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