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
The CSSF, Luxembourg’s supervisory authority for the financial sector, has announced that Luxembourg-domiciled UCITS may no longer invest in loans
On 3 July 2020, the Luxembourg supervisory authority for the financial sector, the Commission de Surveillance du Secteur Financier (the “CSSF”), published a new circular letter n°20/744
The Act of 10 July 2020 ("the Act") transposes into Luxembourg law the last part of the fourth Anti-money Laundering Directive (2015/849) as amended by the fifth Anti-money Laundering Directive (2018/843)
On 13 July 2020, the law implementing a central register of beneficial owners of Luxembourg fiduciary arrangements (the “Law”) as required under Article 31 of the 4th AML Directive (“AMLD IV”)
The legal framework for accessory guarantees (cautionnements) and autonomous guarantees (garanties autonomes) was a source of legal uncertainty given that, based on how the guarantee was written
On 1 July 2020, the Luxembourg parliament approved the bill of law n°7216B transposing Article 31 of EU Directive 2015/849 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing,
