Recently, an Advocate General’s opinion (the “Opinion”) on Finnish CJEU case C-342/20 (the “Case”) has been published.
On 14 October 2021, the CSSF published its new CSSF Circular 21/785 with regard to replacing the prior authorisation obligation with a prior notification obligation in the case of material IT outsourcing (the “Circular”)
Effective 15 October 2021, financial institutions must notify the CSSF of any planned outsourcing of material IT activities. This notification obligation replaces the prior authorisation requirement.
On 28 September 2021, the Commission Delegated Regulation (EU) 2021/1722 of 18 June 2021 (the “Regulation”), supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council (the “Payment Services Directive”, “PSD2”)
Investment fund managers must report to the CSSF on the performance fee models used by all Luxembourg UCITS and AIFs that they manage. For this purpose, the CSSF has launched a special eDesk module for performance fees.
On 8 October 2021, 136 out of 140 members of the OECD/G20 Inclusive Framework officially agreed on certain key parameters to reallocate some taxing rights to market jurisdictions (“Pillar One”) and introduce a global minimum effective taxation (“Pillar Two”).
On 28 September 2021, more than five years after it was first tabled, the so-called “public Country-by-Country Reporting (CbCR) directive” was finally adopted by the EU Council under qualified majority voting.
On 15 September 2021, the Luxembourg minister for foreign and European affairs tabled a bill (no 7885) "establishing a national screening mechanism for foreign direct investments likely to affect security or public order" (the “Bill”
Since 1 October 2021, the index applicable to employees' wages has been increased from 834,76 to 855,62. This results in a 2.5% raise of the gross salary paid to employees with Luxemburg Law subject employment contracts.
On 24 September 2021, the CSSF released its Circular 21/782 which (i) provides information on the EBA Guidelines (the “GL”) on customer due diligence (the “CDD”) and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing (“ML/TF”) risk associated with individual business relationships and occasional transactions under Articles 17 and 18(4) of Directive (EU) 2015/849 (“AMLD 4”) and (ii) repeals and replaces Circular CSSF 17/661.
