The monthly regulatory compliance sentinel


The monthly regulatory compliance sentinel

In collaboration with AGEFI

CSSF Notification of NAV Calculation Error

The CSSF has introduced a notification form entitled "Notification of NAV calculation error and non-compliance with the investment rules", through which all NAV calculation errors and non-compliance with investment rules should be notified. On January, 3rd a Press Release was published by the CSSF in this regard.

This notification form in Excel format can be found on the CSSF website together with additional information and should be sent electronically to the following address:

Circular CSSF 17/648 on persons receiving market soundings

The aim of this Circular is to transpose the ESMA guidelines for persons receiving market soundings (ESMA/2016/1477) into Luxembourg regulations.

Guidelines are addressed to persons receiving market soundings (MSR) regarding:

a) the factors that such persons are to take into account when information is disclosed to them as part of a market sounding in order for them to assess whether the information amounts to inside information;

b) the steps that such persons are to take if inside information has been disclosed to them in order to comply with Articles 8 and 10 of MAR; and

c) the records that such persons are to maintain in order to demonstrate that they have complied with Articles 8 and 10 of MAR.

Blocking of suspicious transactions

Since 1 January 2017, the Financial Intelligence Unit (CRF) uses a new software called ""goAML"" to receive, analyse and process suspicious declarations. The CRF published guidelines aiming to provide information notably on:

  • Which transaction can be blocked
  • When a blocking can intervene
  • How a blocking decision is notified
  • If the CRF can authorise transactions
  • If the CRF should be informed of subsequent transactions
  • Effect of the blocking on the transaction
  • If the professional should inform the client of the blocking
  • When the blocking ends (i.e. initial period of 3 months that can be extended for 1 months three times. The blocking can be lifted at any time)

Enforcement of 2016 financial information published by issuers subject to the Transparency Law

In its press release 17/03, the CSSF draws the attention of issuers on identified financial reporting topics they should particularly consider when preparing IFRS financial statements for the year ending 31 December 2016.
The CSSF enforcement campaign will be governed by the following priorities:

  • Presentation of financial performance
  • Financial instruments: distinction between equity instruments and financial liabilities
  • Business Combinations
  • Continued uncertainty in financial markets conditions
  • Disclosures of the impact of the new standards on IFRS financial statements
Regulatory sentinel
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