Bank -en Krediet recht

CSSF calls virtual assets service providers active in Luxembourg to prepare for compliance
06/02/2020

Following the adoption of the modified Interpretative Note to the Financial Action Task Force (“FATF”) Recommendation 15 on New Technologies, the Commission de Surveillance du Secteur Financier (the “CSSF”) has published a press release 

Brexit: CSSF informs that UK entities may continue carrying out their activities in Luxembourg under their EU passport without further action until 31 December 2020 as a consequence of the recently adopted withdrawal agreement
04/02/2020

On 31 January 2020, the Commission de Surveillance du Secteur Financier (“CSSF”) has published a press release in which it indicates that the CSSF’s individual decisions granting the 12-month transitional regime to United Kingdom (“UK”) entities

Securitisation Regulation | Finalisation of the Disclosure Technical Standards
31/01/2020

Article 7 of Regulation (EU) 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation (the "Securitisation Regulation") imposes strict disclosure requirements on originators, sponsors and securitisation special purpose entities ("SSPEs") of securitisations.

UCITS KIID benchmark disclosures - the CSSF’s expectations
30/01/2020

The CSSF published a communication reminding UCITS management companies and self-managed UCITS to include the changes required by the ESMA’s Q&A on the UCITS Directive in the upcoming annual UCITS KIID update.

5MLD - Creation of a Luxembourg central electronic data retrieval system concerning accounts and safe deposit boxes
27/01/2020

In order to fully implement the so-called 5th anti-money laundering directive (5MLD)1, bill of law 7512 (the Bill)2 was introduced before the Luxembourg Parliament on 23 December 2019.

New prudential framework for investment firms published
09/01/2020

The directive (EU) 2019/2034 and regulation (EU) 2019/2033 on the prudential requirements of investment firms were published in the official EU journal introducing a new prudential regime for investment firms.

European Supervisory Authorities - Legality and judicial control of their activity
10/12/2019

On 4 December 2019, the French Conseil d'Etat, at the request of the French Banking Federation, referred important questions to the Court of Justice of the European Union (CJEU) for a preliminary ruling regarding the legality 

Reaching year-end, here are the latest AML communications from the CSSF
09/12/2019

The Commission de Surveillance du Secteur Financier (the “CSSF”) has communicated several press releases related to the fight against money laundering and terrorist financing 

New transparency rules in Luxembourg
29/11/2019

Strong customer authentication for e-commerce card payment transactions: an EU harmonised extension of 14 months to be compliant
22/11/2019

Following its June opinion on the possibility for national competent authorities to work with payment service providers and relevant stakeholders and agree on limited additional time for compliance with the strong customer authentication requirements in respect of e-commerce card payment transactions,