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ELTIF 2.0 RTS: EU Commission Formally Adopts Its RTS and Takes Flexible Approach to Liquidity

On 19 July 2024, the EU Commission formally adopted its delegated regulation supplementing the ELTIF Regulation. The delegated regulation seeks to set out the regulatory technical standards specifying when derivatives will be...more

MiCA Phase 1: ARTs and EMTs (Incl. Stablecoins) Need EU Authorization

The first phase of the Markets in Crypto-Assets Regulation (MiCA) applies from 30 June 2024. Issuers of asset-reference tokens (ARTs) must be authorized in the EU, which includes submitting a detailed application and...more

ELTIF 2.0 RTS: Focus on Liquidity - ESMA Proposes Further Changes to EC Amendments

ESMA has responded to the EU Commission’s March 2024 proposed amendments to the ELTIF 2.0 RTS. ESMA has notably rejected the EU Commission’s alternative option of determining the maximum redemption amount by reference to...more

New CSSF Circular on NAV Errors and Investment Rule Breaches

The CSSF has issued a new circular (Circular 24/856) aiming to protect investors in the event of certain errors and breaches. Circular 24/856 will enter into force on 1 January 2025 and will repeal circular 02/77....more

European Commission Requests Changes to ELTIF 2.0 Draft Regulatory Technical Standards

European Securities Market Authority (ESMA) submitted draft ELTIF 2.0 Regulatory Technical Standards (RTS) to the European Commission in December 2023. European Commission has informed ESMA it will only adopt the RTS once...more

ELTIF 2.0 RTS: ESMA adopts a conservative approach toward open-ended ELTIFs

ESMA has submitted its proposals for RTS supplementing ELTIF 2.0 to the European Commission - The RTS detail stringent conditions on liquidity and redemption provisions including in principle maximum quarterly redemption...more

Act Modernizing Luxembourg Fund Product Laws and AIFM Act Has Been Published

On 11 July 2023, the Luxembourg Parliament adopted bill of law n°8183 which amends five existing Luxembourg laws relating to alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the...more

Blockchain III Law: Luxembourg implements the EU DLT Pilot Regime and recognizes the use of DLT for financial collateral...

On 9 March 2023, the Luxembourg Parliament adopted the Blockchain III Law. The Blockchain III Law – which was published on 17 March 2023 – amends, amongst others, the Financial Sector Law2 and the Financial Collateral Law....more

Luxembourg Publishes Bill of Law Aimed at Modernization of Product Laws Including Part II AIFs

The Luxembourg government published bill of law n°8183 (the “Bill”) on 24 March 2023 that amends five existing laws on alternative investment funds (“AIFs”) and alternative investment fund managers (“AIFMs”), namely the UCI...more

Further Clarification by the CSSF on the Concept of "Public" for Professionals Carrying on a Lending Activity

On 15 June 2021, the Luxembourg financial services regulator, the Commission de Surveillance du Secteur Financier (the "CSSF") updated its Questions and answers on statuses of "PFS" – part II (the "PFS Q&A") by providing...more

6/23/2021  /  CSSF , Investment Funds , Lending , Loans , Luxembourg

Financial Services Quarterly Report - Fourth Quarter 2019: Developments in the Luxembourg Financial Sector

The Luxembourg government and the CSSF recently have taken a number of measures to combat money laundering and terrorist financing. In other developments: the current Luxembourg Brexit laws will be rendered inapplicable by...more

Financial Services Quarterly Report - Second Quarter 2019: Developments in the Luxembourg Financial Sector

The Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF), has published guidance regarding procedures to be followed by non-EEA firms when providing certain investment services in...more

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Law on 21-month grandfathering period in a "hard Brexit" scenario - Parliament has adopted legislation that will allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up...more

Luxembourg Adopts Brexit Law for Financial Services

On 26 March 2019, the Luxembourg Parliament adopted the first few of a series of Brexit laws, including bill of law n°7401. In the event of a no deal Brexit, this bill will entrust the Luxembourg supervisory authorities for...more

Investment Funds Update – Europe: Legal and regulatory updates for the funds industry from the key asset management centres and...

Bill to set up a 21-month grandfathering period in a "hard Brexit" scenario - The Luxembourg government has proposed legislation which would allow UK financial service providers to continue rendering certain services in...more

Luxembourg Proposes 21-Month Grandfathering Period in a "Hard Brexit" Scenario

The Luxembourg government has proposed legislation (Draft Bill), which would allow UK financial service providers to continue rendering certain services in Luxembourg for a period of up to 21 months after the date when the UK...more

Financial Services Quarterly Report - Third Quarter 2018: Developments in the Luxembourg Financial Sector

Luxembourg has transposed MiFID II into its national law, albeit five months after the deadline for doing so. In other matters, the Luxembourg supervisory authority, the Commission de Surveillance du Secteur Financier (CSSF)...more

Luxembourg CSSF Reshapes Organisational Rules of UCITS Management Companies and AIFMs, Enforces Local Substance Requirements

The Commission de Surveillance du Secteur Financier (CSSF) issued a circular on 23 August 2018 (Circular), which consolidates into one document the requirements for Luxembourg UCITS management companies, self-managed UCITS,...more

Financial Services Quarterly Report - Fourth Quarter 2017: Developments in the Luxembourg Financial Sector

Luxembourg recently published two important bills to combat money laundering and terrorism financing – one transposes the EU AML4 Directive1 into Luxembourg law; the second establishes a central register of beneficial owners,...more

Financial Services Quarterly Report - Third Quarter 2017: Luxembourg Developments

Luxembourg recently has taken a number of actions in connection with the transposition or implementation of various EU directives and regulations, respectively, into national law. The Luxembourg government deposited a bill of...more

Financial Services Quarterly Report - Second Quarter 2016: Effects of UCITS V Transposition into Luxembourg Law

The law that transposed UCITS V1 into Luxembourg law (UCITS V Law) entered into force on 1 June 2016. Among other matters, the UCITS V Law: (i) implements a depository regime based upon – but more stringent than – the AIFMD...more

Financial Services Quarterly Report - Third Quarter 2015: Developments in the Luxembourg Financial Sector

The Luxembourg government has brought to Parliament a bill of law transposing UCITS V into Luxembourg’s UCI Law and AIFM Law. Further, the Luxembourg CSSF published a new version of its AIFMD Frequently Asked Questions, among...more

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