On 14 July 2021, the Luxembourg legislator has adopted, following the first vote and with a waiver for the second vote, the bill of law 7761 amending i.a. the amended laws of 5 April 1993 on the financial sector, of 7 December 2015 on the insurance sector and of 10 November 2009 on payment services.
The purpose of this bill of law is to modernise the authorisation regime applicable to Luxembourg supervised entities by granting the power to authorise and withdraw the authorisation of such entities to:
- the Commission de Surveillance du Secteur Financier (“CSSF”) for the financial sector (e.g. professionals of the financial sector, payment institutions, electronic money institutions); and
- the Commissariat aux Assurances (“CAA”) for the insurance sector (e.g. insurance undertakings, reinsurance undertakings and intermediaries).
Therefore, the CSSF and CAA will now directly authorise or withdraw the authorisation of the entities subject to their respective supervision without any intervention of the Minister of Finance.
The bill of law 7761 also provides that any person who has already been authorised by the Minister of Finance prior to the entry into force of this law will be deemed to be authorised by the CSSF, respectively, the CAA.