Regulatory News Alert
You can find here the latest national, European or international regulatory updates analysed by Deloitte.
The AIFMD which entered into force on 22 July 2013, has introduced the EU marketing passport for EU domiciled Alternative Investment Fund Managers (“AIFM”) managing and marketing EU domiciled Alternative Investment Funds (“AIF”), whereas non-EU domiciled AIFMs remain subject to the national placement regimes (“NPPRs”) of each Member State where the AIFs are marketed.
The European Securities and Markets Authority (ESMA) has launched a consultation on proposed guidelines on sound remuneration policies under the UCITS V Directive, which will affect retail investment fund managers.
Following the publication of the CSSF 2014 Annual Report, you will find a summary of regulatory key points for credit institutions and PSFs.
On 16 April 2015, the CSSF published Circular 15/611 (the circular) on managing the risks related to the outsourcing of systems that allow the compilation, distribution and consultation of management board/strategic documents (the systems).
On 20 April 2015, the Council of the European Union has adopted its position on the rules aimed at preventing the use of the financial system for the purpose of money laundering or terrorist financing.
On 20 February 2015, the CSSF published CSSF Circular 15/605 on conditions for the disclosure of unencumbered assets applicable to Luxembourg credit institutions publishing Pillar III report, active in collateralised transactions (repurchase agreements, derivatives, securitisations, covered bonds and financing transactions with Central Bank).
Change of deadline for compliance with CSSF Circular 14/587 and subsequent amendments to this Circular.
Draft Law 6660, implementing CRD IV, introduces a sub-category of investment firms in the Law on the financial sector, the "investment firm CRR", which falls within the scope of CRR and ITS on Supervisory Reporting.
On 15 January 2015, the CSSF published the CSSF Circular 15/602 on documents to be submitted on an annual basis adressed to all credit institutions. The purpose of this circular is to provide new rules and deadlines concerning the various documents to be submitted annually.
On February 9, 2015, the CSSF issued Circular 15/603 titled “Security of Internet payments”, which seeks to implement the EBA Guidelines EBA/GL/2014/12 into the Luxembourg regulatory framework.
The CSSF issued on 13 January 2015 the Circular 15/601 implementing a specific notification process to follow in the situation where the variable component of Identified Staff’s total remuneration would exceed the 1:1 ratio.
On 9 January 2015, the CSSF published Regulation N°14-02 relating to the determination of distributable results and reserves of credit institutions when using the fair value method for the statutory annual accounts (Mémorial A – N°4). This regulation is applicable from the period ended 31 December 2014.
As you may be aware, many AIFMs must submit prudential reports to their national competent authorities in January 2015 in accordance with Article 24 of the AIFM Directive and annex IV of the associated Delegated Regulation.
“ESMA has identified diverging national practices as to the types of share class that are permitted, ranging from very simple share classes (e.g. with different levels of fees) to much more sophisticated share classes (e.g. with potentially different investment strategies). Therefore, ESMA sees merit in developing a common understanding of what constitutes a share class of UCITS and of the ways in which share classes may differ from each other.
On 19 December, the CSSF published the Circular 14/599 amending the accounting treatment of lump-sum and AGDL provisions. Whilst these provisions were maintained according to FinREP instructions as at 01/01/2008, the new harmonised European reporting and the EU CRR Regulation 575/2013 require a recycling, in respect of IFRS accounting rules.
On 9 December 2014, the Regulation (EU) No 1286/2014 of the European Parliament and of the Council of 26 November 2014 on key information documents for packaged retail and insurance-based investment products (PRIIPs) (“PRIIPS Regulation”) has been published in the Official Journal of the European Union.
CSSF Circular 14/597, published on 25 November, introduces a new Chapter in Part III of the CSSF Circular 12/552, related to sound risk management to be implemented and performed on assets encumbrance.
On 15 November 2014, the Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups (“The Directive”) has been published in the Official Journal of the European Union.
The European Central Bank published yesterday the results of the Comprehensive Assessment conducted on the 130 most important banks of the Euro zone. This assessment was required prior to the effective entry into force of the SSM on 4 November 2014.
On 10 October 10 2014, the European commission published a regulation under the delegated act that lays down rules to specify in detail the liquidity coverage requirement provided for in Article 412(1) of Regulation (EU) No. 575/2013 (i.e. CRR).
On 1st October 2014, ESMA published its Final draft technical standards on the Clearing Obligation – Interest Rate OTC Derivatives.
The Directive 2013/34/EU on the annual financial statements was published on 29 June 2013 in the Official Journal of the European Union.
On 1st August 2014, ESMA published the revised guidelines on ETFs and other UCITS issues including the transitional provisions.
We would like to inform you that on 18 July 2014, the CSSF published its updated Frequently Asked Questions concerning the 2013 Luxembourg Law on AIFM.
The Luxembourg Supervisory Authority CSSF has published today Circular 14/587 (the “Circular”) in order to clarify existing provisions.
The CSSF Activity report 2013 includes information regarding the application of CSSF Circular 2002/77 to SIF, as well as the use of the “economical” method.
On 21 May 2014, ESMA has published an updated Q&A on EMIR implementation.
UCITS V has finally come of age – it has overcome the last hurdles and received the necessary final approval at the plenary session of the European Parliament.
On 24 March 2014, ESMA published a revision of its guidelines on ETFs and other UCITS issues and an updated version of the related Q&A.
On 20 March 2014, the CSSF updated its Q&A on the AIFM application file regarding three main categories: the Programme of activity, the Capital, financial and business information and the Organisational requirements and internal governance.
On 28 February 2014, the Luxembourg Government has submitted to the Chamber of Representatives the draft Law 6660 implementing the Capital Requirement Directive 2013/36/EU of the European Parliament and of the Council.
The CSSF clarifies the dates of the first reporting obligations under Articles 24(1), (2) and (4) of the AIFMD (“the Reporting”) in its updated Frequently Asked Questions (FAQ) on Alternative Investment Fund Managers published on 17 March 2014.
On 21 May 2014, ESMA has published an updated Q&A on EMIR implementation.
This publication will focus on clarification published by ESMA on the remuneration rules, the updated CSSF FAQ as well as the European Commission Q&A on MiFID services passporting.
Firms that engage in securities lending and repos, referred to as securities financing transactions (SFTs), will face EMIR-like reporting requirements and stricter rules on rehypothecation under a proposal published today by the European Commission.
On Friday, the European Banking Authority (EBA) announced the main features of the 2014 EU-wide stress test it will conduct
The CSSF published on 10 January 2014 its updated Frequently Asked Questions (FAQ) concerning the Luxembourg 2013 Law on Alternative Investment Fund Managers.
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