Newsletters & Newsflashes

Key SFDR clarifications on fund names (Question 7) and efficient portfolio management (Question 8) The sustainable finance disclosure regulation (“ SFDR”) has introduced a new era of transparency and sustainability in the financial industry. The CSSF has recently provided important clarifications

On 26 May and 13 June 2023 ESMA published its updated Q&A on the application of the AIFMD (the “ Q&A”). The answers to the questions in the June update were provided by the European Commission. Pre-marketing of AIFs In it May update ESMA clarified that non-EU AIFMs are not allowed to carry out pre

Introducing the retail investment package to enhance trust and participation in EU Capital Markets On 24 May 2023, the European Commission adopted a retail investment package (the “ RIP”), announced in the 2020 capital markets union action plan, which seeks to create a safer environment for

European supervisory authorities (“ESAs”) release draft regulatory technical standards (“RTS”) for sustainability disclosures: proposed changes to principal adverse impacts (“PAIs”) and financial product disclosures The ESAs recently published a Joint Consultation Paper on the review of the

On 27 March 2023, draft law No. 8183 (the “ Draft Law”) has been submitted to the Luxembourg Parliament ( Chambre de Députés). The Draft Law proposes to amend the following Luxembourg laws: the law of 15 June 2004 as amended, relating to the investment company in risk capital (SICAR) (the “ SICAR

Background On 16 March 2023, the CSSF updated its Frequently Asked Questions (the “ FAQs”) in relation to the rules regarding cross-border distribution of collective investment undertakings (as introduced into the Luxembourg laws of 17 December 2010 (“ UCI Law”) and of 12 July 2013 (the “ AIFM Law”)

On 24 March 2023, the CSSF followed up on a press release published on 27 July 2022 announcing their intention to launch a data collection exercise related to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (the “ SFDR”) and Regulation (EU) 2020/852

On 19 January 2023, the CSSF issued circular 23/829 (the " Circular") on the application of the guidelines on the criteria for the exemption of investment firms from liquidity requirements in accordance with Article 43(4) of Regulation (EU) 2019/2033 (the “ Investment Firms Regulation”). The

On 13 March 2023, the CSSF updated the FAQ on SFDR by adding three additional questions and answers. Use of the environmental, social, and governance (“ESG”) and/or sustainability related terminology in fund names: are there any ESG and/or sustainability related considerations that financial market

On 20 March 2022, Regulation (EU) 2023/606 of 15 March 2023 amending Regulation (EU) 2015/760 as regards the requirements pertaining to the investment policies and operating conditions of European long-term investment funds (“ ELTIF”) and the scope of eligible investment assets, the portfolio

Background On 15 February 2023, the CSSF started the annual online survey for the year 2022 (the “Survey”). The Survey remains mostly unchanged compared to previous years. However, some questions have been removed, added or amended. Purpose The purpose of the Survey remains the same and consists in

On the 15 th February 2023, the European Parliament and the Council of the European Union have adopted, in first reading, the proposal amending Regulation (EU) 2015/760 on European long-term investment funds (the “ ELTIF 2.0 Proposal ”). The ELTIF 2.0 Proposal aims at amending the scope of eligible