Newsletters & Newsflashes

On 24 October 2019, Advocate General (" AG") Hogan published his opinion in the case ‘ GVC Services (Bulgaria)’ EOOD v Direktor na Direktsia Obzhalvane i danachno-osiguritelna praktika – Sofia (Case C-458/18) pending in front of the European Court of Justice (" ECJ") and addressing the entitlement

On 24 December 2019, the CSSF published a communiqué (the " Communication") regarding Regulation (EU) 2016/1011 on indices used as benchmarks (the " Benchmark Regulation") addressed to all entities which are subject to the CSSF’s supervision and which are using benchmarks (the " Concerned Entities")

On 9 December 2019 the European Parliament and the Council adopted two new regulations relating to sustainable finance in the context of the European Union’s aim to strengthen the response to climate change. Regulation (UE) 2019/2088 on sustainability-related disclosures in the financial services

Background On 27 March 2019, the European Parliament adopted a legislative resolution on the proposal for a regulation on European Crowdfunding Service Providers (" ECSP"). Until now, the European Parliament negotiating team and the Council still had some points of discussion. An agreement has

On 16 October 2019, the European Banking Authority (the " EBA") published an opinion on the deadline for the migration to strong customer authentication (the " SCA") under the Directive (EU) 2015/2366 of 25 November 2015 on payment services in the internal market (the "PSD 2") for e-commerce card

On 11 December 2019, the CSSF published press release 19/60 (the " Press Release") reminding that pursuant to press release 19/28 published on 1 July 2019 all SIFs, Part II UCIs and SICARs are obliged to complete an online assessment about the impact of Regulation 1286/2014 on key information

As and from 1 November 2019, applications for new UCI approvals (i.e. UCITS, UCI Part II, SIF and SICAR) not yet registered on the official list, will have to be submitted via the CSSF’s new eDesk portal. Applications via email will no longer be accepted. The CSSF have provided a dedicated user

BACKGROUND On 4 December 2019, ESMA published updated Questions and Answers (" Q&A") on the application of the Alternative Investment Fund Managers Directive (" AIFMD"). The updated Q&A incorporate a new question and answer into Section III on reporting to national competent authorities under

On 5 December 2019, the CSSF published a communication summarizing results of an AML/CFT questionnaire as well as an AML/CFT conference concerning registered AIFMs and Self-Managed Non-AIFs which took place on 3 December 2019 (the " Communication"). The Communication provides seven areas which in

On 25 November 2019, the CSSF issued its FAQ on persons responsible for AML/CTF compliance for a Luxembourg Investment Fund or Investment Fund Manager supervised by the CSSF. This FAQ gives the CSSF’s interpretation on the application of article 4(1) of the Law of 12 November 2004 on the fight

Since our last newsletter, ESMA updated its Q&A on the Market in Financial Instruments Directive 2014/65/EU of 15 May 2014 (" MiFID II") and on the Markets in Financial Instruments Regulation 600/2014 of 15 May 2014 (" MiFIR"), on the following topics: Q&A on MiFID II and MiFIR investor protection

New and Modified CSSF Templates for Authorisation Requests and Notifications As regards IT outsourcing of material activities by credit institutions, investment firms and professionals performing lending operations under Circular CSSF 12/552 (as amended) and IT outsourcing by electronic money