Newsletters & Newsflashes

Background In connection with Directive 2019/1937 of 23 October 2019 on the protection of persons who report breaches of Union law, the CSSF published on 5 May 2020 its first whistleblowing reporting of breaches of financial sector regulations to the CSSF (the “ Report”). The Report gives practical

On 14 May 2020, ESMA published a statement (the “ Statement”) supporting the recommendations of the European Systemic Risk Board (the “ ESRB”) on liquidity risk in investment funds (the “ ESRB Recommendations”). The aim of the recommendations is to address the COVID-19 pandemic from a

[Updated on 18/05] On 14 May 2020, the CSSF published recommendations for supervised entities on telework and a possible return to the office (the “ Recommendations”). The CSSF pointed out that the recent easing of COVID-19 related restrictions by the Luxembourg government doesn’t mean the end of

On 13 May 2020, the CSSF published a communication announcing a notification obligation (the " IFM Notification") applicable to certain investment fund managers (the " IFMs") and relating to significant developments and issues in investment vehicles under their management. The IFM Notification is an

By law dated 12 May 2020 (the “ Law”), the Chamber of Deputies of the Grand-Duchy of Luxembourg introduced temporary derogations from accounting requirements for financial sector entities, including funds, in the context of the fight against Covid-19 virus. The temporary derogations concern only

Background On 9 April 2020, the CSSF published Circular 20/739 on the application of the “ Guidelines on the Reporting under Articles 4 and 12 Securities Financing Transactions Regulation” (hereafter “ SFTR”), which were published on 6 January 2020 by the European Securities and Markets Authority (“

On 16 April 2020 the CSSF published an updated version of its frequently asked questions on COVID-19 (the “ Updated FAQs”). The latest version adds four questions applicable to passive and active breaches of investment restrictions by UCITS. A PASSIVE BREACH OF GENERAL INVESTMENT RESTRICTIONS AND

On 10 April 2020, the CSSF published Circular 20/740 to provide guidance to all professionals who are subject to the CSSF’s anti-money laundering and counter-terrorism financing (“ AML/CFT”) supervision in respect to money laundering and terrorism financing (“ ML/TF”) risks and consequences amid the

On 9 April 2020, the CSSF published a communication announcing a new, weekly questionnaire (the " Questionnaire") applicable to investment fund managers authorized by the Law of 17 December 2010 relating to undertakings for collective investment (the " 2010 Law") or the Law of 12 July 2013 on

On 31 March 2020, ESMA launched a consultation paper in order to draft implementing technical standards (“ ITS”) in accordance with regulation (EU) 2019/1156 on facilitating cross-border distribution of collective investment undertakings (the “ Regulation”). According to the Regulation (covered in

On 3 April 2020, ESMA published its guidelines on performance fees in investment funds, which will be applicable to both UCITS and certain types of AIFs. The guidelines will be translated into the official EU languages. They will become applicable two months after the publication of the translations

On 18 December 2019, Directive (EU) 2019/2162 of the European Parliament and of the Council of 27 November 2019 on the issue of covered bonds and covered bond public supervision and amending Directives 2009/65/EC and 2014/59/EU (the “ Directive”) was published in the Official Journal of the European