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Regulatory News Alert
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
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.
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”).
On 27 November, the European Commission adopted the Regulatory Technical Standards (RTS) on Strong Customer Authentication and Secure Communication.
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.
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.
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.
CSSF Circular 17/670 specifying the criteria regarding external training on knowledge and competence
Opinion of the European Banking Authority on a new prudential regime for investment firms
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.
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.
On 4 August 2017 the Chambre des Députés published the draft law 7164 executing the Benchmark Regulation (BMR) in Luxembourg law.
On 23 August 2017, the EU Commission released in this framework a consultation on how to better integrate post-trade activities across the EU.
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.
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.
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.
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
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.
The Benchmarks Regulation (“BMR”) introduces a regime for benchmark index providers that will ensure the accuracy and integrity of benchmarks across the EU.
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.
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).
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.
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.
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).
On The European Central Bank (ECB) published on 15 May 2017 the Guide to fit and proper assessments.
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.
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.
On 17 May 2017, the CSSF published four circulars on IT outsourcing.
The circular intends to clarify the regulatory framework for recourse to cloud computing infrastructure supplied by an external service provider.
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.
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.
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).
The European Council officially approved the revised PRIIPs Regulatory Technical Standards (RTS) on 3 April 2017, along with the European Parliament the following day.
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.
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).
Guidelines on LCR disclosure to complement the disclosure of liquidity risk management under Article 435 of Regulation (EU) 575/2013.
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.
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.
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.
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).
CSSF introduces a new form of questionnaire to be used for the filing of a SIF, UCI Part II or SICAR project.
ESMA Q&A on MiFID and MiFIR transparency topics – The systematic internaliser (SI) regime.
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.
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.
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.