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
Background- European regulators have begun reviewing documentation and other information in connection with implementation of the EU’s Sustainable Finance Disclosure Regulation (SFDR)1 and the Taxonomy Regulation (RTS).2 On...more
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
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
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 9 February 2022, the Luxembourg Parliament voted to adopt a law that will bring about long-awaited reform of the Luxembourg’s securitisation regime. The law of 25 February 2022 – which was published in the Luxembourg...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
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
Britain’s Prime Minister, Boris Johnson, secured victory in the December 2019 general election with a promise to “get Brexit done.” The UK duly left the European Union (EU) on 31 January, 2020, and the UK and the EU have...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
The UK’s exit from the European Union is now postponed to 31 January 2020, and whilst there is still significant uncertainty regarding the occurrence of Brexit on that date, the CSSF set out a new deadline on 6 November 2019...more
On 6 November, the CSSF released a new press release 19/54 which is intended to replace the reference date to a hard Brexit (i.e. 31 October 2019) in all previous CSSF communications with the new Brexit date, 31 January 2020....more
This note sets out at a high level the potential impact of the United Kingdom’s (“UK”) exit (“Brexit”) from the European Union (“EU”) without a negotiated agreement on UK and European Economic Area (“EEA”) (a) alternative...more
A new Luxembourg act dated 16 July 2019 on prospectuses for securities and implementing the Prospectus Regulation (the New Prospectus Act) was published in the Luxembourg Official Gazette on 18 July 2019. ...more
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
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
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
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
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
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
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
Parliament Adopts Law on Register of Beneficial Owners - Parliament has adopted the law of 13 January 2019 establishing a register of beneficial owners....more