Background
On 27 June 2025, the Luxembourg Parliament introduced Draft Law No. 8567, which aims to transpose and implement a set of recent EU directives and regulations that collectively establish and regulate the European Single Access Point (ESAP) — a centralised digital platform designed to provide streamlined access to information relevant to financial services, capital markets, and sustainability-related information — to enhance transparency and governance in ESG rating activities — and to clarify the conditions for authorisation applicable to distributors of insurance and reinsurance products.
Purpose and scope of the draft law
The Draft Law primarily aims to:
- Transpose Directive (EU) 2023/2864 and implement related regulations establishing the ESAP, which centralises public access to financial services, capital markets, sustainability, and diversity-related information (the “ESAP Directive”).
- Implement Regulation (EU) 2023/2859 establishing a single European access point providing centralised access to information published that is relevant for financial services, capital markets and sustainability (the ‘ESAP Regulation’).
- Implement Regulation (EU) 2024/3005 on transparency and integrity of Environmental, Social, and Governance rating activities (the “ESG Rating Regulation”).
- Clarify authorisation conditions for insurance and reinsurance product distributors, allowing public-law institutions to obtain broker or agency authorisation.
The main highlights are listed below.
European Single Access Point (ESAP)
- The ESAP initiative is part of the Capital Markets Union and seeks to provide a centralised platform for public access to information on entities and their products that is publicly available and relevant to financial services, capital markets, sustainability and diversity.
- The Draft Law transposes the ESAP Directive and implements related regulations which amend 35 European directives/regulations affecting the laws of the financial sector.
- Information to be made available on the ESAP is collected from various designated agencies (collecting bodies). For certain texts, the ESAP Directive and the ESAP Regulation directly designate the collecting body. For other texts, Member States must designate at least one collection agency by 2028 or 2030.
- The ESAP will be fed by information that is already subject to publication under the applicable sectorial legislation. As the initial publication requirement already exists in Luxembourg law; the Draft Law only focuses on defining procedures for data collection and transmission to the ESAP.
Implementation of ESG Ratings Regulation (EU) 2004/3005
- The ESG Rating Regulation aims to improve the integrity, transparency, comparability, accountability, reliability, good governance and independence of ESG rating activities.
- It seeks to prevent greenwashing and misinformation by setting rules on the organisation and conduct of ESG rating activities.
- The Draft Law designates the CSSF as the competent authority in Luxembourg, under Article 30 of the Regulation and provides the powers available to it (for instance and as a matter of example to impose temporary bans and impose administrative fines on persons/entities who are non-compliant with the ESG Rating Regulation).
- It should be noted that for the ESG Rating Regulation, the main competence lies with the ESMA, which is responsible for the authorisation and supervision of ESG rating providers.
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