This new system aims to modernise administrative procedures, enhance efficiency while ensuring robust investor protection standards. The CSSF also seizes this opportunity to introduce a list of amendments to the prospectus,...more
On 21 October 2024, the Commission de Surveillance du Secteur Financier (CSSF) implemented the European Securities and Markets Authority (ESMA) Guidelines regarding environmental, social, and governance (ESG) fund naming as...more
Digital Operational Resilience Act (DORA) aims to harmonize provisions related to cybersecurity and information and communication technology (ICT) risk management in the financial sector. Its scope covers nearly all entities...more
EU competent authorities seem to be stepping up enforcement actions for SFDR disclosure acting as a timely reminder for fund managers to ensure that holdings and procedures for allocating investments align with statements in...more
On 15 October 2024, the Luxembourg Commission de Surveillance du Secteur Financier (the “CSSF”) imposed a fine of EUR 56,500 against a fund manager, Aviva Investors Luxembourg S.A. (the “Manager”), with regards to the...more
New ICT incident reporting requirements under Circular 24/847 (Circular) of the Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s financial regulator, will come into effect on April 1. This introduces a new...more
New FAQS Complementary to FAQs on Investment in Virtual Assets - Further to the general publications by the Financial Sector Supervisory Commission (CSSF) in 2020 and 2021 and two sets of frequently asked questions (FAQs)...more
The financial services regulations relating to outsourcing by Luxembourg-headquartered financial institutions have been significantly simplified by the introduction of the Commission de Surveillance du Secteur Financier...more
On 1 August 2022, the following delegated acts, which complement the Sustainable Finance Disclosure Regulation 2019/2088 (SFDR) entered into force...more
The Commission de Surveillance du Secteur Financier (CSSF) has launched a new web platform called eRIIS which stands for electronic Reporting of Information concerning Issuers of Securities providing issuers and persons...more
On 18 May 2022, the CSSF published CSSF circular 22/812 (the CSSF Circular) through which it integrates into its administrative practice and regulatory approach the EBA guidelines on the so-called limited network exclusion...more
On 22 April 2022, the CSSF published CSSF circular 22/807 amending the CSSF circular 12/552 on central administration, internal governance and risk management to take account of amended or new guidelines issued by EBA and/or...more
On 9 February 2022, the Luxembourg parliament adopted law no. 7825 (Law) amending, among others, the Luxembourg act dated 22 March 2004 on securitisation, as amended (Securitisation Act 2004) to Parliament. ...more
Like other financial centers, Luxembourg has recently seen a strongly growing interest in investments in new technologies, including virtual assets such as digital tokens. Complementary to that interest is a growing strong...more
On June 15, the Commission de Surveillance du Secteur Financier (CSSF) updated its Q&A on the statuses of Professionals of the Financial Sector (PFS) with respect to professionals performing lending operations, by giving...more
On 18 December 2020, the Commission de Surveillance du Secteur Financier (CSSF) published a new FAQ in relation to the use by Luxembourg-domiciled UCITS of the following Securities Financing Transactions (SFTs): securities...more
On 2 August 2021, changes to fund marketing rules will come into effect in the European Union (“EU”). The revised rules (the “Marketing Rules”) amend the existing regime relating to the marketing of alternative investment...more
Regulation (EU) 2019/2088 of 27 November, 2019 on sustainability-related disclosures in the financial services sector, as amended by Regulation (EU) of 18 June, 2020 on the establishment of a framework to facilitate...more
With the transition period coming to an end by the end of 2020, many UK managers are questioning the implication of Brexit to the fundraising and management of Luxembourg-based funds. As forecasted in our previous market...more
Many UK managers are currently questioning the implication of Brexit to the fundraising and management of Luxembourg based funds. In particular, many query whether they may still today launch a new Luxembourg fund and act as...more
A variety of steps have been taken to accommodate managers working during the lockdown. As at 29 September 2020, these measures are as follows: 1. MORE FLEXIBILITY FOR THE GOVERNANCE OF FUNDS - On 20 March 2020, the...more
A variety of steps have been taken to accommodate managers working during the lockdown. As at 22 June 2020, these measures are as follows: 1. MORE FLEXIBILITY FOR THE GOVERNANCE OF FUNDS...more
A variety of steps have been taken to accommodate managers working during the lockdown. As at 20 May 2020, these measures are as follows: 1. MORE FLEXIBILITY FOR THE GOVERNANCE OF FUNDS - The increased flexibility for the...more
Various measures have been implemented in Luxembourg to help Luxembourg funds tackle the impact of the COVID-19 outbreak... This is a fast-moving crisis and it is important to closely monitor the outbreak, its business...more
Under emergency legislation applicable with immediate effect for three months with a view to contain the rapid spread of COVID-19 in Luxembourg, Luxembourg enacted on 20 March 2020 temporary measures applicable to all...more