The enactment on 30 May 2018 of EU Directive 2018/843 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “5th AML Directive”) (AML 5 – key aspects and changes) has prompted the Luxembourg government to accelerate the final implementation process
This Focusing on Funds update looks at the hot topic of funds marketing and proposals for a pre-marketing regime for alternative investment funds.
The CSSF published its first Frequently Asked Questions (“FAQ”) concerning the Money Market Fund Regulation (“MMFR”) on August 28th 2018. This FAQ explains some of the key aspects of the regulation which are relevant to money market funds (“MMFs”) and their managers.
ISDA, the International Swaps and Derivatives Association, is planning to amend certain “floating rate options” in the 2006 ISDA Definitions in order to include fallback benchmarks that would apply upon the permanent discontinuation (based on defined triggers)
The Law of 10 August 2018 relating to the information to be obtained and held by fiduciaries transposes into national law the provisions under Article 31 of the 4th EU Directive on anti-money laundering and terrorist financing ("AML/TF") (Directive (EU) 2015/849 ).
On 10 August 2018 new provisions entered into force in national law to allow the Luxembourg tax authorities to have access to information on taxpayers for anti-money laundering (“AML”) purposes (the “Law”)
The Commission de Surveillance du Secteur Financier (“CSSF”) has issued today circular 18/698 concerning (i) the approval process and organisation of Luxembourg fund management companies and (ii) specific requirements applicable to both fund management companies and transfer agents in the fight against money laundering and terrorist financing.
At the end of September 2017, the European Commission published its 283-page Review of the European Supervisory Authorities1 (ESAs). It is concerned with a desire to ensure that the regulation of financial markets keeps up with their continuing integration,
Bill of law 7216A - New requirements for fiduciary arrangements: setting up by their fiduciary agent of an internal file on their beneficial owners
On June 29th 2018, the Chamber of Deputies of the Grand-Duchy of Luxembourg issued a draft law 7328 on prospectuses (the “Draft Law”) for the purposes of implementing Regulation (EU) 2017/1129 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (the “New Prospectus Regulation”).
