Newsletters & Newsflashes

On 24 February 2022, the European Banking Authority (" EBA ") published its guidelines (the " Guidelines ") on the limited network exclusion (" LNE ") under Directive (EU) 2015/2366 on payment services in the internal market (" PSD2 "). BACKGROUND Pursuant to Article 3(k) of PSD2 services based on

On 19 November 2021, ESMA updated its Questions and Answers (" Q&A") in relation to Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (the “ Securitisation

On 5 January 2022, ESMA published its final report presenting the amended version of the ESMA guidelines (the " Guidelines") on delayed disclosure of inside information, specifically addressing the interplay between the issuers’ obligation to disclose inside information under Regulation (EU) 596

Background In the context of the growing popularity of virtual assets amongst investors throughout Europe, the CSSF published on 4 January 2022 the anticipated FAQ on virtual assets addressed to credit institutions (the " FAQ"). These FAQ followed the recent publication by the CSSF of FAQ on virtual

On 19 November 2021, ESMA updated its Questions and Answers (" Q&A") in relation to Regulation (EU) 2020/1503 of 7 October 2020 on the European crowdfunding service providers for business (the “ Crowdfunding Regulation”). In addition, on 10 November 2021, ESMA published its final report (the " Final

On 9 December 2021, the Luxembourg law of 8 December 2021 on the issuance of covered bonds (i) transposing into Luxembourg law Directive (EU) 2019/2162 of 27 November 2019 on the issue of covered bonds and covered bond public supervision, and (ii) implementing Regulation (EU) 2019/2160 of 27

Since we last provided an update on ESMA's Questions and Answers ( "Q&As") on Directive 2014/65/EU of 15 May 2014 on markets of financial instruments (" MiFID II") and Regulation (EU ) 600/2014 of 15 May 2014 on markets of financial instruments (" MiFIR") in our July 2021 newsletter, the following

Background On 17 December 2021, the CSSF has published a press release for the attention of issuers of securities subject to the law of 11 January 2008 on transparency requirements for issuers of securities, as amended (the " Transparency Law") and their auditors (the " Press Release"). The CSSF

On 28 October 2021, draft law 7905 (the " Draft Law") on the granting of a state guarantee to support credit lines contracted by the Luxembourg Deposit Guarantee Fund ( Fonds de Garantie des Dépôts Luxembourg (FGDL)) was submitted to the Luxembourg Parliament ( Chambre des Députés). Background The

On 28 September 2021, the Commission Delegated Regulation (EU) 2021/1722 of 18 June 2021 (the “ Regulation”), supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council (the “ Payment Services Directive”, “ PSD2”) with regard to regulatory technical standards specifying the

Since our last newsletter, ESMA has twice updated its Questions and Answers (" Q&As") relating to Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated

In August 2021, the Luxembourg Stock Exchange (“ LxSE”) published guidelines for the listing of special purposes acquisition companies (“ SPACs“) on its markets, which complement the general admission rules set out in the rules and regulations of the LxSE. The LxSE encourages sponsors and other