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Financial law


New CSSF Circular on the new EBA guidelines on AML/CTF risk factors

New CSSF Circular on the new EBA guidelines on AML/CTF risk factors
06/10/2021

On 24 September 2021, the CSSF released its Circular 21/782 which (i) provides information on the EBA Guidelines (the “GL”) on customer due diligence (the “CDD”) and the factors credit and financial institutions should consider when assessing the money laundering and terrorist financing (“ML/TF”) risk associated with individual business relationships and occasional transactions under Articles 17 and 18(4) of Directive (EU) 2015/849 (“AMLD 4”) and (ii) repeals and replaces Circular CSSF 17/661.

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EU Whistleblower Directive: new standards applicable across all sectors

EU Whistleblower Directive: new standards applicable across all sectors
27/09/2021

By the end of 2021, companies will need to have appropriate protocols in place to facilitate whistleblowing. For some, this will be an incremental improvement. For others, this is new territory.

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CSSF announces a new requirement for IFMs to make a performance fee declaration for Luxembourg regulated UCITS and AIFs they manage.

CSSF announces a new requirement for IFMs to make a performance fee declaration for Luxembourg regulated UCITS and AIFs they manage.
23/09/2021

By means of a press release dated 22 September 2021, the CSSF announces a new requirement for a performance fee declaration to be made as from 30 September 2021 on eDesk by IFMs for the Luxembourg regulated UCITS and AIFs they manage

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The Luxembourg Stock Exchange issues its first guidelines for SPACs listings

The Luxembourg Stock Exchange issues its first guidelines for SPACs listings
22/09/2021

The Luxembourg Stock Exchange (LuxSE) has published on 19 August 2021, its first guidelines for the listing of SPACs on each of its markets. The guidelines aim at striking the right balance between the needs of sponsors (and other financial intermediaries) and investor protection.

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The new EU Commission AML/CFT legislative package revealed

The new EU Commission AML/CFT legislative package revealed
13/09/2021

On 20 July 2021, the European Commission put forward a bumper package of legislative proposals (“the Package”) which implements the commitments of its Action Plan adopted on 7 May 2020 for a comprehensive Union policy on preventing money laundering and terrorism financing.

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New prudential regime for investment firms

New prudential regime for investment firms
13/09/2021

Investment firms offer a variety of services and vary by their size, business model, risk profile and complexity. Considering that their activities and risk profiles were not always properly captured by the prudential framework resulting from the CRR/CRD IV regime

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New prudential regime for investment firms

New prudential regime for investment firms
06/09/2021

Investment firms offer a variety of services and vary by their size, business model, risk profile and complexity. Considering that their activities and risk profiles were not always properly captured by the prudential framework resulting from the CRR/CRD IV regime

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Law clarifying and confirming the non-applicability of the financial assistance

Law clarifying and confirming the non-applicability of the financial assistance
17/08/2021

Law clarifying and confirming the non-applicability of the financial assistance prohibition set out in the Luxembourg Companies Act to private limited-liability companies enters into force on 16 August

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Changes to the CSSF’s fund authorisation process

Changes to the CSSF’s fund authorisation process
10/08/2021

The CSSF continues to optimise its fund authorisation process. To this purpose, it recently published information on certain procedural changes and new requirements

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Adoption of the law implementing a new prudential regime for investment firms

Adoption of the law implementing a new prudential regime for investment firms
05/08/2021

Investment firms offer a variety of services and vary by their size, business model, risk profile and complexity. Considering that their activities and risk profiles were not always properly captured by the prudential framework resulting from the CRR/CRD IV regime,

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