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Financial law


Strengthening the integration and efficiency of capital markets to support economic growth

Strengthening the integration and efficiency of capital markets to support economic growth
26/11/2021

Today, on 25 November 2021, the EU Commission published a package of legislative proposals. With the proposed measures, the EU Commission is delivering on a number of action points identified under its Capital Markets Union (CMU) 2.0 Action Plan, published in September 2020.

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Assessment of predicate tax offences in an AML/CTF context: The asset management industry should get prepared for CSSF inspections

Assessment of predicate tax offences in an AML/CTF context: The asset management industry should get prepared for CSSF inspections
18/11/2021

The new provisions introduced by Circular 17/650, as amended through Circular 20/744, impact the AML/CFT compliance obligations of the asset management industry.

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Draft RTS and ITS on disclosure of information to investors under the European crowdfunding service providers regulation

Draft RTS and ITS on disclosure of information to investors under the European crowdfunding service providers regulation
16/11/2021

On 9 November 2021, the European Banking Authority released draft regulatory technical standards (the “RTS”) on individual portfolio management of loans offered by crowdfunding service providers under Regulation (EU) 2020/1503 

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Updated CSSF FAQs on UCI Law and MMF Regulation: Change of regulatory practice concerning the holding of ancillary liquid assets by UCITS

Updated CSSF FAQs on UCI Law and MMF Regulation: Change of regulatory practice concerning the holding of ancillary liquid assets by UCITS
11/11/2021

On 3 November 2021, the CSSF has announced in its Press Release 21/26 that it has published updated versions of (i) its FAQs on the Luxembourg law of 17 December 2010 relating to undertakings for collective investment

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New CSSF administrative practice concerning the holding of ancillary liquid assets by UCITS

New CSSF administrative practice concerning the holding of ancillary liquid assets by UCITS
09/11/2021

In adapting its administrative practice, the CSSF has provided clarification on the holding of ancillary liquid assets by UCITS under the Law of 17 December 2010 on undertakings for collective investment.

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Updated FATF guidance for a risk-based approach to Virtual Assets and Virtual Asset Service Providers

Updated FATF guidance for a risk-based approach to Virtual Assets and Virtual Asset Service Providers
08/11/2021

On 28 October 2021, the Financial Action Task Force (“FATF”) published an updated version of its guidance for a risk-based approach to virtual assets (the “VAs”) and virtual asset service providers (the “VASPs”) (the “Revised Guidance”).

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The ESAs delivered final draft RTS related to the SFDR 2019/2088 and Taxonomy Regulation 2020/852 to the European Commission

The ESAs delivered final draft RTS related to the SFDR 2019/2088 and Taxonomy Regulation 2020/852 to the European Commission
02/11/2021

Despite the main disclosures required pursuant to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR) being applicable since 10 March 2021, 

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EU Commission designates replacement rates for CHF LIBOR and EONIA

EU Commission designates replacement rates for CHF LIBOR and EONIA
02/11/2021

On 22 October 2021, the European Commission adopted two implementing regulations[1] on the designation of a statutory replacement rate for two interest rate benchmarks, the Swiss Franc London Interbank Offered Rate (CHF LIBOR) and the Euro Overnight Index Change (EONIA).

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Comparability of Investment Funds – another Finnish referral to the Court of Justice of the European Union – another positive signal

Comparability of Investment Funds – another Finnish referral to the Court of Justice of the European Union – another positive signal
22/10/2021

Recently, an Advocate General’s opinion (the “Opinion”) on Finnish CJEU case C-342/20 (the “Case”) has been published.

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Payments services and e-money | New delegated regulation

Payments services and e-money | New delegated regulation
15/10/2021

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”)

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