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Droit financier


Transitional measures for the Luxembourg financial sector in relation to a hard Brexit The Bill of Law (7401)

Transitional measures for the Luxembourg financial sector in relation to a hard Brexit The Bill of Law (7401)
07/02/2019

?On 31 January 2019, the Ministry of Finance has submitted a bill of law to the Luxembourg Parliament (the Bill 7401) as regards the measures to be taken in relation to the Luxembourg financial sector in the case of the exit of the United Kingdom (UK) from the European Union (EU) without the conclusion of an agreement (Hard Brexit).

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Key Changes Introduced by the Securitisation Regulation

Key Changes Introduced by the Securitisation Regulation
24/01/2019

Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives

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New reporting obligation for payment service providers

New reporting obligation for payment service providers
22/01/2019

By a circular 18/704 of 17 December 2018 (the Circular 18/704), the Luxembourg regulator of the financial sector, the Commission de surveillance du secteur financer (the CSSF) formally endorsed the Guidelines of the European Banking Authority (EBA) 

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Luxembourg Law on register of beneficial owners

Luxembourg Law on register of beneficial owners
22/01/2019

The 4th EU AML Directive [1], as amended by the 5th EU AML Directive [2], requires each Member State of the EU inter alia to establish registers of beneficial owners (“RBO”) in respect of corporate and other legal entities incorporated within its territory.

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The Law of January 15th 2019 setting up a register of beneficial owners

The Law of January 15th 2019 setting up a register of beneficial owners
21/01/2019

On December 6th 2017, the Luxembourg Parliament published two bills of laws (PL 7216 and PL 7217) aimed at implementing new transparency measures provided by Directive 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the AML 4thDirective)

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Law of 13 January 2019 Establishing the Register of Beneficial Owners

Law of 13 January 2019 Establishing the Register of Beneficial Owners
17/01/2019

The law dated 13 January 2019 on the register of beneficial owners has been published on 15 January 2019 in the Luxembourg Official Journal and shall enter into force on 1 March 2019 (the “New Law”).

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UK FCA temporary permissions regime notification for EEA firms and fund managers

UK FCA temporary permissions regime notification for EEA firms and fund managers
10/01/2019

Following the announcement of the UK government at the end of last year of its intention to introduce a temporary permissions regime (TPR) for inbound passporting EEA firms and funds,

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Brexit: What does the Withdrawal Agreement mean for financial services?

Brexit: What does the Withdrawal Agreement mean for financial services?
03/12/2018

On 13 November 2018, the EU and UK negotiators reached an agreement on the conditions for the withdrawal of the UK from the EU (the Withdrawal Agreement) and on 25 November, the EU and UK leaders approved the Withdrawal Agreement

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Interesting changes in relation to applicable cooperation requirements with the Luxembourg Financial Intelligence Unit

Interesting changes in relation to applicable cooperation requirements with the Luxembourg Financial Intelligence Unit
21/11/2018

Professionals subject to the law of 12 November 2004 relating to the fight against money laundering and terrorist financing, as amended (the AML Law) (the Professionals) should be aware of a few changes introduced by the law of 10 August 2018 reforming, among others, the organisation of the Luxembourg Financial Intelligence Unit (Cellule de Renseignement Financier, the FIU). 

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Capital Call Facilities – LPA and side letter review

Capital Call Facilities – LPA and side letter review
05/11/2018

"Capital call" facilities (also known as "subscription line" facilities) are facilities made available to funds (often on a revolving credit basis and for general working capital purposes) which are secured against the uncalled capital commitments of the investors in the fund including:

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