The CSSF has issued a new circular (Circular 24/856) aiming to protect investors in the event of certain errors and breaches.
Circular 24/856 will enter into force on 1 January 2025 and will repeal circular 02/77....more
ESMA has submitted its proposals for RTS supplementing ELTIF 2.0 to the European Commission -
The RTS detail stringent conditions on liquidity and redemption provisions including in principle maximum quarterly redemption...more
1/12/2024
/ Alternative Investment Fund Managers Directive (AIFMD) ,
Anti-Dilution Terms ,
CSSF ,
ELTIF ,
EU ,
European Commission ,
European Securities and Markets Authority (ESMA) ,
Financial Stability Board ,
Investors ,
IOSCO ,
Liquidity ,
Liquidity Management ,
NAV
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
On 2 December 2022, Luxembourg’s supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF) published an FAQ that seeks to clarify certain items under the Sustainable Finance Disclosure Regulation...more
12/20/2022
/ Alternative Investment Funds ,
Consumer Financial Products ,
CSSF ,
Disclosure Requirements ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Institutions ,
Luxembourg ,
Proposed Guidance ,
SFDR ,
Sustainable Finance ,
UCITS ,
Websites
On 15 June 2021, the Luxembourg financial services regulator, the Commission de Surveillance du Secteur Financier (the "CSSF") updated its Questions and answers on statuses of "PFS" – part II (the "PFS Q&A") by providing...more
The Luxembourg government and the CSSF recently have taken a number of measures to combat money laundering and terrorist financing. In other developments: the current Luxembourg Brexit laws will be rendered inapplicable by...more
1/23/2020
/ AIFM ,
Anti Tax Avoidance Directive (ATAD) ,
Anti-Money Laundering ,
Banking Sector ,
CSSF ,
Digital Data ,
EU ,
European Securities and Markets Authority (ESMA) ,
FATF ,
Financial Institutions ,
Financial Services Industry ,
Investment Funds ,
IOSCO ,
Liquidity Risk Management Rule ,
Luxembourg ,
MiFID ,
New Circular ,
Risk Assessment ,
Terrorist Financing Regulations ,
UCITS ,
UK Brexit
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), has published guidance regarding procedures to be followed by non-EEA firms when providing certain investment services in...more
7/10/2019
/ AIFM ,
Anti-Money Laundering ,
Cross-Border Transactions ,
CSSF ,
Financial Services Industry ,
Foreign Branch Offices ,
Foreign Investment ,
Investment Adviser ,
Luxembourg ,
MiFID II ,
Non-EEA Firms ,
Reserved Alternative Investment Funds (RAIF) ,
SICAV
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
Law on 21-month grandfathering period in a "hard Brexit" scenario -
Parliament has adopted legislation that will allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up...more
4/15/2019
/ AIFM ,
Annual Regulatory Fees ,
Asset Management ,
Cloud Computing ,
CSSF ,
EMIR ,
EU ,
Grandfathering Rules ,
Infrastructure ,
Investment Funds ,
Luxembourg ,
No-Deal Brexit ,
SICARs ,
SIFs ,
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
Bill to set up a 21-month grandfathering period in a "hard Brexit" scenario -
The Luxembourg government has proposed legislation which would allow UK financial service providers to continue rendering certain services in...more
3/14/2019
/ Asset Management ,
Beneficial Owner ,
CSSF ,
Digital Ledger Technology ,
Distributed Ledger Technology (DLT) ,
EMIR ,
EU ,
Grandfathered Status ,
Investment Funds ,
Luxembourg ,
SICARs ,
UCITS ,
UK Brexit
The Luxembourg government has proposed legislation (Draft Bill), which would allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up to 21 months after the date when the UK...more
2/11/2019
/ AIFM ,
Credit Unions ,
CSSF ,
EU ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Grandfathered Status ,
Investment Firms ,
Luxembourg ,
Member State ,
Memorandum of Understanding ,
No-Deal Brexit ,
Proposed Legislation ,
Transitional Arrangements ,
UCITS ,
UK ,
UK Brexit ,
Withdrawal Agreement
Luxembourg has transposed MiFID II into its national law, albeit five months after the deadline for doing so. In other matters, the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF)...more
10/24/2018
/ AIFM ,
AIFs ,
Asset Management ,
CSSF ,
Depository Institutions ,
European Economic Area (EEA) ,
Investment Funds ,
Luxembourg ,
Management Companies ,
MiFID II ,
New Circular ,
SICARs ,
SIFs ,
UCITS
The Commission de Surveillance du Secteur Financier (CSSF) issued a circular on 23 August 2018 (Circular), which consolidates into one document the requirements for Luxembourg UCITS management companies, self-managed UCITS,...more
Luxembourg recently has taken a number of actions in connection with the transposition or implementation of various EU directives and regulations, respectively, into national law. The Luxembourg government deposited a bill of...more
10/13/2017
/ BEPS ,
Copyright ,
CSSF ,
Financial Services Industry ,
IP License ,
Luxembourg ,
MiFID II ,
MiFIR ,
OECD ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Patents ,
Pharmaceutical Patents ,
Reserved Alternative Investment Funds (RAIF) ,
Retail Investors ,
SICARs ,
SIFs ,
Software ,
Tax Incentives ,
Utility Patents
The Luxembourg financial regulator has published a circular on UCITS depositaries, clarifying the organisational arrangements and other rules provided by Luxembourg’s UCI Law and the EU UCITS Regulation. The circular...more
12/28/2016
/ Alternative Investment Fund Managers Directive (AIFMD) ,
CSSF ,
Depository Institutions ,
EU ,
Financial Services Industry ,
Luxembourg ,
New Guidance ,
Outsourcing ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
RTS ,
UCITS
The entry into force of AIFMD in Europe has resulted in a double layer of regulation, as we now have regulation and supervision at the level of the product (regulated investment funds) and supervision at the level of the...more
7/15/2016
/ AIF ,
AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
Asset Management ,
CSSF ,
EU ,
Institutional Investors ,
Investment Companies ,
Investment Funds ,
Luxembourg ,
Professional Investors ,
Reserved Alternative Investment Funds (RAIF) ,
SICAV
The Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (CSSF) published on 9 June 2016 an updated version of its FAQ concerning the Luxembourg law of 12 July 2013 on alternative investment...more
The law that transposed UCITS V1 into Luxembourg law (UCITS V Law) entered into force on 1 June 2016. Among other matters, the UCITS V Law: (i) implements a depository regime based upon – but more stringent than – the AIFMD...more
7/7/2016
/ Administrative Monetary Penalties ,
AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
CSSF ,
Financial Services Industry ,
Investment Funds ,
Luxembourg ,
Management Companies ,
MiFID II ,
Remuneration ,
Sanctions ,
SICAV ,
UCITS
The Luxembourg government recently launched the “reserved alternative investment fund” – a new form of Luxembourg AIF that does not require prior approval from the Luxembourg supervisory authority, the CSSF. In other...more
12/29/2015
/ AIF ,
Bonds ,
CSSF ,
Diversification Requirements ,
Financial Services Industry ,
Foreign Investment ,
Luxembourg ,
Marketing ,
Over The Counter Derivatives (OTC) ,
Reserved Alternative Investment Funds (RAIF) ,
Retail Investors ,
UCITS
The Luxembourg government has brought to Parliament a bill of law transposing UCITS V into Luxembourg’s UCI Law and AIFM Law. Further, the Luxembourg CSSF published a new version of its AIFMD Frequently Asked Questions, among...more
10/8/2015
/ AIFM ,
Alternative Investment Fund Managers Directive (AIFMD) ,
CSSF ,
Deadlines ,
Depository Institutions ,
FATCA ,
FFI ,
Financial Institutions ,
Foreign Bank Accounts ,
Intergovernmental Agreements ,
Luxembourg ,
Pending Legislation ,
Remuneration ,
Reporting Requirements ,
UCITS
The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), has recently issued FAQs regarding the immobilisation of bearer shares and units, as well as a press release to remind...more