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Regulatory News Alert
You can find here the latest national, European or international regulatory updates analysed by Deloitte.
The Commissariat aux Assurances (CAA) recently published a new circular letter (Lettre Circulaire 22/15 du Commissariat aux Assurances) regarding the roles and responsibilities of the Board of (re)insurance undertakings and any holding companies under their supervision.
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.
EU negotiators have now reached a full technical agreement on the DORA package. A few months of administrative process are left before the DORA will be published in the EU Official Journal (OJ)1, but the full text of the agreement has now been published by the European Parliament and FS firms need to begin assessing what it means for them.
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.
On 30 June 2022, the European Parliament and Council reached a provisional agreement on the Markets in Crypto-Assets (MiCA) Regulation.
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.
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 Anti-Money Laundering and Counter the Financing of Terrorism (“AML/CFT”) obligations applicable to RAIFs.
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).
On May 16, the CSSF issued a much-awaited circular on the Undertakings for Collective Investment (UCI) schemes.
European Market Infrastructure Regulation (EMIR) REFIT (Regulation 2019/834) entered into force on June 17, 2019.
The long-awaited Outsourcing Circular which implements the EBA’s Guidelines on Outsourcing is published with a further extension of application.
On 22 December 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Circular 21/790 (“the Circular”) that introduced new regulatory reporting obligations for Undertakings for Collective Investments (UCIs).
Markets in Crypto-assets (MiCA) Regulation, introduced in 2020, provides a sound legal framework for crypto-asset markets to develop within the EU by clearly defining the regulatory treatment of crypto-assets that are not covered by existing financial services legislation.
On 9 February 2022, the Luxembourg parliament has approved a new law amending the Law of 22 March 2004, which will enter into force after publication in the Official Journal (the Law).
On 24 January 2022, the Commission de Surveillance du Secteur Financier (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 Distributed Ledger Technology (DLT) and its use in the provision of services in the Luxembourg financial sector.
On 10 January 2022, the Financial Data Exchange Templates (FinDatEx) published a new version of the Solvency II tripartite template (TPT).
On 22 December 2021, the Commission de Surveillance du Secteur Financier (CSSF) published three new Circulars that introduce new regulatory reporting obligations for investment fund managers (IFMs) and undertakings for collective investments (UCIs).
On 20 December 2021, the CSSF published Circular 21/787, which applies the European Banking Authority’s (EBA) final revised Guidelines on major incident reporting under PSD2 of June 2021 (the “Guidelines").
The final extension of the UCITS exemption for PRIIPs and the new PRIIPs RTS are enacted in the Official Journal
On 25 November 2021, as a 10th anniversary gift, the European Commission published a legislative proposal amending the Alternative Investment Funds Manager Directive (AIFMD—Directive 2011/61/EU) (“the Directive”).
European Commission proposes structural changes to enhance EU capital markets’ transparency and competitiveness.
Following an initial vote by the European Parliament's Committee on Economic and Monetary Affairs (ECON) in October 2021, the European Parliament voted on 23 November 2021 to extend the UCITS exemption and postpone the new PRIIPs Regulatory Technical Standards (RTS) by 6 months.
On 28 October 2021, the Financial Action Task Force (FATF) published “Updated Guidance for a Risk-Based Approach to Virtual Assets (VAs) and Virtual Asset Service Providers (VASPs)”.
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.
On 14 October 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Circular CSSF 21/785 (the “Circular”), replacing the prior authorization obligation with a prior notification obligation in the case of material IT outsourcing.
On 6 October 2021, the Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published preliminary guidance (“the Guidance”) for public consultation.
On 11 October 2021, the Central Bank of Luxembourg (BCL) will start the testing phase of the CDDP6 reports.
On 24 September 2021, by way of Circular 21/782, the Commission de Surveillance du Secteur Financier (CSSF) adopted the European Banking Authority’s (EBA) Revised Guidelines on customer due diligence and risk factors that credit and financial institutions should consider when assessing the money laundering and terrorist financing (ML/TF) risk associated with individual business relationships and occasional transactions (“the Guidelines”).
In July 2021, the UK Prudential Regulation Authority (PRA) published its supervisory statement SS5/21 that should be of great importance for the European banks and investment firms operating in the United Kingdom via a subsidiary or branch.
On 20 July 2021, the European Commission presented an anti-money laundering and countering the financing of terrorism (AML/CFT) package.
On 15 July 2021, the Central Bank of Luxembourg (BCL) published a new reporting framework for the collection of payment statistics (“CDDP6”). This revised framework concerns all payment servicing institutions and will start with the reference period of January 2022.
On 10 June 2021, the European Banking Authority (EBA) published the final revised Guidelines on major incident reporting under PSD2 (EBA/GL/2021/03).
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.
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.
On 21 May 2021, the Chambre des Députés of Luxembourg published Bill no. 7825 (the Bill) amending the Law of 22 March 2004 on securitization (the Law).
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).
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.
On 3 February 2021, the European Supervisory Authorities (ESAs) published the outcome of their discussions on the packaged retail investment and insurance products (PRIIPs) regulation and announced they reached a consensus on the PRIIPs amendments.
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.
On 15 April 2021, the European Securities and Markets Authority (ESMA) published its final report on the European Markets Infrastructure Regulation (EMIR) and Securities Financing Transactions Regulation (SFTR) data quality.
On 9 April 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Circular 21/769 regarding governance and security requirements for supervised entities to perform tasks or activities through telework (the “Circular”).
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.
On 17 March 2021, the three European Supervisory Authorities (ESAs) published a joint consultation paper on draft regulatory technical standards (RTS) regarding the content and presentation of sustainability disclosures under Articles 8(4), 9(6) and 11(5) of the Sustainable Finance Disclosure Regulation (SFDR).
On 5 March 2021, the Commission de Surveillance du Secteur Financier (CSSF) published a communication regarding the launch of the European Securities and Markets Authority’s (ESMA) Common Supervisory Action (CSA) on the supervision of costs and fees of UCITS.
On 25 February 2021, the European Supervisory Authorities (ESAs) published a joint statement on the application of the Sustainable Finance Disclosure Regulation (SFDR).
On 17 February 2021, the Administration de l’enregistrement, des domaines et de la TVA (the Administration) published Circular No. 804bis clarifying the new subscription tax rates for undertakings for collective investment (UCIs) or individual compartments of a UCI with multiple compartments.
On 18 February 2021, the Commission de Surveillance du Secteur Financier (CSSF) published a revised notification form in accordance with Circular CSSF 02/77. This form is accompanied by an explanatory document that provides further clarification regarding the form and notification process.
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.
On Friday 12 February 2021, FinDatEx validated version 3.1 of the new European Markets in Financial Instruments Directive (MiFID) template (EMT). Changes from EMT v3 include information related to Sustainable Finance Disclosure Regulation (SFDR) level 1 requirements for investment funds.
On 20 July 2020, the European Supervisory Authorities (ESAs) published the outcome of the packaged retail investment and insurance products (PRIIPs) review. Despite the efforts made in the last 18 months, they have up to now failed to agree on the final text.
On 26 January 2021, the Financial Action Task Force (FATF) decided to postpone for a second time its Luxembourg onsite visit due to COVID-19. Originally scheduled for June and July 2020, the inspection had already been postponed to March 2021 due to the travel restrictions and lockdown measures in place.
On 27 January 2021, Commission Delegated Regulation (EU) 2021/70 amending Delegated Regulation (EU) 2018/1229 concerning the regulatory technical standards (RTS) on settlement discipline was published in the Official Journal of the European Union (OJ).
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.
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.
On 18 December 2020, the Commission de Surveillance du Secteur Financier (CSSF) published the results of the Thematic Review on Efficient Portfolio Management – Revenues and Costs/Fees (“the Review”) and of the Frequently Asked Question on the use of Securities Financing Transactions by UCITS.