EU Banking and Finance Regulatory Newsletter - February 2019 - Key regulatory developments in Luxembourg



Source/Date Brief description



Anti-Money Laundering (AML)

Annual AML survey launched by CSSF

The survey collects information concerning money laundering and terrorist financing risks to which the professionals under its supervision are exposed and the implementation of related risk mitigation and targeted financial sanctions measures. The supervised entities’ AML compliance officers must submit the completed survey by April 15

To access the text of the press release, click here

To access the CSSF’s relevant AML portal, please click here.



Payment services

Complaint procedure regarding breaches of the Payment Services Law2 established by the CSSF

The procedure permits payment service users, electronic money holders and other interested parties including consumer associations, to launch complaints with the CSSF concerning alleged breaches of the PSL by payment service providers and electronic money issuers

To access the text of the press release, click here. To access the CSSF’s relevant website, click here.

Luxembourg Parliament

Listed companies

Draft law n° 7402 implementing the Revised Shareholders Rights Directive (the “Revised SRD”) introduced in Parliament

It is conceived to enhance long-term shareholder engagement through:

  • Identification of listed companies’ shareholders,
  • Transparency of institutional investors and asset managers regarding their engagement with listed companies,
  • Transparency of proxy advisors,
  • Transparency of and shareholder vote on remuneration policies, and
  • Public disclosure and approval of material related party transactions.

The deadline to transpose the Revised SRD into Luxembourg law is  June 10.

To access the text of the draft law in French, click here

Luxembourg Parliament

Financial institutions

Draft law n° 7401 on Brexit-related measures in the Luxembourg financial sector introduced in Parliament

The draft law amends several pieces of financial services legislation and lays down grandfathering rules for UK financial institutions with Luxembourg activities. These rules seek to allow those UK entities to continue carrying out their business in the Grand-Duchy in case of a hard Brexit during a transition period of up to 21 months via branches or cross-border provision of services.

To access the text of the draft law in French, click here.



Brexit preparedness notice published by the Authority of registration duties, estates and VAT

In the notice, the AED provides guidance in case a no-deal Brexit occurs on the:

  • Treatment of supplies of goods and services between the EU and the UK,
  • Reporting and control of transactions with the UK that take place before the UK’s withdrawal and
  • The related VAT refund.

To access the text of the notice, click here.



Investment funds

Circular 19/708 on the electronic transmission of documents by undertakings for collective investments (UCIs) to the CSSF issued

The circular applies to UCIs, including SEPCAVs5 and securitization vehicles under the Law of March 22, 2004, as well as fund management companies.

The circular’s annex contains a list of documents to be submitted and the relevant nomenclature. From 1 February 1, all of these documents can be transmitted to the CSSF only electronically through a secured electronic transmission system; e-file and Sofie are currently accepted.

To access the text of the circular in French, click here.

To access the annex, click here.

  1. Commission de Surveillance du Secteur Financier – the Luxembourg financial supervisory authority.
  2. Law of 10 November 2009 on payment services.
  3. Directive (EU) 2017/828 of the European Parliament and of the Council of  May 17, 2017 amending Directive 2007/36/EC with regard to the encouragement of long-term shareholder engagement.
  4. Administration de l’enregistrement, des domaines et de la TVA (Registration Duties, Estates and VAT Authority).
  5. Sociétés d'épargne-pension à capital variable (Pension Savings Company with Variable Capital) under the Law of 13 July 2005.

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