Latest Newsletters & Newsflashes
Jan 03, 2021New Luxembourg Draft Law transposing IFD and IFR
The purpose of the draft law 7723, submitted to the Luxembourg Parliament ( Chambre des Députés) on 27 November 2020 (the “ Draft Law”) is to: transpose into Luxembourg law Directive (EU) 2019/2034 of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87
Jan 03, 2021Updated ESMA Q&As on Securitisation and ESMA Guidelines on Securitisation Repositories
On 5 October 2020, ESMA published its final report (the “ Final Report”) on the guidelines (the “ Guidelines”) on portability of information between securitisation repositories under Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general
Jan 02, 2021National Risk Assessment of ML/TF for the Year 2020
Background The 2020 national risk assessment of money laundering and terrorist financing (the “ NRA ”) was led by the Executive Secretariat of the National ML/TF Prevention Committee, with the input of a wide set of national stakeholders. The exercise was conducted in the first semester of 2020, and
Jan 01, 2021AML | RAIF’S RR and RC Identification Form must be completed and filed with the AEDT
On 16 December 2020, the Administration de l’enregistrement, des domaines et de la TVA (the “ AEDT ”) sent letters to reserved alternative investment funds (“ RAIFs ”) to request them to appoint, in accordance with article 4(1) of the law on the fight against money laundering and terrorist financing
Jan 01, 2021CSSF 2020 Survey related to the Fight against Money Laundering and Terrorist Financing
On 24 December 2020, the CSSF announced that it will roll-out its annual AML online survey for the year 2020 (the “ Survey”) on 15 February 2021. Similar to last year, the Survey is addressed to management boards or/and the board of directors of (i) credit institutions, (ii) investment firms, (iii)
Nov 23, 2020Newsflash | Systemic Risk Committee Issues Recommendation to the CSSF with Respect to LTV Ratios of Property Loans
Background The sustained and persistent rise in real estate prices and related surge in volume of mortgages has prompted Luxembourg’s systemic risk committee (the “ LSRC”), the Grand Duchy’s macroprudential authority, to issue on 9 November a recommendation to the CSSF to introduce stricter loan-to
Nov 20, 2020UK Temporary Permissions Regime (TPR) | Communication by the UK FCA regarding TPR
On 19 November 2020, the CSSF published on its website a press release ( Press Release 20/23) (“ Press Release”) updating Luxembourg-based entities on the recent developments regarding the UK’s Temporary Permissions Regime (“TPR”) as communicated to the CSSF by the UK’s Financial Conduct Authority (
Oct 30, 2020COVID-19 | New rules until the year end
CONTEXT Due to the exceptional circumstances linked to the ongoing second wave of COVID-19 pandemic, the bill of law 7683 has been adopted on 29 October 2020 (the Law). The Law amends the latest version of the "Covid law" enacted in September and provides not only new measures, but new restrictions
Oct 21, 2020Registre des Bénéficiaires Economiques : Renvoi Prejudiciel devant la CJUE sur l'Interprétation des Notions de "Circonstances Exceptionnelles" et de "Risque"
Le tribunal d'arrondissement de et à Luxembourg a demandé à la CJUE de se prononcer, à titre préjudiciel, sur l’interprétation à donner aux notions de « circonstances exceptionnelles », de « risque » et de « risque disproportionné » énoncées dans l'article 30(9) de la directive (UE) 2015/849 et les
Oct 21, 2020Register of Beneficial Owners: Referral to the Court of Justice of the European Union for a Preliminary Ruling on the Interpretation of the Concepts of "Exceptional Circumstances" and "Risk"
The Luxembourg District Court has requested the CJEU to give a preliminary ruling on the interpretation to be given to the concepts of "exceptional circumstances", "risk" and "disproportionate risk" as set out in Article 30 (9) of Directive (EU) 2015/849 and the corresponding national provisions of
Oct 15, 2020BSP Newsletter | October 2020
This newsletter is intended as a general discussion of the following topics: COVID-19 updates, AML compliance, Banking & Financial Services, Capital Markets, Investment Management and Tax. If you would like to know more about the topics covered in this newsletter or our services please contact us.
Oct 15, 2020Update of EU List of Non-Cooperative Jurisdictions for Tax Purposes
On 6 October 2020, the EU Council updated its previously adopted list of non-cooperative jurisdictions for tax purposes. Said list was initially drawn up in December 2017 and updated most recently on 18 February 2020. The main change from the previous version is the withdrawal of the Cayman Islands