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Droit bancaire


Comparability of Investment Funds – another Finnish referral to the Court of Justice of the European Union – another positive signal

Comparability of Investment Funds – another Finnish referral to the Court of Justice of the European Union – another positive signal
22/10/2021

Recently, an Advocate General’s opinion (the “Opinion”) on Finnish CJEU case C-342/20 (the “Case”) has been published.

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Payments services and e-money | New delegated regulation

Payments services and e-money | New delegated regulation
15/10/2021

On 28 September 2021, the Commission Delegated Regulation (EU) 2021/1722 of 18 June 2021 (the “Regulation”), supplementing Directive (EU) 2015/2366 of the European Parliament and of the Council (the “Payment Services Directive”, “PSD2”)

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New rules on material IT outsourcing in the financial sector

New rules on material IT outsourcing in the financial sector
15/10/2021

Effective 15 October 2021, financial institutions must notify the CSSF of any planned outsourcing of material IT activities. This notification obligation replaces the prior authorisation requirement. 

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Performance fees: the CSSF digitalises data collection

Performance fees: the CSSF digitalises data collection
12/10/2021

Investment fund managers must report to the CSSF on the performance fee models used by all Luxembourg UCITS and AIFs that they manage. For this purpose, the CSSF has launched a special eDesk module for performance fees.

 

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Luxembourg - one step closer to the screening of foreign direct investments

Luxembourg - one step closer to the screening of foreign direct investments
11/10/2021

On 15 September 2021, the Luxembourg minister for foreign and European affairs tabled a bill (no 7885) "establishing a national screening mechanism for foreign direct investments likely to affect security or public order" (the “Bill”

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Public Country-by-Country Reporting Directive adopted by the EU Council

Public Country-by-Country Reporting Directive adopted by the EU Council
11/10/2021

On 28 September 2021, more than five years after it was first tabled, the so-called “public Country-by-Country Reporting (CbCR) directive” was finally adopted by the EU Council under qualified majority voting.

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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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