Latest Newsletters & Newsflashes
Jan 16, 2020Crowdfunding | EU Rules Agreed
Background On 27 March 2019, the European Parliament adopted a legislative resolution on the proposal for a regulation on European Crowdfunding Service Providers (" ECSP"). Until now, the European Parliament negotiating team and the Council still had some points of discussion. An agreement has
Jan 16, 2020PSD 2 | EBA Opinion on the Deadline of the SCA
On 16 October 2019, the European Banking Authority (the " EBA") published an opinion on the deadline for the migration to strong customer authentication (the " SCA") under the Directive (EU) 2015/2366 of 25 November 2015 on payment services in the internal market (the "PSD 2") for e-commerce card
Jan 15, 2020PRIIPS Assessment Reminder | CSSF Press Release 19/60
On 11 December 2019, the CSSF published press release 19/60 (the " Press Release") reminding that pursuant to press release 19/28 published on 1 July 2019 all SIFs, Part II UCIs and SICARs are obliged to complete an online assessment about the impact of Regulation 1286/2014 on key information
Jan 15, 2020New UCI Applications Via eDesk | CSSF Press Release 19/45
As and from 1 November 2019, applications for new UCI approvals (i.e. UCITS, UCI Part II, SIF and SICAR) not yet registered on the official list, will have to be submitted via the CSSF’s new eDesk portal. Applications via email will no longer be accepted. The CSSF have provided a dedicated user
Jan 02, 2020AIFMD | ESMA’S Updated Q&A
BACKGROUND On 4 December 2019, ESMA published updated Questions and Answers (" Q&A") on the application of the Alternative Investment Fund Managers Directive (" AIFMD"). The updated Q&A incorporate a new question and answer into Section III on reporting to national competent authorities under
Jan 02, 2020AML/CFT CSSF Guidance on Compliance by Registered AIFMS and 2019 ML/TF Survey
On 5 December 2019, the CSSF published a communication summarizing results of an AML/CFT questionnaire as well as an AML/CFT conference concerning registered AIFMs and Self-Managed Non-AIFs which took place on 3 December 2019 (the " Communication"). The Communication provides seven areas which in
Jan 02, 2020AML/CFT CSSF FAQ on Responsible Persons for a Luxembourg Investment Fund or Investment Fund Manager
On 25 November 2019, the CSSF issued its FAQ on persons responsible for AML/CTF compliance for a Luxembourg Investment Fund or Investment Fund Manager supervised by the CSSF. This FAQ gives the CSSF’s interpretation on the application of article 4(1) of the Law of 12 November 2004 on the fight
Jan 02, 2020MIFID II & MIFIR | Update of ESMA Q&A
Since our last newsletter, ESMA updated its Q&A on the Market in Financial Instruments Directive 2014/65/EU of 15 May 2014 (" MiFID II") and on the Markets in Financial Instruments Regulation 600/2014 of 15 May 2014 (" MiFIR"), on the following topics: Q&A on MiFID II and MiFIR investor protection
Jan 02, 2020CSSF Updates on IT Outsourcing by Supervised Institutions
New and Modified CSSF Templates for Authorisation Requests and Notifications As regards IT outsourcing of material activities by credit institutions, investment firms and professionals performing lending operations under Circular CSSF 12/552 (as amended) and IT outsourcing by electronic money
Jan 01, 2020Tax Treaties Update
As of 1 January 2020, Luxembourg’s already comprehensive double tax treaty network has been expanded, by the entry into force of a new double tax treaty with Kosovo. The double tax treaty between Kosovo and Luxembourg foresees a nil withholding tax rate on dividends on qualifying shareholdings held
Jan 01, 2020Liquidity Risk Management | CSSF Circular 19/733
On 20 December 2019, the CSSF published Circular 19/733 on liquidity risk management for open-ended undertakings for collective investment (the " Circular"). The objective of the Circular is to implement recommendations and good practices of the International Organization of Securities Commissions (
Jan 01, 2020Prospectus Regulation | ESMA Updates
ESMA Guidelines on risk factors Pursuant to Article 16 (4) of Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the " Prospectus Regulation"), ESMA was mandated to develop guidelines to assist competent
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