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CSSF Carried Out a COVID-19 Thematic Review of Issuers’ Reporting

CSSF Carried Out a COVID-19 Thematic Review of Issuers’ Reporting
27/11/2020

The COVID-19 pandemic has hit Luxembourg as other European countries since the beginning of the year 2020 and has adversely affected a number of issuers under CSSF's supervision.

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FCA communication to Luxembourg-based entities about the UK temporary permissions regime

FCA communication to Luxembourg-based entities about the UK temporary permissions regime
23/11/2020

On 19 November 2020 the Luxembourg supervisory authority for the financial sector, the CSSF, issued press release 20/23 (the 20/23 Press Release) on a communication from the United Kingdom (UK) Financial Conduct Authority (FCA) regarding the post-Brexit temporary permissions regime in the UK (TPR) (the FCA Communication).

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ELTIF Reform European Commission publishes consultation

ELTIF Reform European Commission publishes consultation
02/11/2020

On 19 October 2020, the European Commission published a public consultation on the review of the European long-term investment fund (ELTIF) regulatory framework, with the aims of enhancing the attractiveness of ELTIFs for long-term investment projects and increasing the number of ELTIFs

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New Luxembourg Draft Law Transposing CRD V and BRRD II

New Luxembourg Draft Law Transposing CRD V and BRRD II
20/10/2020

The purpose of the draft law 7638, submitted to the Luxembourg Parliament (Chambre des Députés) on 27 July 2020 (the “Draft Law”) is to transpose into Luxembourg law

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CSSF: ESMA guidelines on liquidity stress testing in UCITS and AIFs

CSSF: ESMA guidelines on liquidity stress testing in UCITS and AIFs
09/10/2020

In the midst of the COVID-19 crisis, liquidity risk management is certainly a topical question, as it is meant to prepare a fund for a crisis so that it may meet redemption requests in normal and stressed conditions.

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Liquidity Stress Testing: the CSSF applies the ESMA Guidelines

Liquidity Stress Testing: the CSSF applies the ESMA Guidelines
05/10/2020

The Luxembourg supervisory authority for the financial sector, the CSSF, issued on 29 September 2020 a new circular regarding the ESMA Guidelines on liquidity stress testing in UCITS and AIFs, that entered into force on 30 September 2020.

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New /Amended AML-CTF regulations for Luxembourg's insurance, financial and asset management sectors

New /Amended AML-CTF regulations for Luxembourg's insurance, financial and asset management sectors
28/08/2020

On 20 August 2020, two important texts from an anti-money laundering and counter-terrorism financing (“AML-CTF”) perspective were published:

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CSSF prohibition of loan investments for UCITS

CSSF prohibition of loan investments for UCITS
27/08/2020

On 7 August 2020, the Luxembourg supervisory authority for the financial sector, the CSSF, updated its frequently asked questions (the FAQ) on the Luxembourg law of 17 December 2010 on undertakings for collective investment (the 2010 Law), publishing a ninth version of its FAQ.

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"No-deal" Brexit scenario: overview and implications for UK AIFMs operating in Luxembourg
17/08/2020

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")).

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Benelux Regulators to Apply EIOPA Guidelines on Outsourcing to Cloud Service Providers by Insurance and Reinsurance Undertakings

Benelux Regulators to Apply EIOPA Guidelines on Outsourcing to Cloud Service Providers by Insurance and Reinsurance Undertakings
14/08/2020

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

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