LexGo

CSSF publishes list of third country equivalent jurisdictions
03/07/2020

In the absence of an equivalence decision published by ESMA pursuant to MiFID II, the CSSF has the power to adopt its own equivalence decision.

The CSSF has analysed the laws in various jurisdictions and has published the list of jurisdictions it considers equivalent. The CSSF states that as a matter of principle countries who are not signatories to the IOSCO MoU cannot be considered as equivalent or jurisdictions with insufficient AML/CFT standards. The CSSF also looks at whether the country is considered as high risk or deemed non-cooperative by the FATF.

The list published by the CSSF in Regulation CSSF 20-2 on 1 July 2020 includes:

Canada;
Switzerland;
USA;
Japan;
Hong Kong; and
Singapore.

This means that entities from these jurisdictions will be able to rely on article 32-1 of the Luxembourg Financial Sector Law and will be able to provide investment services and activities to eligible counterparties and per se professional clients on a cross-border basis without requiring an establishment or licence in Luxembourg.

The entity will only need to complete the standard application form available on the CSSF website and submit this along with certain supporting documents.

Zie ook : Simmons & Simmons - Luxembourg ( Mr. Louis-Maël Cogis ,  Mr. Augustin de Longeaux ,  Mrs. Cathrine Foldberg Møller ,  Mr. Matthieu Chambon )

[+ http://www.simmons-simmons.com]

Mr. Louis-Maël Cogis Mr. Louis-Maël Cogis
Partner - Country Head
[email protected]
Mr. Augustin de Longeaux Mr. Augustin de Longeaux
Partner
[email protected]
Mrs. Cathrine Foldberg Møller Mrs. Cathrine Foldberg Møller
Counsel
[email protected]
Mr. Matthieu Chambon Mr. Matthieu Chambon
Counsel
[email protected]

Click here to see the ad(s)
Alle artikels Bank -en Krediet recht

Laatste artikels Bank -en Krediet recht

Comparability of Investment Funds – another Finnish referral to the Court of Justice of the Eur...
22/10/2021

Recently, an Advocate General’s opinion (the “Opinion”) on Finnish CJEU case C-342/20 (the “Case&r...

Comparability of Investment Funds – another Finnish referral to the Court of Justice of the European Union – another positive signal Read more

New rules on material IT outsourcing in the financial sector
15/10/2021

Effective 15 October 2021, financial institutions must notify the CSSF of any planned outsourcing of material IT activitie...

Read more

Payments services and e-money | New delegated regulation
15/10/2021

On 28 September 2021, the Commission Delegated Regulation (EU) 2021/1722 of 18 June 2021 (the “Regulation”), s...

Payments services and e-money | New delegated regulation Read more

Performance fees: the CSSF digitalises data collection
12/10/2021

Investment fund managers must report to the CSSF on the performance fee models used by all Luxembourg UCITS and AIFs that ...

Performance fees: the CSSF digitalises data collection Read more

Laatste artikels van Mr. Louis-Maël Cogis

CSSF clarification on triggers for licence requirements in Luxembourg
03/07/2020

A new CSSF Circular 20/743 provides more clarification on third country firms providing investment services or performing ...

Read more

Laatste artikels van Mr. Augustin de Longeaux

CSSF clarification on triggers for licence requirements in Luxembourg
03/07/2020

A new CSSF Circular 20/743 provides more clarification on third country firms providing investment services or performing ...

Read more

Laatste artikels van Mrs. Cathrine Foldberg Møller

CSSF clarification on triggers for licence requirements in Luxembourg
03/07/2020

A new CSSF Circular 20/743 provides more clarification on third country firms providing investment services or performing ...

Read more

Laatste artikels van Mr. Matthieu Chambon

CSSF clarification on triggers for licence requirements in Luxembourg
03/07/2020

A new CSSF Circular 20/743 provides more clarification on third country firms providing investment services or performing ...

Read more

LexGO Network