The Commission de Surveillance du Secteur Financier (the CSSF), has issued a communication (the CSSF Communication) to inform investment fund managers (IFMs) of Luxembourg undertakings for collective investment in transferable securities (UCITS) and alternative investment funds (AIFs)
Creation of a new CSSF fast track procedure for fund managers when implementing EU ESG rules
With less less than 3 months to go until the Sustainable Finance Disclosure Regulation (“SFDR”) comes into force in the EU (on 10 March 2021), the Luxembourg regulator (the « CSSF») published on 16 December 2020 a communication detailing the new regulatory requirements
The Commission de Surveillance du Secteur Financier (the « CSSF») published on 7 December 2020 the following circular letters relating to central administration, internal governance and risk management which will come into force on 1st January 2021
On 3 April 2020, ESMA eventually released its much-anticipated final report on guidelines on performance fees in UCITS and certain types of AIFs, including the guidelines themselves (the “Guidelines”).
The CSSF reminds market participants that passporting rights will be terminated as of 31 December 2020 at midnight and therefore be lost as of 1 January 2021.
In view of the departure of the United Kingdom from the EU on 1 February 2020 and the forthcoming end of the transitional period on 31 December 2020, the CSSF stated its expectations and rendered some clarifications through a press release published on 7 December 2020.
The COVID-19 pandemic has hit Luxembourg as other European countries since the beginning of the year 2020 and has adversely affected a number of issuers under CSSF's supervision.
On 19 November 2020 the Luxembourg supervisory authority for the financial sector, the CSSF, issued press release 20/23 (the 20/23 Press Release) on a communication from the United Kingdom (UK) Financial Conduct Authority (FCA) regarding the post-Brexit temporary permissions regime in the UK (TPR) (the FCA Communication).
On 19 October 2020, the European Commission published a public consultation on the review of the European long-term investment fund (ELTIF) regulatory framework, with the aims of enhancing the attractiveness of ELTIFs for long-term investment projects and increasing the number of ELTIFs
