Regulatory News Alert

You can find here the latest national, European or international regulatory updates analysed by Deloitte.

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

17 January 2019 - ESMA report on crypto-assets

On 9 January 2019, ESMA and EBA released separately reports on the specific characteristics and use of crypto-assets and the underlying DLTs; the relevance and gaps in existing EU regulations when applied to crypto-assets; as well as divergence in the regulatory approaches adopted by various Member States.

11 January 2019 - The Shareholder Rights Directive II (SRD II) - Towards a greater transparency of the investment mechanisms

In 2007, the European Parliament and the European Council adopted the Shareholder Rights Directive (SRD) to ensure a better protection of the exercise of rights of shareholders in listed companies.

9 January 2019 - One-step closer to the new capital requirement framework for investment firms

On 7 January 2019, EU ambassadors endorsed the Council's position on a package of measures, composed of a regulation and a directive, setting out a new regulatory framework for investment firms.

2 January 2019 - ESMA consultation on integration of sustainability risks and ESG factors in UCITS/AIFM Directives

In July 2018, the European Commission invited ESMA to provide technical advice on how to amend the UCITS Directive (2009/65/EC) and AIFMD (2011/61/EU) to integrate sustainability risks and sustainability factors into the two regimes.



20 December 2018 - Good progress made in funds (UCITS/AIFs) cross-border distribution review

On 3 December 2018, the European Parliament ECON Committee agreed its position on the cross-border barriers to fund (UCITS and AIFs) distribution.

20 December 2018 - Commission adopts package of rules to increase transparency in securities financing markets

In an important step towards increasing the transparency of securities financing markets, on 13 December, the European Commission (EC) adopted a package of new measures under the Securities Financing Transactions Regulation (SFTR).

19 December 2018 - EBA clarifies STS securitisation criteria

On 12 December 2018, the European Banking Authority (EBA) published its final guidelines for the securitisation criteria to be eligible as simple, transparent and standardised (STS).

30 November 2018 - ESMA consults on future guidelines for Money Market Funds' (MMFs) disclosure

The MMF Regulation (Art. 37) obliges the manager of the MMF, for each MMF managed, to report information to the competent authority of the MMF, at least on a quarterly basis.

16 November 2018 - PRIIPs: ESAs consult on proposed changes to key information document

European Supervisory Authorities (ESAs) consultation paper seeks stakeholders’ views on proposed amendments to Commission Delegated Regulation (EU) 2017/653 of 8 March 2017 (“PRIIPs Delegated Regulation”).

16 November 2018 - EU-UK Brexit draft agreement and EU Commission communication on contingency plans

The last two days have been intense for Brexit; on 13 November, the EU Commission in parallel to finalizing a draft agreement with the UK released a communication on contingency planning in case the agreement is not enforced.

15 November 2018 - ESMA guidelines on certain aspects of the MiFID II suitability requirements

On 6 November, the European Securities and Markets Authority (ESMA) has issued the official translations of its Guidelines on certain aspects of the MiFID II suitability requirements (“Guidelines”).

5 Novembre 2018 - Important update UCITS/AIF depositary rules

On 30 October 2018, following the opinion of the European Securities and Markets Authority (ESMA) on asset segregation, the European Commission (EC) released two amendments to the UCTS and AIFMD regulations.

30 October 2018 - Investment firm’s prudential treatment

On 27 September, the ECON committee of the European Parliament issued draft reports on the Commission proposals for a directive and regulation on the prudential supervision and requirements for investment firms a model in some respects equivalent to the approach used for banks.

8 October 2018 - Money Market Funds Regulation - ESMA issues a consultation paper for its guidelines on stress tests

On 28 September, ESMA released a consultation paper that proposes additional guidelines and instructions for MM Funds to perform the required stress tests, and gather industry feedback on the proposed methodologies.

5 October 2018 - Distributed Ledger Technology finds its way into Luxembourg Securities Regulation

On 27 September, the Chambre des Députés published the Draft Law 7363 amending the 1 August 2001 Law on the circulation of securities.
The draft law aims to enable the stakeholders of the financial market place to benefit within a secured legal framework of the new opportunity offer by the technology.

2 October 2018 - A quality standard for sustainable finance products

Over the past few years, different sustainable finance initiatives have been trying to change mainstream investments to integrate environmental, social and governance aspects (commonly called ESG).

18 September 2018 - EU Commission proposal to amend the regulation establishing the European Banking Authority (EBA)

On 12 September, the EU Commission released a communication that proposed to strengthen the supervision of EU financial institutions to better address money-laundering and terrorist financing threats.

11 September 2018 - MiFID II, 9 months after: Where do we stand in Luxembourg?

MiFID II, live across the EU since 3 January 2018, became officially live in Luxembourg with the law and Grand-Ducal Regulation/Decree of 30 May 2018 on markets in financial instruments (the “Law”), which was published in the Luxembourg Mémorial A on 31 May 2018.

29 August 2018 - What does EMIR mean for ManCos?

On 23 August, the CSSF published the new CSSF Circular 18/698 on the authorization and organization of investment fund managers incorporated under Luxembourg law.

24 August 2018 - CSSF Circular 18/698 a leap forward in governance

On 23 August, the CSSF published the long waited, new CSSF Circular 18/698 (hereafter “circular”) on the “authorization and organization of Luxembourgish investment management companies.

24 August 2018 - CSSF Circular 18/697 on duties of AIF Depositary completing the framework

On 23 August, the CSSF released a new circular on the governance and organization of AIF (non-UCITS) fund depositaries.

22 August 2018 - Countdown to Brexit

On 15 August 2018, the ECB issued a publication following its communication to banks urging them to prepare for all contingencies in the context of the UK’s impending exit from the EU.

17 August 2018 - The ESMA updates its validation rules under the EMIR

On Thursday 9 August 2018, ESMA updated its validation rules under EMIR, with regard to the revised technical standards on reporting under Article 9.

17 August 2018 - The European Securities and Markets Authority (ESMA) published four new Questions and Answers on the Application of the UCITS Directive

Three questions regarding Issuer concentration, UCITS investing in other UCITS with different investment policies and Supervision of branches. One new question regarding Depositaries as counterparties in a transaction of assets that they hold in custody.

27 July 2018 - New EU Commission Delegated Draft - Safe keeping for UCITS funds

On 12 July, the EU Commission released its delegated regulation on safe-keeping duties for UCITS depositaries.

27 July 2018 - CSSF Brexit’s preparation call focus on Manco – CP 18/25

On 25 July 2018, the CSSF issued a publication addressed to the fund industry Manco and AIFM, it follows several recent publications from the EU Commission, EBA (European Banking Authority), or ESMA to call for a true and active preparation for Brexit.

24 July 2018 - Brexit - European Commission publishes communication on preparing for the UK's withdrawal from the EU

On 19 July 2018, the European Commission adopted a communication outlining the ongoing work on the preparations for all possible outcomes of the United Kingdom's withdrawal from the European Union.

24 July 2018 - EU Securitization Regulation 2017/2402 - Overview

The new regulation came into force in January 2018 and becomes applicable as of 1 January 2019, with the intention of providing a general framework for securitization across the EU.

23 July 2018 - CSSF Brexit preparation call

On 10 July 2018, the CSSF echoed a publication from the EBA (European Banking Authority) to call for a true and active preparation for Brexit.

20 July 2018 - AMLD5 has entered into force

On 19 June 2018, the new AML/CTF EU directive 2018/843 (AMLD5) has been published in the Official Journal of the European Union and entered into force on 9 July 2018 with effective application from 10 January 2020.

26 June 2018 - BaFin published a new Circular on the Capital Investment Ordinance

The German Federal Financial Supervisory Authority (BaFin) reviewed the provisions applied to investments in relation to insurance undertakings and published Circular 11/2017 (VA) on 12 December 2017.

Read the german version

25 June 2018 - LEI: The grace period is over

“No LEI, no trade”. Time is ticking for all legal entities and, as the deadline for LEI implementation sets in, and 2 July looms closer, ESMA has confirmed that no further grace period will be granted to corporate client and financial institutions to comply with the requirements to have individual reference numbers for trading.

21 June 2018 - Capital Market Union: Proposal for a Regulation on Pan-European Pension Product

Following the proposition of draft update of the EMIR regulation (EMIR II) published on 3 May 2017, the European Parliament voted in plenary session (12/06/2018) its preferred version of the draft review of the EMIR (EU) No 648/2012 REFIT.

18 June 2018 - EMIR II starting blocks

Following the proposition of draft update of the EMIR regulation (EMIR II) published on 3 May 2017, the European Parliament voted in plenary session (12/06/2018) its preferred version of the draft review of the EMIR (EU) No 648/2012 REFIT.

15 June 2018 - UCITS – 25 May 2018 ESMA Q&A

On the 25 May 2018, the European Securities and Markets Authority (ESMA) released a new version of its Q&A on the application of the UCITS V Directive (Directive 2014/91/EU).

12 June 2018 - NIS Directive implementation into Luxembourgish Law

The NIS Directive, Directive (EU) 2016/1148 published in the Official Journal in July 2016, was put forward as part of the effort to reinforce the cybersecurity strategy of the EU.

1 June 2018 - The Central Bank of Luxembourg (BCL) releases Circular 2018/241 related to statistical data collection for non-regulated alternative investment funds

The joint circular BCL 2014/237 CCSF/588 is addressed to all regulated investment funds, i.e. funds that must be authorized by the CSSF. However, the regulation ECB/2013/38 also addresses non-regulated alternative investment funds (funds not under the AIFMD).

1 June 2018 - Depositaries: Clarifications on oversight obligations

On 17 May 2018, ALFI and ABBL issued a revised version of the Guidelines and recommendations for depositaries with the aim to cover UCITS, as well as improving certain sections of the initial guidelines published in July 2013.

31 May 2018 - Important update UCITS/AIF depositary rules

The European Commission (EC) publishes drafts amending Delegated Regulation (EU) No 2016/438 and Delegated Regulation (EU) No 231/2013 with regard to safe-keeping duties of depositaries.

29 May 2018 - Reporting template for managers of Money Market Funds (MMFs)

On 15 May 2018, an Implementing Regulation laying down the technical standards with which Money Market Funds (MMFs) shall comply when reporting to competent authorities was published in the Official Journal of the EU.

25 May 2018 - Sustainability enters into MiFID II Suitability

Building on international trends, the COP (21, 22) and the Paris agreement on climate change, the European Commission is developing initiatives in green and sustainable finance.

18 May 2018 - MiFID II in Luxembourg: The law has been voted on

On 15 May 2018, The Chambre des Députés voted on the law transposing MIFID II (the EU Markets in Financial Instruments) into the Luxembourg legal framework.

9 May 2018 - FSB's toolkit to mitigate misconduct risk

Within its work plan aimed at developing measures to reduce misconduct risks in the marketplace, on 20 April the Financial Stability Board (FSB) published a toolkit for firms and supervisors with suggested ways on how best to mitigate it.

9 May 2018 - Announcement from the State Administration of Foreign Exchange ("SAFE") of the People's Republic of China

SAFE 24 April 2018 - In order to actively support qualified domestic institutions in carrying various type of outbound investments, the State Administration of Foreign Exchange (“SAFE”) has been launching since 2013 the “Qualified Domestic Limited Partner” (“QDLP”) and the “Qualified Domestic Investment Enterprise” (“QDIE”) pilot programs, in Shanghai and Shenzhen respectively.

8 May 2018 - AML Access of centralized bank account registries

On 17 April 2018, the European Commission adopted a proposal to repeal the European Council Decision 2000/642/JHA, laying down rules facilitating the use of financial and other information for the prevention, detection, investigation, or prosecution of certain criminal offences.

7 May 2018 - Publication of the Benchmark and PRIIPs Laws in the Official Journal of Luxembourg

On 17 April 2018, the Benchmark Law has been published in the Luxembourg official Gazette (Journal officiel Mémorial A). Following this publication, it entered into force on 23 April 2018 (to the exception of the provisions relating to the insurance law, which are not addressed in this alert, and will be effective on 1 July 2018).

4 May 2018 - After EMIR & MiFIR, Securities Financing Transaction Regulation (SFTR) is finishing the trilogy

The Securities Financing Transaction Regulation (SFTR, (EU) 2015/2365) is the latest part of a sequel of the Financial Stability Board (FSB) and European Systemic Risk Board (ESRB) to mitigate the risks and increase transparency in the use of securities financing and reuse.

17 April 2018 - Toward AML V

On 5 July 2016, the European Commission adopted a proposal to amend the Directive (EU) 2015/849, on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.

13 April 2018 - Brexit: Political agreement on a transition period – Key take away

The EU Chief negotiator Michel Barnier announced an agreement in principle on the details of a Brexit transition period with the UK on 19 March 2018.

11 April 2018 - Guidelines on internalised settlement reporting under Article 9 of CSDR

According to Article 9(1) of CSDR, settlement internalisers shall report on a quarterly basis to the competent authorities of their place of establishment the aggregated volume and value of all securities transactions that they settle outside securities settlement systems.

6 April 2018 - ESMA publishes its first report based on AIFMD reporting

On 20 March 2018, ESMA published its report on trends, risk and vulnerabilities, where they discuss the main trends and risks of the current fund reporting environment.

19 March 2018 - Liquidity Risk Management – IOSCO and ERSB recommendations for open-ended funds

In February 2018, IOSCO published its report on good practices and issues for consideration regarding liquidity risk management for open-ended funds. 

13 March 2018 - Sustainable finance

On 8 March 2018, the European Commission published its action plan for a greener and cleaner economy. It sets out a roadmap for further work combining legislative and non-legislative actions for the financial sector to support the transition to the low-carbon economy.

13 March 2018 - Brexit: Draft Withdrawal Agreement between the European Union and the United Kingdom

On 28 February, the European Commission published the draft Withdrawal Agreement between the European Union and the United Kingdom.

9 March 2018 - Omnibus Law of 27 February: Amendment to the Law of 17 December 2010 regarding Part II Funds

The changes introduced concerns about the completion of the post-UCITS V regulatory transition regarding depositaries for undertakings for collective investment governed by the Part II of the UCI Law.

5 March 2018 - Regulatory updates on cryptocurrencies

On 1 December 2017, the US regulator authorized the exchange of derivative instruments where the underlying is based on the Bitcoin cryptocurrency on three different financial platforms

1 March 2018 - Mortgage credit intermediary

On 12 February 2018, the Commission de Surveillance du Secteur Financier (CSSF) published a new application to extend the investment firm authorization to the status of mortgage credit intermediary

27 February 2018 - Professional secrecy amendments - Update of article 41 of the law of 5 April 1993 related to the financial sector

On 6 February 2018, the Chamber of Deputies adopted the first constitutional vote on the draft bill 7024 implementing interchange fee regulation into Luxembourgish Law and amending professional secrecy obligations for the financial sector.

23 February 2018 - Article EU Commission Brexit note 8 February – MIFID II, Markets and Derivatives

Until the end of a potential transition period, UK MiFID firms will forego their right to access the remaining EU investors. UK will become a third country; therefore, UK firms will no longer be able to freely access EU markets on the current basis.

23 February 2018 - EU Commission Brexit note on the withdrawal of the United Kingdom and EU rules in the field of asset management

On 8 February 2018, the EU Commission released several papers, among which, three addressed specifically to banks, MiFID firms, and investment managers of both UCITS and AIFs. All three papers are official notices that highlight the expected impacts of Brexit on various financial business activities.

23 February 2018 - Brexit: News EU Commission note 8 February – Banks

On 8 February 2018, the EU Commission released several papers, among which, three addressed specifically to banks, MIFID firms, and investment managers of both UCITS/AIF Funds. These three papers are an official notice that attempts to anticipate the expected impacts of Brexit on financial business activities.

7 February 2018 - Banking Union: Consultation from the European Commission on the sovereign bond-backed securities initiative

On 23 January 2018, the European Commission launched an impact assessment on a new initiative aiming at enabling a regulatory framework for the development of sovereign bond-backed securities (SBBS).

6 February 2018 - ESMA consultation on CFD and Binary options

This consultation, should it go through, would mark the first use of MIFID II Article 40 allowing Supervisory Authorities to suspend or restrict the access of some financial instruments to investors.

29 January 2018 - The UK’s approach to EEA banks and investment firms’ branches (&CCPs) authorization and supervision after Brexit

On 20 December the PRA presented its overall approach for UK branches of international banks

29 January 2018 - AIFM: Update on the application questionnaire for the setup

On 16 January, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its application form for the set-up of a fully licensed alternative investment fund manager.

9 January 2018 - Luxembourg – CSSF change in policy to investments by UCITS in other UCIs under Article 41(1)(e) of the UCITS Law of 2010

The Luxembourg regulator, the CSSF, announced a policy change for investment by UCITS in other UCIs under Article 41(1)(e) of the Luxembourg Law of 17 December 2010 (the “Law”) via press release 18/02.

23 February 2018 - Brexit: News EU Commission note 8 February – Banks

On 8 February 2018, the EU Commission released several papers, among which, three addressed specifically to banks, MIFID firms, and investment managers of both UCITS/AIF Funds. These three papers are an official notice that attempts to anticipate the expected impacts of Brexit on financial business activities.


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.


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