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.
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.
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:
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
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:
To access the text of the notice, click here.
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.