Luxembourg Press Release on the Panama Papers
In its press release 16/19 dated 5 April 2016, the CSSF acknowledges that it has taken note of the Panama Papers released by the International Consortium of Investigative Journalists. The CSSF confirms that it will continue to request that Luxembourg banks and investment firms thoroughly follow their professional obligations, specifically with regard to the prevention of money laundering and that failure to do so will lead to appropriate consequences.
The press release also indicates that Luxembourg banks are collecting information with regard to automatic exchange of information with counterparts in the EU and OECD, covering both natural persons and beneficial owners of legal entities.
Read CSSF press release 16/19 in full.
CSSF Press Release 16/17 on Global Situation of UCIs and SIFs at the End of February 2016
CSSF press release 16/17 of 31 March 2016 summarizes the global situation of Undertakings for Collective Investment and Specialised Investment Funds at the end of February 2016 and contains an indication of the number of net assets of Undertakings for Collective Investment in accordance with, respectively, part I and II of the 2010 Law and the 2007 Law.
Read the CSSF press release 16/17 in full.
Publication of the Law of 15 March 2016 on OTC Derivatives, Central Counterparties and Trade Repositories
The Law of 15 March 2016 on OTC derivatives, central counterparties and trade repositories was published in the Luxembourg Official Journal, the Mémorial, on 17 March 2016. The law entered into force on 21 March 2016.
The law clarifies the respective powers granted to the Luxembourg supervisory authority of the financial sector (Commission de Surveillance du Secteur Financier - CSSF) and the supervisory authority for insurance companies (Commissariat aux Assurances) in the context of Regulation 648/2012/EU (the European Market Infrastructure Regulation - EMIR) and specifies that the CSSF and the Commissariat aux Assurances are vested with powers of supervision, intervention, inspection and investigation to the extent defined in EMIR and that they may impose certain sanctions.
The law also transposes Directive 2013/14/EU on over-reliance on credit ratings and the transposition leads to the amendment of several Luxembourg laws. With respect to their risk-management methodology, Institutions for Occupational Retirement Provision (IORPs), UCITS management companies and AIFMs should avoid relying solely or mechanistically on credit ratings disclosed by credit rating agencies.
The Law is available here (in French).
CSSF Newsletter - March 2016
The CSSF published its March 2016 newsletter (number 182), which provides updates in relation to recent national regulation and statistics.
Read the newsletter in full (in French).
Profit and Loss Account of Credit Institutions as at 31 December 2015
In its press release 16/13 of 15 March 2016 the CSSF estimates the financial result of the banking sector before provision for the year 2015 to be at an amount of 5.463 million euro. In comparison to the same period for 2014, the 2015 result before provisions therefore constitutes a 1.6% increase.
Read the CSSF press release 16/13 in full (in French).
