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New /Amended AML-CTF regulations for Luxembourg's insurance, financial and asset management sectors

New /Amended AML-CTF regulations for Luxembourg's insurance, financial and asset management sectors
28/08/2020

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

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CSSF prohibition of loan investments for UCITS

CSSF prohibition of loan investments for UCITS
27/08/2020

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.

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"No-deal" Brexit scenario: overview and implications for UK AIFMs operating in Luxembourg
17/08/2020

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")).

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Benelux Regulators to Apply EIOPA Guidelines on Outsourcing to Cloud Service Providers by Insurance and Reinsurance Undertakings

Benelux Regulators to Apply EIOPA Guidelines on Outsourcing to Cloud Service Providers by Insurance and Reinsurance Undertakings
14/08/2020

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

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UCITS can no longer invest in loans

UCITS can no longer invest in loans
12/08/2020

The CSSF, Luxembourg’s supervisory authority for the financial sector, has announced that Luxembourg-domiciled UCITS may no longer invest in loans

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CSSF provides further guidance on money laundering indicators in the collective investment sector

CSSF provides further guidance on money laundering indicators in the collective investment sector
28/07/2020

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 

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Luxembourg establishes a register of fiducies and trust

Luxembourg establishes a register of fiducies and trust
24/07/2020

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)

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Luxembourg law implementing a central register of beneficial owners of Luxembourg fiduciary arrangements published

Luxembourg law implementing a central register of beneficial owners of Luxembourg fiduciary arrangements published
20/07/2020

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”)

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Luxembourg adopts law on professional payment guarantees: enhanced contractual freedom and certainty

Luxembourg adopts law on professional payment guarantees: enhanced contractual freedom and certainty
17/07/2020

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

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Introduction of a Luxembourg register of fiducies and trusts

Introduction of a Luxembourg register of fiducies and trusts
16/07/2020

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,

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