
ELTIF ,
Liquidation ,
Luxembourg ,
New Legislation ,
Reserved Alternative Investment Funds (RAIF) ,
Shareholders ,
SICARs ,
UCIs ,
UCITS
Since 1 January 2021, certain corporate Luxembourg investment funds (i.e. Part II UCI, SIF and RAIF, as defined below) that hold real estate assets located in Luxembourg are subject to a special taxation, the so-called real...more
Key Takeaways -
The EU-U.S. Privacy Shield does not ensure an adequate level of protection of personal data and is therefore not a lawful basis for data transfers to the U.S....more
7/24/2020
/ Binding Corporate Rules ,
Court of Justice of the European Union (CJEU) ,
EU ,
EU-US Privacy Shield ,
European Commission ,
European Economic Area (EEA) ,
International Data Transfers ,
Personal Data ,
Privacy Laws ,
Risk Assessment ,
Schrems I & Schrems II ,
Standard Contractual Clauses ,
US-EU Safe Harbor Framework
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), and the Luxembourg government recently have taken measures to prepare for Brexit. In other developments, the Law of the...more
4/20/2019
/ AIFM ,
Beneficial Owner ,
Blockchain ,
CSSF ,
Distributed Ledger Technology (DLT) ,
European Economic Area (EEA) ,
European Securities and Markets Authority (ESMA) ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Foreign Investment ,
Grace Period ,
Grandfathered Status ,
Luxembourg ,
Memorandum of Understanding ,
Portfolio Managers ,
Reserved Alternative Investment Funds (RAIF) ,
Securities ,
SICARs ,
UCIs ,
UCITS ,
UK Brexit
On 26 March 2019, the Luxembourg Parliament adopted the first few of a series of Brexit laws, including bill of law n°7401. In the event of a no deal Brexit, this bill will entrust the Luxembourg supervisory authorities for...more
3/27/2019
/ CSSF ,
EU ,
Financial Services Industry ,
Grandfathered Status ,
Luxembourg ,
New Rules ,
No-Deal Brexit ,
Parliamentary Procedure ,
Passporting ,
SIFs ,
UCIs ,
UCITS ,
UK ,
UK Brexit
The Luxembourg Parliament adopted two new laws on 18 July 2016 (the “New Laws”), which update key features of some of Luxembourg’s long-established and most frequently used corporate structures and introduce new structures....more
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), issued on 5 May 2015 circular 15/612 (Circular) regarding the information to be submitted to the CSSF by alternative investment...more
With the continuing banking crisis in Cyprus, it is not surprising that other jurisdictions with legislation conducive to holding structures are receiving increased attention. Luxembourg, for example, is known for having a...more
The Commission de surveillance du secteur financier (the “CSSF”), the Luxembourg supervisory authority, issued a circular on the authorization and organization of Luxembourg UCITS management companies and self-managed SICAVs....more