Newsletters & Legal Alerts

Background On 27 January 2020, the CSSF published its first ML/FT risk analysis on the collective investment sector (the “Analysis”). In 2019, in order to link the national risk assessment (“NRA”)

On 31 January 2020, the CSSF published a circular-letter (the “Letter”) on the annual online survey for the year 2019 collecting standardised key information concerning money laundering and terrorist

On 27 January 2020 the CSSF published a communication on benchmark disclosures in the key investor information document (the "KIID") of UCITS (the “Communication”). The Communication refers to an upd

On January 28, 2020, the CSSF published the following three Circulars for the attention of all money market funds (“MMF(s)”) under the supervision of the CSSF and Luxembourg managers of MMFs as well a

The Luxembourg Stock Exchange’s new rules and regulations (the “R&Rs”) enter into force today, 31 January 2020, and will certainly be warmly welcomed by issuers and their listing agents/legal advi

Budget Law 2020 On 19 December 2019, the Luxembourg Parliament voted to approve the 2020 Budget Law (the "Budget Law"), which introduces several tax related measures, namely: i.

On 24 October 2019, Advocate General ("AG") Hogan published his opinion in the case ‘GVC Services (Bulgaria)’ EOOD v Direktor na Direktsia Obzhalvane i danachno-osiguritelna praktika – Sofia (Case C-4

On 24 December 2019, the CSSF published a communiqué (the "Communication") regarding Regulation (EU) 2016/1011 on indices used as benchmarks (the "Benchmark Regulation") addressed to all entities whic

On 9 December 2019 the European Parliament and the Council adopted two new regulations relating to sustainable finance in the context of the European Union’s aim to strengthen the response to climate

Background On 27 March 2019, the European Parliament adopted a legislative resolution on the proposal for a regulation on European Crowdfunding Service Providers ("ECSP").

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 o

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

As and from 1 November 2019, applications for new UCI approvals (i.e.

BACKGROUND On 4 December 2019, ESMA published updated Questions and Answers ("Q&A") on the application of the Alternative Investment Fund Managers Directive ("AIFMD").

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

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’

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 600/2

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 len

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 Kos

On 20 December 2019, the CSSF published Circular 19/733 on liquidity risk management for open-ended undertakings for collective investment (the "Circular").

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 regulat

On 27 November 2019, the European Parliament and the Council adopted Directive (EU) 2019/2121 (the "Directive") which amends the provisions of Directive (EU) 2017/1132 on cross-border mergers and crea

Background Article 7 of Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised sec

BACKGROUND In August 2018, the CSSF addressed a European Market Infrastructure Regulation ("EMIR") questionnaire to investment fund managers under its supervision ("IFMs").

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 (her

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 Governanc

In a judgment handed down on 12 November 2019, the Luxembourg Lower Administrative Court (Tribunal administratif) ruled in favour of the disallowance of interest expenses paid under bonds held by a fa

On 26 November 2019, the Luxembourg Higher Administrative Court (Cour administrative) referred a preliminary question to the Constitutional Court (Cour constitutionnelle) concerning the compatibility

In October 2019, the Organisation of Economic Cooperation and Development ("OECD") published a public consultation document on the so-called "Unified Approach" under Pillar I.