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Regulatory monitoring: EU version - August 2024

1. Bank regulation - 1.1 PRUDENTIAL REGULATION a) General - (i) EU - EBA: Opinion on measures in accordance with Article 458 CRR following a notification by the De Nederlandsche Bank - Status: Final - The EBA has...more

Amendments to Luxembourg laws to implement MiCAR and TFR: key takeaways and impact on VASPs

On 21 May 2024, a bill of law n° 8387 was introduced before the Luxembourg Parliament. Its objective is to amend several pieces of Luxembourg legislation to operationalise various European regulations, in particular...more

New licensing requirements for cross-border lending into Europe

New EU legislative requirements will reshape how non-EU (including European Economic Area) banks service EU clients on a cross-border basis. In this note we summarise the new regime, its implications for firms providing...more

MiCAR under the microscope - Part 5: Regulatory requirements applicable to CASPs

The Regulation (EU) 2023/1114 on Markets in Crypto-assets (MiCAR) has further expanded the panel of regulated entities by introducing the regulatory status of crypto-asset service providers (CASPs)....more

MiCAR under the microscope - Part 4: The CASP licensing regime

To avoid potential risks to investor protection, as well as to financial stability within the European single market, the Regulation on Markets in Crypto-assets (MiCAR) is about to introduce a harmonised and dedicated set of...more

CRD VI – What EU branches of third country banks need to know

The EU is harmonising the rules on the prudential supervision of EU branches of non-EU banks under CRD VI. The new EU-wide third country branch regime will introduce minimum requirements including capital and liquidity...more

CRD VI cross-border rules take shape

Final provisions on cross-border banking services in the EU published - CRD VI will bring in uniform minimum prudential requirements for third country branches providing banking services in the EU and, more importantly,...more

MiCAR under the microscope - Part 3: The issuance of stablecoins under MiCAR: Scope and requirements

The huge expansion of crypto-assets over recent years and the popularity of their underlying technology (distributed ledger technology (DLT) or blockchain) have come with their share of challenges, including a significant...more

Paving the way for the future of payments – Instant payments at a glance

As the final compromise text of the so-called Instant Payments regulation has just been published, our regulatory payment experts have summarised the key obligations that will apply to payment service providers in this...more

MiFID II/MiFIR – divergence emergence?

Since the beginning of the Brexit transition period, developments in both the UK and EU have impacted the MiFID rules in various ways. In the UK, there have been changes under the EUWA on-shoring process; “quick-fix”...more

MiCAR under the microscope – Part 2: Are you in or out of scope?

The Regulation on Markets in Crypto-assets (MiCAR) seeks to regulate a broad range of crypto-related products and services that do not currently fall within the scope of existing EU financial services legislation. It does not...more

Further efforts are expected from payment institutions for the effective management of money laundering and terrorist financing...

On 16 June 2023, the European Banking Authority (EBA) published a report on the money laundering and terrorist financing (ML/TF) risks associated with payment institutions (PIs) in the EU, based on a risk assessment exercise...more

MiCAR under the microscope - Part 1: MiCAR is law

The European Commission has chosen the path of regulation for crypto-assets. This is with the aim of supporting innovation and fair competition, and ensuring a high level of consumer and investor protection and market...more

Latest developments in the field of sustainable finance for firms providing investment services

Legislative and regulatory initiatives in the field of sustainable finance, and more particularly in the financial sector, have recently multiplied....more

Resolution of the European Parliament on relationships between the EU and third countries

On 23 December 2019, a resolution of 11 September 2018 of the European Parliament (the Parliament) on relationships between the EU and third countries concerning financial services regulation and supervision was published in...more

Strong customer authentication for e-commerce card payment transactions: an EU harmonised extension of 14 months to be compliant

Following its June opinion on the possibility for national competent authorities to work with payment service providers and relevant stakeholders and agree on limited additional time for compliance with the strong customer...more

Third country firms providing investment services on a cross-border basis – challenging times

One of the consequences of the implementation of MiFID II into Luxembourg law is the creation of a new regime for third country firms providing investment services. This new regime is distinct from the regime that is in place...more

The CSSF endorses the 2018 Joint Guidelines on complaints-handling for the securities and banking sectors

By its circular 19/718 (https://bit.ly/2LDTG2k), the CSSF has endorsed the Guidelines on complaints-handling for the securities (ESMA) and banking (EBA) sectors of 4 October 2018 (JC 2018 35) (the Guidelines)....more

New fraud data reporting requirements for payment service providers

As already mentioned in our previous e-Alert of 16 January 2019, payment service providers must provide, at least on an annual basis, statistical data on fraud relating to different means of payment, to the Luxembourg...more

Transitional Measures For The Luxembourg Financial Sector In Relation To A Hard Brexit (The Bill Of Law 7401)

On 31 January 2019, the Ministry of Finance has submitted a bill of law to the Luxembourg Parliament (the Bill 7401) as regards the measures to be taken in relation to the Luxembourg financial sector in the case of the exit...more

New reporting obligation for payment service providers

By a circular 18/704 of 17 December 2018 (the Circular 18/704), the Luxembourg regulator of the financial sector, the Commission de surveillance du secteur financer (the CSSF) formally endorsed the Guidelines of the European...more

Interesting changes in relation to applicable cooperation requirements with the Luxembourg Financial Intelligence Unit

Professionals subject to the law of 12 November 2004 relating to the fight against money laundering and terrorist financing, as amended (the AML Law) (the Professionals) should be aware of a few changes introduced by the law...more

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