Newsletters & Newsflashes

On December 9, 2019, the European Parliament and the Council adopted Regulation (UE) 2019/2089 of the European Parliament and of the Council of 27 November 2019 amending Regulation (EU) 2016/1011 (hereinafter the “ Benchmark Regulation”) as regards EU Climate Transition Benchmarks, EU Paris-aligned

In December 2018, the European Commission mandated a group of social, financial and academic experts to develop a strategy on sustainable finance which incorporates Environmental, Social and Governance (ESG) considerations into investment decisions and ensures that clients are accurately informed

This newsletter is intended as a general discussion of the following topics: Banking & Finance, Capital Markets, Employment, Investment Funds and Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us. BANKING & FINANCE The Law of 16 July

On 2 September 2019, the CSSF updated the below sets of frequently asked questions (the “ FAQs”) for the purposes of, adding a new question regarding obligations to be complied with in case of data transfers by a central administration or a depositary to another service provider: a) Frequently Asked

On 2 September 2019, ESMA published the Final Report on the Guidelines on liquidity stress testing in UCITS and AIFs (hereinafter the “ Guidelines”), taking into account the feedback received by ESMA’s earlier consultation paper further to the recommendations by the ESRB in April 2018 in introducing

On 15 July 2019, ESMA published an updated version of the Questions & Answers (hereinafter the “ Q&A”) on the implementation of the Regulation (EU) 648/2012 of 4 July 2012 on OTC derivatives, central counterparties and trade repositories (hereinafter referred to as “ EMIR”) following the

BACKGROUND AND DEFINITION On 30 July 2019, the CSSF published a new FAQ Document on swing pricing mechanisms which is applicable to all regulated funds (UCITS, UCIs part II and SIFs) (" UCI") making use of it in Luxembourg. Swing pricing is a mechanism designed to protect long-term shareholders from

On 19 July 2019, the ESMA issued its final report on the guidelines on the reporting procedure to competent authorities under Article 37 of the Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds (“ MMF Regulation”). These guidelines apply as

The long expected Directive (EU) 2019/1160 regarding cross-border distribution of collective investment funds amending the UCITS Directive and the AIFM Directive (the Directive) as well as the Regulation (EU) 201/1156 on facilitating cross-border distribution of collective investment funds and

BACKGROUND According to the Press Release of the European Commission on Pan-European Personal Pension Products only 27% of Europeans between 25 and 59 years old have currently enrolled themselves in a pension product. This is the context in which the Regulation (EU) 2019/1238 of 20 June 2019 on a

Background In April 2019 two Luxembourg laws (the “ Brexit Laws”) were published in anticipation of the United Kingdom's exit from the European Union without any withdrawal agreement on 31 st October 2019 (the " Hard Brexit"). In such an event, the United Kingdom will be considered as a third

On 1 July 2019, the CSSF issued press release 19/28 (the " Press Release") relating to an assessment of the impact of Regulation (EU) 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products