UCITS can no longer invest in loans
12/08/2020
The CSSF, Luxembourg’s supervisory authority for the financial sector, has announced that Luxembourg-domiciled UCITS may no longer invest in loans
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UCITS can no longer invest in loans
New bill of law allowing for issuance of dematerialised securities issued on the blockchain with central account keepers
11/08/2020
On 27 July, the Luxembourg parliament published a new bill of law n° 7637 (the “Bill of Law”) that will amend the following two laws:
Update on international transfers of personal data - Privacy Shield invalidated and new requirement around the use of Standard Contractual Clauses: which actions should you take?
07/08/2020
In the context of the “Schrems II” case held before the Court of Justice of the European Union (“CJEU”), some mechanisms used to transfer personal data out of the European Economic Area (“EEA”) have been fully invalidated (Privacy Shield) while others (Standard Contractual Clauses) – although validated by the CJUE –
Issuance of dematerialised securities using blockchain technology – New draft legislation published!
31/07/2020
On 27 July 2020, the government has introduced a draft bill n°7637 in Parliament (the “Draft Bill”), which – if adopted – will modernise the law of 6 April 2013 on dematerialised securities, as amended (the “2013 Law”)
Luxembourg law on e-signature and other trust e-services now fully consistent with the eIDAS Regulation
30/07/2020
Bill No 7427 was adopted on 17 July 2020 and published on 28 July 2020 (click here). The new law modifies the Luxembourg Act of 14 August 2000 on electronic commerce (the e-Commerce Act) to bring it into line with Regulation (EU) No 910/2014 on electronic identification and trust services for electronic transactions in the internal market (the eIDAS Regulation).
Entry into force of the law creating a register of fiducies and trusts
29/07/2020
Entry into force of the law creating a register of fiducies and trusts: new register for beneficial owners of fiduciary arrangements and express trusts complementary to the register of beneficial owners for legal entities
CSSF provides further guidance on money laundering indicators in the collective investment sector
28/07/2020
On 3 July 2020, the Luxembourg supervisory authority for the financial sector, the Commission de Surveillance du Secteur Financier (the “CSSF”), published a new circular letter n°20/744
12-month review of the revised FATF standards on virtual assets and virtual asset service providers
24/07/2020
In June 2020, the Financial Action Task Force (“FATF”) published a report which sets out the findings of the FATF on the 12-month review carried out by the latter on the implementation
Luxembourg establishes a register of fiducies and trust
24/07/2020
The Act of 10 July 2020 ("the Act") transposes into Luxembourg law the last part of the fourth Anti-money Laundering Directive (2015/849) as amended by the fifth Anti-money Laundering Directive (2018/843)
New mandatory automatic exchange of information rules for Digital Platforms “DAC7”
24/07/2020
On 15 July 2020, the EU Commission published a directive proposal (the “DAC7 Proposal”), amending, for the 6th time, Directive 2011/16/EU on administrative cooperation (the “DAC”) in the field of taxation.
