Luxembourg Regulatory Center
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AML, Financial Crime & ForensicBanking
Banking - AML, Financial Crime & Forensic
AML, Financial Crime & Forensic
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The CSSF integrates revised EBA guidelines on ML/TF risk factors into its regulatory approach On 24 September 2021, by way of Circular 21/782, the CSSF adopted the European Banking Authority’s (EBA) Revised Guidelines on customer due diligence and risk factors. |
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European Commission introduces ambitious measures to enhance the EU's AML/CFT regime On 20 July 2021, the European Commission presented an anti-money laundering and countering the financing of terrorism (AML/CFT) package. |
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Luxembourg publishes law of 22 January 2021 on distributed ledger technology and issuance of dematerialized securities On 22 January 2021, Luxembourg published law of 22 January 2021 on dematerialized securities. This law modifies both the law of 5 April 1993 on the financial sector, as amended and the law of 6 April 2013 on dematerialized securities. |
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Banking - Prudential and risk management
Prudential and risk management
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Banking package: European Commission publishes proposal on the revised Capital Requirements Directive and Capital Requirements Regulation On 27 October 2021, the European Commission published a proposal on the revised Capital Requirements Directive and Capital Requirements Regulation (the CRD6/CRR3 package) and the Bank Recovery and Resolution Directive. |
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XX December 2022 | Title Description 2 |
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XX January 2023 | Title Description 3 |
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Banking - ESG / Sustainability
ESG / Sustainability
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SFDR is here to stay: SFDR data collection exercise for Luxembourg IFMs On 1 February 2023, the CSSF launched a data collection exercise for IFMs on regulatory requirements for Regulation (EU) 2019/2088 on SFDR. |
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Swiss Climate Scores On 29 June 2022, as part of its ambition to position the Swiss financial center as an international leader in credible climate transparency, the Swiss Federal Council launched the Swiss Climate Scores. |
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Sustainable finance: CSSF’s guidance on the management of climate-related and environmental risks On 21 June 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Circular CSSF 21/773, a new guidance on the management of climate-related and environmental risks. |
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Swiss Climate Scores On 29 June 2022, as part of its ambition to position the Swiss financial center as an international leader in credible climate transparency, the Swiss Federal Council launched the Swiss Climate Scores. |
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Banking - Governance & Markets
Governance & Markets
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CSSF Circular 23/840: Update to ESMA’s Guidelines on MiFID II Product Governance Requirements In recent years, the financial sector has witnessed a paradigm shift toward more transparent and responsible practices. |
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European Commission’s new ambitions for retail investment services The draft aims to amend aspects of MiFID, most notably adding provisions for product governance, benchmarking exercises for PRIIPs, additional disclosures on the KID and an inducements ban on execution only services. |
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The countdown to ELTIF II has begun The European Long-Term Investment Fund (ELTIF) story is now an old one. |
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Edinburgh reform plants seeds for the UK’s new regulatory path In the European financial world, Brexit certainly caused a stir. However in the practical day-to-day, few things have significantly changed. |
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New CSSF Feedback Report for UCITS costs and fees supervision On 20 October 2022, the Commission de Surveillance du Secteur Financier (CSSF) published a Feedback Report on the European Securities and Markets Authority’s (ESMA) Common Supervisory Action (CSA) on the supervision of costs and fees of UCITS. |
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New EMIR reporting technical standards to apply from April 2024 On 7 October 2022, Delegated Acts on reporting, data quality, data access and registration of trade repositories under the European Markets Infrastructure Regulation (EMIR) have been published in the Official Journal of the European Union. |
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UCI Administration CSSF 22/811 circular: The UCI all in one toolbox On May 16, the CSSF issued a much-awaited circular on the Undertakings for Collective Investment (UCI) schemes. |
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EMIR – Annual calculation for Non-Financial and Financial counterparties – 17 June 2022 European Market Infrastructure Regulation (EMIR) REFIT (Regulation 2019/834) entered into force on June 17, 2019. |
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MiFID/R III is finally coming European Commission proposes structural changes to enhance EU capital markets’ transparency and competitiveness. |
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New set of Standard Contractual Clauses adopted by European Commission The Standard Contractual Clauses (SCCs) are sets of standardized contractual terms, conditions and obligations that aim to ensure the transfer of personal data leaving the EU/EEA complies with the EU’s data privacy laws and requirements. |
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ESMA proposes extending MiFIR transaction reporting to management companies providing MiFID services The reporting requirements of Regulation No 600/2014 on markets in financial instruments (MiFIR) aimed to provide national competent authorities (NCAs) with a complete picture of the market to support their oversight activities by introducing a uniform and standardized EU-wide reporting regime. |
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Banking - Digital & Cyber
Digital & Cyber
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DORA crosses its second milestone On 19 June, the ESAs have released their consultations on the first batch of draft technical standards under the Digital Operational Resilience Act. |
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MiCA: Major new milestone in your crypto-asset transformation journey On 9 June, Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) was published in the Official Journal of the EU. |
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EU AI Act adopted by the Parliament: What's the impact for financial institutions? Considering the rapid developments in the artificial intelligence (AI) space, it seems like forever since the European Commission published its proposal on the new Artificial Intelligence Act (AI Act) back in April 2021. |
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Luxembourg completes its DLT framework with Blockchain III Law On 9 March 2023, Luxembourg updated the Law of 5 August 2005 on financial collateral arrangements (the Financial Collateral Law) to allow the use of electronic DLT in collateral over financial instruments registered on securities accounts. |
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Tokenization and Distributed Ledger Technology (DLT): European financial markets to enter a new era in 2023 European markets have been eagerly awaiting a new law regarding the issuance, trading and settlement of digital financial instruments to go live, and the wait is almost over. |
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The EU’s Digital Operational Resilience Act has been agreed: implications for the financial services sector EU negotiators have now reached a full technical agreement on the DORA package. |
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EU Commission paves way for instant payment across the EU After a series of long discussions and exchanges with industry stakeholders, the EU Commission issued its draft regulation on instant payments on 25 October 2022, as a part of its digital retail payment agenda from 2020. |
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European legislators have agreed on a landmark law regulating crypto assets: Markets in Crypto-Assets (MiCA) Regulation On 30 June 2022, the European Parliament and Council reached a provisional agreement on the Markets in Crypto-Assets (MiCA) Regulation. |
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EU strikes a deal on “travel rule” for crypto-asset transfers On 29 June 2022, the European Parliament and Council reached a provisional agreement on a new bill, aiming to ensure that crypto transfers involving EU-supervised crypto-asset service providers (CASPs) can always be traced and suspicious transactions blocked. |
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DLT Pilot regime released: how EU is preparing for tomorrow’s digital securities market On 2 June 2022, Regulation 2022/858 of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology was published in the Official Journal of the European Union (DLT Pilot Regime). |
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The CSSF comes out with its white paper on Distributed Ledger Technology (DLT) & Blockchain use in financial services On 24 January 2022, the CSSF published a non-binding document in the form of a “white paper” aimed at guiding interested professionals in the conduct of their due diligence process. |
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EBA publishes final revised Guidelines on major incident reporting under PSD2 On 10 June 2021, the European Banking Authority (EBA) published the final revised Guidelines on major incident reporting under PSD2 (EBA/GL/2021/03). |
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Digitalization: European Commission’s first legal framework on trustworthy AI On 21 April 2021, the European Commission (EC) proposed the first-ever Regulation (“AI Regulation”) laying down harmonized rules on artificial intelligence (AI) and amending certain EU legislative acts. |
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Insurance
Insurance - AML, Financial Crime & Forensic
AML, Financial Crime & Forensic
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The CSSF integrates revised EBA guidelines on ML/TF risk factors into its regulatory approach On 24 September 2021, by way of Circular 21/782, the CSSF adopted the European Banking Authority’s (EBA) Revised Guidelines on customer due diligence and risk factors. |
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European Commission introduces ambitious measures to enhance the EU's AML/CFT regime On 20 July 2021, the European Commission presented an anti-money laundering and countering the financing of terrorism (AML/CFT) package. |
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Luxembourg publishes law of 22 January 2021 on distributed ledger technology and issuance of dematerialized securities On 22 January 2021, Luxembourg published law of 22 January 2021 on dematerialized securities. This law modifies both the law of 5 April 1993 on the financial sector, as amended and the law of 6 April 2013 on dematerialized securities. |
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Insurance - Prudential and risk management
Prudential and risk management
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XX October 2022 | Title Description 1 |
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XX December 2022 | Title Description 2 |
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XX January 2023 | Title Description 3 |
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Insurance - ESG / Sustainability
ESG / Sustainability
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Swiss Climate Scores On 29 June 2022, as part of its ambition to position the Swiss financial center as an international leader in credible climate transparency, the Swiss Federal Council launched the Swiss Climate Scores. |
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Sustainable finance: CSSF’s guidance on the management of climate-related and environmental risks On 21 June 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Circular CSSF 21/773, a new guidance on the management of climate-related and environmental risks. |
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XX January 2023 | Title Description 3 |
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Insurance - Governance & Markets
Governance & Markets
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European Commission’s new ambitions for retail investment services The draft aims to amend aspects of MiFID, most notably adding provisions for product governance, benchmarking exercises for PRIIPs, additional disclosures on the KID and an inducements ban on execution only services. |
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Edinburgh reform plants seeds for the UK’s new regulatory path In the European financial world, Brexit certainly caused a stir. However in the practical day-to-day, few things have significantly changed. |
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New EMIR reporting technical standards to apply from April 2024 On 7 October 2022, Delegated Acts on reporting, data quality, data access and registration of trade repositories under the EMIR have been published in the Official Journal of the European Union. |
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New CAA Circular 22/15 The Commissariat aux Assurances (CAA) recently published a new circular letter regarding the roles and responsibilities of the Board of (re)insurance undertakings and any holding companies under their supervision. |
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CSSF gives additional clarification on investment funds reports foreseen by Circular 21/790 On 22 July 2022, the Commission de Surveillance du Secteur Financier (CSSF) published additional clarifications for the completion/submission of investment funds reports foreseen by Circular CSSF 21/790. |
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EMIR – Annual calculation for Non-Financial and Financial counterparties – 17 June 2022 European Market Infrastructure Regulation (EMIR) REFIT (Regulation 2019/834) entered into force on June 17, 2019. |
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MiFID/R III is finally coming European Commission proposes structural changes to enhance EU capital markets’ transparency and competitiveness. |
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New set of Standard Contractual Clauses adopted by European Commission The SCCs are sets of standardized contractual terms, conditions and obligations that aim to ensure the transfer of personal data leaving the EU/EEA complies with the EU’s data privacy laws and requirements. |
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Insurance - Digital & Cyber
Digital & Cyber
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DORA crosses its second milestone On 19 June, the ESAs have released their consultations on the first batch of draft technical standards under the Digital Operational Resilience Act. |
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MiCA: Major new milestone in your crypto-asset transformation journey On 9 June, Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) was published in the Official Journal of the EU. |
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EU AI Act adopted by the Parliament: What's the impact for financial institutions? Considering the rapid developments in the artificial intelligence (AI) space, it seems like forever since the European Commission published its proposal on the new Artificial Intelligence Act (AI Act) back in April 2021. |
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Tokenization and Distributed Ledger Technology (DLT): European financial markets to enter a new era in 2023 European markets have been eagerly awaiting a new law regarding the issuance, trading and settlement of digital financial instruments to go live, and the wait is almost over. |
|
EU Commission paves way for instant payment across the EU After a series of long discussions and exchanges with industry stakeholders, the EU Commission issued its draft regulation on instant payments on 25 October 2022, as a part of its digital retail payment agenda from 2020. |
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The EU’s Digital Operational Resilience Act has been agreed: implications for the financial services sector EU negotiators have now reached a full technical agreement on the DORA package. |
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European legislators have agreed on a landmark law regulating crypto assets: Markets in Crypto-Assets (MiCA) Regulation On 30 June 2022, the European Parliament and Council reached a provisional agreement on the Markets in Crypto-Assets (MiCA) Regulation. |
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EU strikes a deal on “travel rule” for crypto-asset transfers On 29 June 2022, the European Parliament and Council reached a provisional agreement on a new bill, aiming to ensure that crypto transfers involving EU-supervised crypto-asset service providers (CASPs) can always be traced and suspicious transactions blocked. |
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DLT Pilot regime released: how EU is preparing for tomorrow’s digital securities market On 2 June 2022, Regulation 2022/858 of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology was published in the Official Journal of the European Union (DLT Pilot Regime). |
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The CSSF comes out with its white paper on Distributed Ledger Technology (DLT) & Blockchain use in financial services On 24 January 2022, the CSSF published a non-binding document in the form of a “white paper” aimed at guiding interested professionals in the conduct of their due diligence process related to the DLT and its use in the provision of services in the Luxembourg financial sector. |
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Digitalization: European Commission’s first legal framework on trustworthy AI On 21 April 2021, the European Commission (EC) proposed the first-ever Regulation (“AI Regulation”) laying down harmonized rules on AI and amending certain EU legislative acts. |
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Investment Management
Investment Management - AML, Financial Crime & Forensic
AML, Financial Crime & Forensic
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EU strikes a deal on “travel rule” for crypto-asset transfers On 29 June 2022, the European Parliament and Council reached a provisional agreement on a new bill, aiming to ensure that crypto transfers involving EU-supervised crypto-asset service providers (CASPs) can always be traced and suspicious transactions blocked. |
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AML/CTF obligations of RAIFs Recently, the Luxembourg government – Administration de l’Enregistrement, des Domaines et de la TVA (“AED”) published a guide to provide RAIFs with a better understanding of regulatory expectations regarding AML/CFT obligations applicable to RAIFs. |
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The CSSF integrates revised EBA guidelines on ML/TF risk factors into its regulatory approach On 24 September 2021, by way of Circular 21/782, the CSSF adopted the European Banking Authority’s (EBA) Revised Guidelines on customer due diligence and risk factors. |
|
European Commission introduces ambitious measures to enhance the EU's AML/CFT regime On 20 July 2021, the European Commission presented an anti-money laundering and countering the financing of terrorism (AML/CFT) package. |
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Luxembourg publishes law of 22 January 2021 on distributed ledger technology and issuance of dematerialized securities On 22 January 2021, Luxembourg published law of 22 January 2021 on dematerialized securities. |
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${title12} ${desc12} |
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${title13} ${desc13} |
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${title14} ${desc14} |
Investment Management - Prudential and risk management
Prudential and risk management
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XX October 2022 | Title Description 1 |
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XX December 2022 | Title Description 2 |
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XX January 2023 | Title Description 3 |
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${title4} ${desc4} |
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${title14} ${desc14} |
Investment Management - ESG / Sustainability
ESG / Sustainability
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SFDR is here to stay: SFDR data collection exercise for Luxembourg IFMs On 1 February 2023, the CSSF launched a data collection exercise for IFMs on regulatory requirements for Regulation (EU) 2019/2088 on SFDR. |
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Swiss Climate Scores On 29 June 2022, as part of its ambition to position the Swiss financial center as an international leader in credible climate transparency, the Swiss Federal Council launched the Swiss Climate Scores. |
|
Sustainable finance: CSSF’s guidance on the management of climate-related and environmental risks On 21 June 2021, the CSSF published Circular CSSF 21/773, a new guidance on the management of climate-related and environmental risks. |
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${title4} ${desc4} |
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${title5} ${desc5} |
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${title6} ${desc6} |
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${title7} ${desc7} |
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${title8} ${desc8} |
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${title9} ${desc9} |
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${title10} ${desc10} |
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${title11} ${desc11} |
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${title12} ${desc12} |
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${title13} ${desc13} |
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${title14} ${desc14} |
Investment Management - Governance & Markets
Governance & Markets
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CSSF Circular 23/840: Update to ESMA’s Guidelines on MiFID II Product Governance Requirements In recent years, the financial sector has witnessed a paradigm shift toward more transparent and responsible practices. |
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11th package of EU sanctions focuses on circumvention The 10th package adopted on 25 February 2023 lists additional targets (people and legal entities) and bans more products for import/export. Through article 8 of the Regulation, this package requires a new reporting obligation whereby operators/professionals must report to their national authority information on "any move, transfer, alteration, use of, access to, or dealing referred to in Article 1(e) or 1(f) in the two weeks preceding the listing of those natural or legal persons, entities or bodies in Annex I.” |
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European Commission’s new ambitions for retail investment services The draft aims to amend aspects of MiFID, most notably adding provisions for product governance, benchmarking exercises for PRIIPs, additional disclosures on the KID and an inducements ban on execution only services. |
|
The countdown to ELTIF II has begun The European Long-Term Investment Fund (ELTIF) story is now an old one. |
|
Edinburgh reform plants seeds for the UK’s new regulatory path In the European financial world, Brexit certainly caused a stir. However in the practical day-to-day, few things have significantly changed. |
|
New EMIR reporting technical standards to apply from April 2024 On 7 October 2022, Delegated Acts on reporting, data quality, data access and registration of trade repositories under the EMIR have been published in the Official Journal of the European Union. |
|
CSSF gives additional clarification on investment funds reports foreseen by Circular 21/790 On 22 July 2022, the CSSF published additional clarifications for the completion/submission of investment funds reports foreseen by Circular CSSF 21/790. |
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UCI Administration CSSF 22/811 circular: The UCI all in one toolbox On May 16, the CSSF issued a much-awaited circular on the Undertakings for Collective Investment (UCI) schemes. |
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EMIR – Annual calculation for Non-Financial and Financial counterparties – 17 June 2022 European Market Infrastructure Regulation (EMIR) REFIT (Regulation 2019/834) entered into force on June 17, 2019. |
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MiFID/R III is finally coming European Commission proposes structural changes to enhance EU capital markets’ transparency and competitiveness. |
|
New set of Standard Contractual Clauses adopted by European Commission The SCCs are sets of standardized contractual terms, conditions and obligations that aim to ensure the transfer of personal data leaving the EU/EEA complies with the EU’s data privacy laws and requirements. |
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The CSSF clarifies important MiFID implications for fund managers On 10 June 2021, the CSSF published an FAQ on the application of the MiFID to investment fund managers (IFMs). |
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Cross-border fund distribution, be ready for August 2021: ESMA finalized its guidance for fund marketing communications On 27 May 2021, the ESMA published its final report on the Guidelines under the Regulation (EU) 2019/1156 on cross-border distribution of funds (CBR). |
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CSSF launches the first phase of ESMA’s CSA on the supervision of costs and fees of UCITS On 5 March 2021, the CSSF published a communication regarding the launch of the ESMA Common Supervisory Action (CSA) on the supervision of costs and fees of UCITS. |
Investment Management - Digital & Cyber
Digital & Cyber
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DORA crosses its second milestone On 19 June, the ESAs have released their consultations on the first batch of draft technical standards under the Digital Operational Resilience Act. |
|
MiCA: Major new milestone in your crypto-asset transformation journey On 9 June, Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) was published in the Official Journal of the EU. This marks a momentous milestone for crypto markets in Europe. |
|
EU AI Act adopted by the Parliament: What's the impact for financial institutions? Considering the rapid developments in the artificial intelligence (AI) space, it seems like forever since the European Commission published its proposal on the new Artificial Intelligence Act (AI Act) back in April 2021. |
|
Luxembourg completes its DLT framework with Blockchain III Law On 9 March 2023, Luxembourg updated the Law of 5 August 2005 on financial collateral arrangements (the Financial Collateral Law) to allow the use of electronic DLT in collateral over financial instruments registered on securities accounts. |
|
Tokenization and Distributed Ledger Technology (DLT): European financial markets to enter a new era in 2023 European markets have been eagerly awaiting a new law regarding the issuance, trading and settlement of digital financial instruments to go live, and the wait is almost over. |
|
The EU’s Digital Operational Resilience Act has been agreed: implications for the financial services sector EU negotiators have now reached a full technical agreement on the DORA package. |
|
EU Commission paves way for instant payment across the EU The EU Commission issued its draft regulation on instant payments on 25 October 2022, as a part of its digital retail payment agenda from 2020. |
|
European legislators have agreed on a landmark law regulating crypto assets: Markets in Crypto-Assets (MiCA) Regulation On 30 June 2022, the European Parliament and Council reached a provisional agreement on the Markets in Crypto-Assets (MiCA) Regulation. |
|
EU strikes a deal on “travel rule” for crypto-asset transfers On 29 June 2022, the European Parliament and Council reached a provisional agreement on a new bill, aiming to ensure that crypto transfers involving EU-supervised crypto-asset service providers (CASPs) can always be traced and suspicious transactions blocked. |
|
DLT Pilot regime released: how EU is preparing for tomorrow’s digital securities market On 2 June 2022, Regulation 2022/858 of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology was published in the Official Journal of the European Union (DLT Pilot Regime). |
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The CSSF comes out with its white paper on Distributed Ledger Technology (DLT) & Blockchain use in financial services On 24 January 2022, the CSSF published a non-binding document in the form of a “white paper” aimed at guiding interested professionals in the conduct of their due diligence process related to the DLT and its use in the provision of services in the Luxembourg financial sector. |
|
Digitalization: European Commission’s first legal framework on trustworthy AI On 21 April 2021, the European Commission (EC) proposed the first-ever Regulation (“AI Regulation”) laying down harmonized rules on artificial intelligence (AI) and amending certain EU legislative acts. |
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Private Equity & Real Estate
PERE - AML, Financial Crime & Forensic
AML, Financial Crime & Forensic
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EU strikes a deal on “travel rule” for crypto-asset transfers On 29 June 2022, the European Parliament and Council reached a provisional agreement on a new bill. |
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The CSSF integrates revised EBA guidelines on ML/TF risk factors into its regulatory approach On 24 September 2021, by way of Circular 21/782, the CSSF adopted the European Banking Authority’s (EBA) Revised Guidelines on customer due diligence and risk factors. |
|
European Commission introduces ambitious measures to enhance the EU's AML/CFT regime On 20 July 2021, the European Commission presented an anti-money laundering and countering the financing of terrorism (AML/CFT) package. |
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Luxembourg publishes law of 22 January 2021 on distributed ledger technology and issuance of dematerialized securities On 22 January 2021, Luxembourg published law of 22 January 2021 on dematerialized securities. |
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${title9} ${desc9} |
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${title11} ${desc11} |
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${title13} ${desc13} |
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${title14} ${desc14} |
PERE - Prudential and risk management
Prudential and risk management
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XX October 2022 | Title Description 1 |
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XX December 2022 | Title Description 2 |
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XX January 2023 | Title Description 3 |
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${title4} ${desc4} |
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PERE - ESG / Sustainability
ESG / Sustainability
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SFDR is here to stay: SFDR data collection exercise for Luxembourg IFMs On 1 February 2023, the CSSF launched a data collection exercise for IFMs on regulatory requirements for Regulation (EU) 2019/2088 on SFDR. |
|
Swiss Climate Scores On 29 June 2022, as part of its ambition to position the Swiss financial center as an international leader in credible climate transparency, the Swiss Federal Council launched the Swiss Climate Scores. |
|
Sustainable finance: CSSF’s guidance on the management of climate-related and environmental risks On 21 June 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Circular CSSF 21/773, a new guidance on the management of climate-related and environmental risks. |
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${title14} ${desc14} |
PERE - Governance & Markets
Governance & Markets
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European Commission’s new ambitions for retail investment services The draft aims to amend aspects of MiFID, most notably adding provisions for product governance, benchmarking exercises for PRIIPs, additional disclosures on the KID and an inducements ban on execution only services. |
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The countdown to ELTIF II has begun The European Long-Term Investment Fund (ELTIF) story is now an old one. |
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Edinburgh reform plants seeds for the UK’s new regulatory path In the European financial world, Brexit certainly caused a stir. However in the practical day-to-day, few things have significantly changed. |
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UCI Administration CSSF 22/811 circular: The UCI all in one toolbox On May 16, the CSSF issued a much-awaited circular on the Undertakings for Collective Investment (UCI) schemes. |
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MiFID/R III is finally coming European Commission proposes structural changes to enhance EU capital markets’ transparency and competitiveness. |
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New set of Standard Contractual Clauses adopted by European Commission The Standard Contractual Clauses (SCCs) are sets of standardized contractual terms, conditions and obligations that aim to ensure the transfer of personal data leaving the EU/EEA complies with the EU’s data privacy laws and requirements. |
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The CSSF clarifies important MiFID implications for fund managers On 10 June 2021, the Commission de Surveillance du Secteur Financier (CSSF) published an FAQ on the application of the Markets in Financial Instruments Directive (MiFID) to investment fund managers (IFMs). |
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Cross-border fund distribution, be ready for August 2021: ESMA finalized its guidance for fund marketing communications On 27 May 2021, the European Securities and Markets Authority (ESMA) published its final report on the Guidelines under the Regulation (EU) 2019/1156 on cross-border distribution of funds (CBR), which specify the requirements that funds’ marketing communications must meet. |
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ESMA publishes final report and draft ITS on information to facilitate cross-border funds distribution On 1 February 2021, the European Securities and Markets Authority (ESMA) published its final report and draft of the implementing technical standards (ITS) under Regulation EU/2019/1156 on the facilitation of cross-border distribution of collective investment undertakings. |
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CSSF applies the ESMA Guidelines on performance fees in UCITS and certain types of AIFs On 18 December 2020, the CSSF published the CSSF Circular 20/764 about the Guidelines on performance fees in UCITS and certain types of AIFs. This Circular applies the final Guidelines of ESMA on performance fees published on 5 November 2020. |
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PERE - Digital & Cyber
Digital & Cyber
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DORA crosses its second milestone On 19 June, the ESAs have released their consultations on the first batch of draft technical standards under the Digital Operational Resilience Act. |
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MiCA: Major new milestone in your crypto-asset transformation journey On 9 June, Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) was published in the Official Journal of the EU. |
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EU AI Act adopted by the Parliament: What's the impact for financial institutions? Considering the rapid developments in the artificial intelligence (AI) space, it seems like forever since the European Commission published its proposal on the new Artificial Intelligence Act (AI Act) back in April 2021. |
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Tokenization and Distributed Ledger Technology (DLT): European financial markets to enter a new era in 2023 European markets have been eagerly awaiting a new law regarding the issuance, trading and settlement of digital financial instruments to go live, and the wait is almost over. |
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EU Commission paves way for instant payment across the EU After a series of long discussions and exchanges with industry stakeholders, the EU Commission issued its draft regulation on instant payments on 25 October 2022, as a part of its digital retail payment agenda from 2020. |
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The EU’s Digital Operational Resilience Act has been agreed: implications for the financial services sector EU negotiators have now reached a full technical agreement on the DORA package. |
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European legislators have agreed on a landmark law regulating crypto assets: Markets in Crypto-Assets (MiCA) Regulation On 30 June 2022, the European Parliament and Council reached a provisional agreement on the Markets in Crypto-Assets (MiCA) Regulation. |
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EU strikes a deal on “travel rule” for crypto-asset transfers On 29 June 2022, the European Parliament and Council reached a provisional agreement on a new bill, aiming to ensure that crypto transfers involving EU-supervised crypto-asset service providers (CASPs) can always be traced and suspicious transactions blocked. |
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DLT Pilot regime released: how EU is preparing for tomorrow’s digital securities market On 2 June 2022, Regulation 2022/858 of the European Parliament and of the Council on a pilot regime for market infrastructures based on distributed ledger technology was published in the Official Journal of the European Union (DLT Pilot Regime). |
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The CSSF comes out with its white paper on Distributed Ledger Technology (DLT) & Blockchain use in financial services On 24 January 2022, the CSSF published a non-binding document in the form of a “white paper” aimed at guiding interested professionals in the conduct of their due diligence process related to the DLT and its use in the provision of services in the Luxembourg financial sector. |
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Key contacts
Arnaud Duchesne
Managing Director | Advisory & Consulting
Regulatory Watch Leader
