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2017 Archive

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Keep yourself informed on the latest updates concerning tax, regulations, laws and directives.

21 December 2017 - MiFID II - Key elements of 18 December ESMA Q&A

On 18 December, ESMA released a new version of its Q&A on Investor
Protection. Among the list of questions there are two themes that require the
greatest attention.

20 December 2017 - Equivalence of the legal and supervisory framework of the USA, Australia and Hong Kong with the European Union under MiFID II

On 14 December, the European Commission adopted three implementing decisions on the equivalence of the legal and supervisory framework of the United States of America, Australia and Hong Kong for national securities exchanges and alternative trading systems as required under MiFID II.

8 December 2017 - Finalization of the Basel III post-crisis regulatory reforms 

After nearly a year of stalled negotiations, the Basel Committee on Banking Supervision (BCBS) has announced that a deal has been reached on the ‘finalization’ of Basel 3 (often referred to as “Basel 4”).

29 Novembre 2017 - PSD2 – Adoption of RTS on Strong Customer Authentication & Secure Communication

On 27 November, the European Commission adopted the Regulatory Technical Standards (RTS) on Strong Customer Authentication and Secure Communication.

17 November 2017 - MiFID II: Implementation of the Delegated Directive 2017/593

On 13 November, a draft of the Grand-Ducal Regulation implementing the Commission Delegated Directive (EU) 2017/593 related to the safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits was published.

15 November 2017 - Anacredit: Test phases

The Bank Central of Luxembourg (BCL) has opened a testing window to anticipate the entry into force of AnaCredit. The test is divided into two separate phases.

25 October 2017 - ESMA received mandate on fund costs and performance from European Commission

The European Commission has requested several European Institutions, including ESMA, to issue reports on the cost and past performance of the main categories of retail investment, insurance and pension products.

17 October 2017 - MiFID II

CSSF Circular 17/670 specifying the criteria regarding external training on knowledge and competence

16 October 2017 - EBA/Op/2017/11

Opinion of the European Banking Authority on a new prudential regime for investment firms

3 October 2017 - PSD2 - Draft bill passed

On September 20, the Government Council passed the draft bill for the transposition of the Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services (PSD2) in the internal market.

26 September 2017 - EU Commission Draft Regulation on new organization and powers of European Supervisory Authorities

On 20 September, the EU Commission released a Draft Regulation to review and enhance the powers of the four EU supervisory Authorities (ESAs): ESMA, EBA, EIOPA and the ESRB.

8 September 2017 - Draft law 7164 implementing Benchmark regulation in Luxembourg 

On 4 August 2017 the Chambre des Députés published the draft law 7164 executing the Benchmark Regulation (BMR) in Luxembourg law.

4 September 2017 - EU Consultation on the post-trade Capital Market Union

On 23 August 2017, the EU Commission released in this framework a consultation on how to better integrate post-trade activities across the EU.

10 August 2017 - CSSF Circular 17/665 implementing ESMA Guidelines on the assessment of knowledge and competence

On 3 August 2017, the Commission de Surveillance du Secteur Financier (CSSF) published Circular 17/665 aiming to implement ESMA’s guidelines on the assessment of knowledge and competence of 22 March 2016.

10 August 2017 - New CNC Q&As - New Accounting Directive

The Luxembourg Commission des Normes Comptables (CNC) published 4 new Q&As in July. These Q&As aim to clarify some provisions of the Law of 18 December 2015 implementing the new Accounting Directive.

2 August 2017 - ESMA opinion on asset segregation

On 20 July 2017, the European Securities and Markets Authority (ESMA) issued an opinion to the intention of the Commission to update the current legislations on UCITS, AIFMD, and CSDR.

21 July 2017 - Convergence tool to support national competent authorities in the context of Brexit relocation

ESMA’s opinion setting out general principles aimed at fostering consistency in authorization, supervision and enforcement related to the relocation of entities, activities, and functions from the UK

12 July 2017 - Law of 13 June 2017 transposing PAD in Luxembourg

The Law of 13 June 2017 (hereinafter the ‘Law’) transposing the Payment Account Directive (PAD) has been published in the Memorial A on 14 June 2017. 

12 July 2017 - New ESMA Q&A on Benchmarks Regulation (EU) 2016/1011

The Benchmarks Regulation (“BMR”) introduces a regime for benchmark index providers that will ensure the accuracy and integrity of benchmarks across the EU.

11 July 2017 - MiFID II - Draft law 7157 II has been published

On 3rd July 2017, the Luxembourgish Chamber of Deputies released the much anticipated draft law 7157 transposing Directive 2014/65/EU on MiFID II and implementing the Regulation 600/2014/EU on MiFIR. Most of the topics related to the later will be regulated under a specific law, while the provision of investment services will still be covered by the law of 5th April 1993 related to the financial sector (LSF), modified to align with the new requirements.

7 July 2017 - CSSF Q&A on Financial Sector Professionals

On 1 June 2017, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its Q&As on how to obtain authorisation as Financial Sector Professionals (FSPs).

26 June 2017 - Circular CSSF 17/658

On 16 June 2017, the Commission de Surveillance du Secteur Financier (CSSF) issued Circular CSSF 17/658, adopting the EBA Guidelines on sound remuneration policies under Articles 74(3) and 75(2) of Directive 2013/36/EU (EBA/GL/2015/22) and repealing Circular CSSF 10/496.

16 June 2017 - Final report on product governance guidelines

On 2 June 2017, ESMA published the much anticipated “Final report on product governance guidelines,” which closes the process launched in October 2016 with the publication of a consultation paper that has been subject to a lot of comments from the industry.

14 June 2017 - PSD2 RTS on authentication and communication – EU Commission proposes amendments

On 1 June, the EBA published the EU Commission’s proposed amendments to its draft RTS on Strong Customer Authentication (SCA) and common and secure communication under the revised Payment Services Directive (PSD2).

1 June 2017 - ECB Guide to fit and proper assessments

On The European Central Bank (ECB) published on 15 May 2017 the Guide to fit and proper assessments.

1 June 2017 - FX Global Code

The Foreign Exchange Working Group (FXWG) under the Bank for International Settlements published on 25 May 2017 a global code of conduct for wholesale foreign exchange markets.

31 May 2017 - European Council approved the new rules on Money Market Funds

On 16 May 2017, the European Council adopted a new regulation aimed at supporting the role of money market funds (MMF) in financing the economy.

29 May 2017 - CSSF Circulars 17/655, 17/656 and 17/657 on IT outsourcing

On 17 May 2017, the CSSF published four circulars on IT outsourcing.

18 May 2017 - CSSF Circular 17/654 on cloud computing

The circular intends to clarify the regulatory framework for recourse to cloud computing infrastructure supplied by an external service provider.

15 May 2017 - Non-financial firms under the EMIR spotlight

The CSSF issued a communication to remind NFCs of their obligations toward EMIR, and specifically, to remind the NFCs that are not prudentially supervised by the CSSF that they fall in scope of the obligations introduced by EMIR as soon as they conclude derivative transactions.

9 May 2017 - AnaCredit: Circular BCL 2017/240

The Circular BCL 2017/240 issued by the Banque Centrale de Luxembourg (BCL) on 21 April 2017, in line with Regulation ECB/2016/13 (AnaCredit), applies to all credit institutions.

5 May 2017 - EMIR II – what does the future look like

Following the adoption by the Commission of a Report on the review of EMIR on November 2016, the Commission released on the 3rd of May its proposed draft update of the EMIR regulation (EMIR II).

10 April 2017 - PRIIPs RTS approved

The European Council officially approved the revised PRIIPs Regulatory Technical Standards (RTS) on 3 April 2017, along with the European Parliament the following day.

6 April 2017 - ECB final guidance on non-performing loans

On 20 March, the European Central Bank published its final guidance on non-performing loans (NPLs), setting out expectations in relation to strategy, governance, and operations.

3 April 2017 - ESMA first Q&As on CSDR, Focus on Account Segregation

Questions and Answers on the implementation of the Regulation (EU) No 909/2014 on improving securities settlement in the EU and on central securities depositories (CSDR).

21 March - EBA Guidelines on Liquidity Coverage Ratio (LCR) disclosures

Guidelines on LCR disclosure to complement the disclosure of liquidity risk management under Article 435 of Regulation (EU) 575/2013.

10 March - New PRIIPs RTS published

On 8 March 2017, the European Commission published a revised draft of the PRIIPs Regulatory Technical Standards (RTS).

This publication is a result of the rejection by the European Parliament of the initial draft of these RTS in September 2016, citing inadequacies in the translation of the spirit of the Regulation in particular with regards to transparency and comparability.

8 March - CSSF Circular 17/651 - CSSF circular informing on the entry into force of the Law on Mortgage Credit 

The CSSF issued a circular (17/651) to present the main provisions introduced by the Law and in particular the new Chapter 6 of the Consumer Code.

3 March - CSSF Circular 17/650 - Implementing AML/TF professional due diligences relating to primary tax offences

The Law of 23 December 2016 implementing the 2017 tax reform (the Law) is, among others, extending the money laundering offence to tax crimes related to direct and indirect taxes.

1 March - PSD2 – The EBA dials up flexibility to achieve a more balanced approach

On February 23, the European Banking Authority (EBA) published its updated and final Regulatory Technical Standard (RTS) on Strong Customer Authentication (SCA) and common and secure communication under the revised Payment Services Directive (PSD2).

20 February - Application questionnaire to set up a SIF or UCI Part II or SICAR

CSSF introduces a new form of questionnaire to be used for the filing of a SIF, UCI Part II or SICAR project.

7 February - MiFID / MiFIR

ESMA Q&A on MiFID and MiFIR transparency topics – The systematic internaliser (SI) regime.

1 February - ESMA Opinion on UCITS share classes

Following the last consultation paper on UCITS share classes published in April 2016, ESMA introduced on 30 January 2017 an Opinion paper on this topic with an applicable framework for UCITS share classes.

11 January - Implementing Law of EU Mortgage Credit Directive published 

On 28 December 2016, the draft Law 7025 implementing Directive 2014/17/EU on credit agreements for consumers relating to residential immovable property has been published in Mémorial A.

10 January - CSSF Notification of NAV Calculation Error

Introduction of a notification form, in line with the framework set by Circular CSSF 02/77, on NAV calculation errors and non-compliance with the investment rules.


2017

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