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Banking law


Implementation of the 5th AML Directive into Luxembourg law: the last piece of the puzzle – Key aspects and changes of the law of 25 March 2020

Implementation of the 5th AML Directive into Luxembourg law: the last piece of the puzzle – Key aspects and changes of the law of 25 March 2020
31/03/2020

The law1 of 25 March 2020 implementing EU Directive 2018/8432 (the “5th AML Directive”) and amending the law of 12 November 2004 on the fight against money laundering and terrorism financing, as amended (the “2004 Law”) entered into force on 30 March 2020 (the “New Law”).

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New measures for Luxembourg investment funds in the context of COVID-19

New measures for Luxembourg investment funds in the context of COVID-19
27/03/2020

Considering the development of the COVID-19 crisis, a number of new measures and communications have been issued to the attention of the financial centre over the past days.

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COVID-19: Overview of Luxembourg supporting measures

COVID-19: Overview of Luxembourg supporting measures
26/03/2020

The Covid-19 outbreak has been declared a public health emergency of international concern by the World Health Organization, causing unprecedented impact on people's lives, businesses and communities.

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Luxembourg law implementing remaining aspects of Directive EU 2018/843 (“AMLD V”) adopted

Luxembourg law implementing remaining aspects of Directive EU 2018/843 (“AMLD V”) adopted
25/03/2020

On 21 March 2020, the Luxembourg Parliament adopted the law implementing the remaining aspects of the 5th Anti-Money Laundering Directive (“AMLD V”) in national legislation (the “Law”).

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Luxembourg regulatory measures relevant for investment funds

Luxembourg regulatory measures relevant for investment funds
24/03/2020

In an FAQ update published on 20 March 2020, the CSSF stated that, in light of the current exceptional market conditions, they will allow for swing pricing/dilution levy factors to be applied at a percentage exceeding the maximum percentage set forth in the prospectus of UCITS,

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Annual AML Survey - Deadline Extended

Annual AML Survey - Deadline Extended
18/03/2020

On 17 March 2020, the CSSF published a circular-letter (the “Letter”) relating to the annual online survey for the year 2019 collecting information concerning money laundering and terrorist financing risks

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CSSF calls virtual assets service providers active in Luxembourg to prepare for compliance

CSSF calls virtual assets service providers active in Luxembourg to prepare for compliance
06/02/2020

Following the adoption of the modified Interpretative Note to the Financial Action Task Force (“FATF”) Recommendation 15 on New Technologies, the Commission de Surveillance du Secteur Financier (the “CSSF”) has published a press release 

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Brexit: CSSF informs that UK entities may continue carrying out their activities in Luxembourg under their EU passport without further action until 31 December 2020 as a consequence of the recently adopted withdrawal agreement

Brexit: CSSF informs that UK entities may continue carrying out their activities in Luxembourg under their EU passport without further action until 31 December 2020 as a consequence of the recently adopted withdrawal agreement
04/02/2020

On 31 January 2020, the Commission de Surveillance du Secteur Financier (“CSSF”) has published a press release in which it indicates that the CSSF’s individual decisions granting the 12-month transitional regime to United Kingdom (“UK”) entities

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Securitisation Regulation | Finalisation of the Disclosure Technical Standards

Securitisation Regulation | Finalisation of the Disclosure Technical Standards
31/01/2020

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 securitisation (the "Securitisation Regulation") imposes strict disclosure requirements on originators, sponsors and securitisation special purpose entities ("SSPEs") of securitisations.

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UCITS KIID benchmark disclosures - the CSSF’s expectations

UCITS KIID benchmark disclosures - the CSSF’s expectations
30/01/2020

The CSSF published a communication reminding UCITS management companies and self-managed UCITS to include the changes required by the ESMA’s Q&A on the UCITS Directive in the upcoming annual UCITS KIID update.

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