Newsletters & Newsflashes

On 16 May 2022, the Commission de surveillance du secteur financier (the “CSSF”) issued Circular 22/811 on the authorisation and organisation of entities acting as UCI administrators (the "Circular"). In the Circular, the CSSF repeals Chapter D of IML Circular 91/75 setting out the rules concerning

On 24 June 2022, the European Commission published in the Official Journal of the EU the Commission Delegated Regulation (EU) 2022/975 adopted by the Commission on 17 March 2022 and endorsed by the co-legislators following a scrutiny procedure that ended on 17 June 2022 (the “Delegated regulation”)

On 2 June 2022, the European Supervisory Authorities (“ ESAs”) provided clarifications on the ESAs’ draft RTS issued under Regulation (EU) 2019/2088 on sustainability–related disclosures in the financial sector (“ SFDR”). Such clarifications concern the draft RTS included in the final report with

Background Directive 2009/65/EC of 13 July 2009 on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (“ UCITS”) as amended (the " UCITS Directive”), as well as Directive 2011/61/EU of 8 June 2011 on

On 31 May 2022, the European Securities and Markets Authority (ESMA) published a supervisory briefing on sustainability risks and disclosures in investment management area ('' Briefing''). The briefing is addressed to EU National Competent Authorities (NCAs). ESMA has developed this supervisory

Purpose and Scope In January 2020, the CSSF published its first Sub-Sector Risk Assessment (“ SSRA”) on money laundering/terrorist financing (“ ML/TF”) risks faced by the collective investment sector. The conclusions drawn in this first assessment were based on quantitative data collected through

On 16 May 2022, the Commission de surveillance du secteur financier (the “ CSSF”) issued Circular 22/811 on the authorisation and organisation of entities acting as UCI administrators (the " Circular"). In the Circular, the CSSF repeals Chapter D of IML Circular 91/75 setting out the rules

On the 24 March 2022, the European Supervisory Authorities (ESAs) issued a supervisory statement with the aim of reducing the risk of divergent applications of Regulation (EU) 2019/288 on sustainability-related disclosures in the financial sector in addition to Article 5 and 6 of Regulation (EU)

On 23 February 2022, the European Commission published a proposal for a Directive on Corporate Sustainability Due Diligence (the “ Directive”). The Directive will set out a horizontal framework to foster the contribution of businesses operating in the single market to the respect of human rights and

Benchmark On 28 January 2022 and 1 April 2022, the European Securities and Market Authority (“ ESMA ”) published its updated FAQ on Benchmark Regulation (BMR). ESMA clarified that temporary disruptions to the provision of a benchmark do not require supervised entities to initiate their written plans

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) imposing an obligation on regulated funds, for financial periods ending on or after 30 June 2022, to complete a questionnaire in order to

On 5 April 2022, the CSSF issued a communiqué inviting investment fund managers (“ IFMs”) to declare via a dedicated eDesk application the performance fee models applicable to Luxembourg UCITS or AIFs they manage. Background In the context of the ESMA guidelines on performance fees applicable to