The Luxembourg Ministry of Finance announced on 2 September 2020 that the country had become the first European country to adopt a reference framework for sustainable bonds (the Sustainability Bond Framework).
On 20 August 2020, two important texts from an anti-money laundering and counter-terrorism financing (“AML-CTF”) perspective were published:
Many UK firms currently carry on cross-border services in Luxembourg in reliance on an EU financial services passport (e.g. under the Alternative Investment Fund Managers Directive ("AIFM Directive") or the Markets in Financial Instruments Directive ("MIFID")).
On 24 April 2020, the European Insurance and Occupational Pensions Authority (EIOPA) issued new guidelines on outsourcing to cloud service providers (the "Guidelines") which apply to insurance and reinsurance undertakings
The CSSF, Luxembourg’s supervisory authority for the financial sector, has announced that Luxembourg-domiciled UCITS may no longer invest in loans
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:
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”)
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
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)
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
