Latest Newsletters & Newsflashes
Jan 25, 2023CSSF Updated Q&A on authorisation and organisation of entities acting as UCI Administrator
The Luxembourg Commission de Surveillance du Secteur Financier (the " CSSF") published on 16 May 2022 Circular 22/811 (the " Circular ") on the authorization and organization of entities acting as UCI Administrator. The Circular replaces Chapter D of Circular IML 91/175 and provides detailed
Jan 24, 2023New reduced subscription tax for sustainable UCIs
On 23 December 2022, the Law of 23 December 2022 concerning the State revenue and expenditure budget for the year 2023 (the " Law") was published. As a reminder, under the Law on the State revenue and expenditure budget for the year 2021, a reduced subscription tax was introduced for investment
Jan 23, 2023PRIIPS KID | CSSF update of FAQ
On 24 June 2022, the European Commission published the Commission Delegated Regulation (EU) 2022/975 (the " Delegated Regulation") in the Official Journal of the EU. This Delegated Regulation postponed the application date of particular disclosure requirements under Regulation (EU) No 1286/2014 on
Jan 18, 2023CSSF feedback report | ESMA common supervisor action on supervision of costs and fees in UCITS
Background In January 2021, ESMA launched a Common Supervisory Action (" CSA") with national competent authorities (" NCAs") on the supervision of costs and fees of UCITS across the EU. The aim was to assess the compliance of supervised entities with the relevant cost-related provisions in the UCITS
Jan 17, 2023Report on incorporating ESG Risks in the supervision of investment firms
Background On 24 October 2022, the European Banking Authority (" EBA ") published a report (the " Report") on how to incorporate Environmental, Social, and Governance (" ESG ") risks in the supervision of investment firms. The Report was produced under the EBA’s mandate provided by Article 35(d) of
Jan 11, 2023New CSSF FAQ on Sustainable Finance Disclosure Regulation (SFDR)
On 2 December 2022, the CSSF issued a FAQ (the " CSSF FAQ") in relation to the Sustainable Finance Disclosure Regulation (EU) 2019/2088 of 27 November 2019 on sustainability-related disclosures in the financial services sector (" SFDR") and Commission Delegated Regulation (EU) 2022/1288 (" SFDR RTS"
Oct 17, 2022Sustainable Finance Insights Series - 17 | Fossil gas and nuclear activities are considered aligned with the Taxonomy Regulation – what are the ramifications?
The Commission Delegated Regulation (EU) 2022/1214 of 9 March 2022 [ 1 ] (“ Nuclear and Gas Regulation”) was published on 15 July 2022 after finally being approved by the European Parliament after a long and difficult road. The Nuclear and Gas Regulation recognises fossil gas and nuclear activities
Oct 07, 2022CSSF update on cross-border distribution of investment funds
On 20 September 2022, the CSSF published an FAQ on Cross Border Distribution of Funds - Guidance on Marketing Communication (the “ FAQ”) which aims to address a number of key aspects of the application of Article 4 of the regulation 2019/1156 of the European Parliament and of the Council of 20 June
Oct 06, 2022New requirements for investment fund managers to take into account sustainability risks
Background The Commission Delegated Directive (EU) 2021/1270 amends the Commission Directive 2010/43/EU which implements the UCITS directive, by imposing obligations on UCITS management companies (“ ManCos”) to integrate sustainability considerations into their decision-making and risk management
Oct 06, 2022Handbook on AML/CFT professional obligations for RAIFs
In order to prevent and raise awareness among reserved alternative investment funds (“ RAIFs”) which are subject to the law on the fight against money laundering and terrorist financing of 12 November 2004 (the “ AML/CFT Law”), the Luxembourg Registration Duties, Estates and VAT Authority (
Oct 06, 2022China and Australia added to CSSF’s list of third country equivalent jurisdictions
On 22 July 2022, the Luxembourg financial sector supervisory authority (the " CSSF") published CSSF Regulation 22-04 amending CSSF Regulation 20-02 on the equivalence of certain third countries with respect to supervision and authorisation rules for the purpose of providing investment services or
Sep 15, 2022Sustainable Finance Insight Series - 16 | ESAs’ Report on the extent of voluntary disclosure of principal adverse impact under article 4 (1) of the SFDR
On the 28 July 2022, the European Supervisory Authorities (“ ESAs”) issued a joint report to the European Commission on disclosures of principal adverse impacts (“ PAIs”) of investment decisions on sustainability factors, in accordance with article 18 of Regulation (EU) 2019/2088 of the European