Newsletters & Newsflashes

Background On 17 December 2021, the CSSF issued Circular 21/790 (the “ Circular”) applicable to Luxembourg regulated funds (UCITS, Part II Funds, SIFs and SICARs). The Circular covers a number of topics applicable to the regulated funds themselves and to their auditors: It introduces an obligation

The final report on sustainability-related disclosures, including taxonomy-related disclosures (the “ Draft RTS”), were published by the European Supervisory Authorities (the "ESAs") on 22 October 2021. The Draft RTS set out amendments to the set of rules and mandatory templates for financial

The proposed sustainability amendments to Directive 2010/43/EU (the “ UCITS Directive”) and to Delegated Regulation (EU) 231/2013 (the “ AIFM Regulation”) integrating sustainability considerations into the organisational, operating and risk management obligations of authorised alternative investment

On 22 September 2021, the Commission de Surveillance du Secteur Financier (“ CSSF”) published (the “ Communication”) on its website inviting investment fund managers (“ IFMs”) to proceed with a declaration regarding performance fees (the “ Declaration”). The Communication has been issued in the

On 14 July 2021, the European Commission (EC) responded to the letter of 7 January 2021 addressed to it by the European Supervisory Authorities (ESAs) in relation to the application of Regulation (EU) 2019/2088 on sustainability - related disclosures in the financial services sector ( “ SFDR”). The

Background On 24 September 2021, the CSSF issued a new Circular 21/782 regarding the adoption of the revised guidelines by the European Banking Authority (“EBA”), on money laundering and terrorist financing risk factors (the “ Circular”). This Circular replaces CSSF Circular 17/661. Purpose The

On 21 July 2021, the law transposing Directive (UE) 2019/1160 with regard to cross-border distribution of collective investment undertakings (the “ CBD”) and amending: the law of 17 December 2010 regarding undertakings for collective investment (the “ UCI Law”) and the law of 12 July 2013 related to

On 31 August 2021, the Commission de Surveillance du Secteur Financier (the “ CSSF”) published a communication update in relation to the requirement to submit liquidation extension request for funds in non-judicial liquidation (the “ Communication”), whereby it informs the market that, effective

On 17 August 2021, the Commission de Surveillance du Secteur Financier (the “ CSSF”) published an updated version of its Frequently Asked Questions concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment schemes (the “ UCITS FAQ”) in order to add a new

Change of Authorisation Process for new UCI and/or new sub-funds In a communiqué of 30 July 2021, the CSSF announced the introduction of a new questionnaire named “ Fund Pre-Inception Readiness Review” to be completed together with the application file relating to the authorisation process of new

On 28 July 2021, the CSSF issued Circular 21/778, regarding “ Update of the Circular CSSF 11/509 in accordance with Directive (EU) 2019/1160” (the “ Circular”); the Circular amends Circular CSSF 11/509 on “Notification procedures to be followed by a UCITS governed by Luxembourg Law to market its

Last July, Draft Law No. 7861 (the “ Draft Law”) was published containing proposed amendments to the Law 17 April 2018 (the “ Benchmark Law”) that had implemented Regulation (EU) 2016/1011 of 8 June 2016 on indices used as benchmarks in financial instruments and financial contracts or to measure the