LexGo

CSSF publishes list of third country equivalent jurisdictions
03/07/2020

In the absence of an equivalence decision published by ESMA pursuant to MiFID II, the CSSF has the power to adopt its own equivalence decision.

The CSSF has analysed the laws in various jurisdictions and has published the list of jurisdictions it considers equivalent. The CSSF states that as a matter of principle countries who are not signatories to the IOSCO MoU cannot be considered as equivalent or jurisdictions with insufficient AML/CFT standards. The CSSF also looks at whether the country is considered as high risk or deemed non-cooperative by the FATF.

The list published by the CSSF in Regulation CSSF 20-2 on 1 July 2020 includes:

Canada;
Switzerland;
USA;
Japan;
Hong Kong; and
Singapore.

This means that entities from these jurisdictions will be able to rely on article 32-1 of the Luxembourg Financial Sector Law and will be able to provide investment services and activities to eligible counterparties and per se professional clients on a cross-border basis without requiring an establishment or licence in Luxembourg.

The entity will only need to complete the standard application form available on the CSSF website and submit this along with certain supporting documents.

Related : Simmons & Simmons - Luxembourg ( Mr. Louis-Maël Cogis ,  Mr. Augustin de Longeaux ,  Mrs. Cathrine Foldberg Møller ,  Mr. Matthieu Chambon )

[+ http://www.simmons-simmons.com]

Mr. Louis-Maël Cogis Mr. Louis-Maël Cogis
Partner - Country Head
Louis-Mael.Cogis@simmons-simmons.com
Mr. Augustin de Longeaux Mr. Augustin de Longeaux
Partner
augustin.delongeaux@simmons-simmons.com
Mrs. Cathrine Foldberg Møller Mrs. Cathrine Foldberg Møller
Counsel
Cathrine.Foldberg-Moller@simmons-simmons.com
Mr. Matthieu Chambon Mr. Matthieu Chambon
Counsel
matthieu.chambon@simmons-simmons.com

Click here to see the ad(s)
All articles Banking law

Lastest articles Banking law

La détection des comportements criminels au sein des entreprises via les mécanismes de lutte co...
01/03/2021

Les entreprises assujetties à la loi du 12 novembre 2004 relative à la lutte contre le blanchiment et le fin...

Read more

CSSF – 2020 Survey related to the fight against money laundering and terrorist financing
05/02/2021

The annual online survey for the year 2020 to collect standardised key information concerning money laundering and terrori...

Read more

CSSF launches its 2020 survey collecting standardised key information concerning money laundering...
02/02/2021

On 27 January 2021, the Luxembourg supervisory authority for the financial sector, the Commission de Surveillance du ...

Read more

Issuance and settlement of securities directly on blockchain: now a reality in Luxembourg
28/01/2021

Last summer in one of our e-alerts, we shared our insights on the key features of the bill of law n°7637 all...

Read more

Lastest articles by Mr. Louis-Maël Cogis

CSSF clarification on triggers for licence requirements in Luxembourg
03/07/2020

A new CSSF Circular 20/743 provides more clarification on third country firms providing investment services or performing ...

Read more

Lastest articles by Mr. Augustin de Longeaux

CSSF clarification on triggers for licence requirements in Luxembourg
03/07/2020

A new CSSF Circular 20/743 provides more clarification on third country firms providing investment services or performing ...

Read more

Lastest articles by Mrs. Cathrine Foldberg Møller

CSSF clarification on triggers for licence requirements in Luxembourg
03/07/2020

A new CSSF Circular 20/743 provides more clarification on third country firms providing investment services or performing ...

Read more

Lastest articles by Mr. Matthieu Chambon

CSSF clarification on triggers for licence requirements in Luxembourg
03/07/2020

A new CSSF Circular 20/743 provides more clarification on third country firms providing investment services or performing ...

Read more

LexGO Network