On 6 August 2018, Bill No. 7348 on inactive accounts, inactive safes and unclaimed insurance contracts (the ‘Bill’) was submitted to the Luxembourg Chamber of Deputies (Chambre des Députés).
Getting ready for IDD requires advance preparation: two important areas include identifying affected employees and establishing training.
The CSSF amends CSSF circular 14/593 to reflect the fact that credit institutions now have the possibility to send TEST reporting files
The United Kingdom's planned exit from the European Union would result in it losing the fundamental freedoms guaranteed by the Treaty on the Functioning of the European Union and its status as an EEA third country.
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The law of 10 August 2018[1] has transposed the Directive (EU) 2016/97 of the European Parliament and of the Council of the European Union of 20 January 2016 on insurance distribution (the “IDD Directive”) into Luxembourg law.
The law of 17 April 2018 on key investor documents for packaged retail and insurance-based investment products (the “2018 Law”) was published in the Mémorial A on 19 April 2018 and entered into force on 23 April 2018.
As a reminder, on 1 January 2018, persons and entities advising on or selling a PRIIP(not benefiting from the grandfathering period like UCITS funds or AIFs issuing a UCITS KIID) to retail investors in the EU will be required to deliver a PRIIP KID to their retail investors before they invest in a PRIIP.
Level 3 and 4 measures relating to the Commission Delegated Regulation on Key Information Documents (“KIDs”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”) were published at the beginning of July.
On 12 April 2017, the level 2 measures with regard to the PRIIPS1 Regulation (Regulation (EU) 2014/1286 ) were published in the Official Journal of the European Union.
These level 2 measures are Regulatory Technical Standards ("RTS") and, as a reminder, the first draft was rejected by the European Parliament in September 2016.
On 18 January 2017, the Court of Appeal of Luxembourg dealing with commercial matters reversed the decision of the 15th chamber of the District Court of Luxembourg dated 1 April 2015, in relation to the permitted distribution of dividends to certain policyholders of Excell Life International S.A., a Luxembourg life-insurance company put in judicial liquidation on 12 July 2012 (“Excell Life”).
