The European Union has significantly overhauled its product liability regime with a new directive concerning liability for defective products (Product Liability Directive). EU member states have until December 9, 2026, to...more
2/18/2025
/ Artificial Intelligence ,
Compliance Dates ,
Consumer Protection Laws ,
Cybersecurity ,
EU ,
EU Directive ,
Liability ,
Manufacturers ,
Member State ,
Product Defects ,
Risk Management ,
Software ,
Technology Sector
On 10 February 2025, the law of 6 February 2025 regarding, notably, digital finance was published in the Official Journal of Luxembourg (the “Law”)....more
2/14/2025
/ AML/CFT ,
Anti-Money Laundering ,
Blockchain ,
Cryptoassets ,
Digital Assets ,
EU ,
Financial Services Industry ,
FinTech ,
Luxembourg ,
Market Participants ,
Regulatory Requirements
On 9 February 2025, prior to the commencement of the Artificial Intelligence (AI) Action Summit in Paris, President Emmanuel Macron in an interview on French national TV announced a substantial €109 billion investment in AI...more
2/12/2025
/ Artificial Intelligence ,
Data Centers ,
Data Privacy ,
Data Protection ,
Data Security ,
EU ,
Federal Funding ,
France ,
Infrastructure ,
Investment ,
Machine Learning ,
Public Private Partnerships (P3s) ,
Regulatory Requirements ,
Technology Sector
On 21 October 2024, the Commission de Surveillance du Secteur Financier (CSSF) implemented the European Securities and Markets Authority (ESMA) Guidelines regarding environmental, social, and governance (ESG) fund naming as...more
1/29/2025
/ Alternative Investment Fund Managers Directive (AIFMD) ,
CSSF ,
Environmental Social & Governance (ESG) ,
EU ,
European Securities and Markets Authority (ESMA) ,
Greenwashing ,
Investment Funds ,
New Guidance ,
Regulatory Requirements ,
Sustainability ,
Sustainable Finance ,
UCITS
Digital Operational Resilience Act (DORA) aims to harmonize provisions related to cybersecurity and information and communication technology (ICT) risk management in the financial sector. Its scope covers nearly all entities...more
1/17/2025
/ Compliance ,
CSSF ,
Cybersecurity ,
Data Protection ,
Digital Operational Resilience Act (DORA) ,
EU ,
Financial Institutions ,
Financial Services Industry ,
Information and Communication Technology (ICT) ,
Information Technology ,
Luxembourg ,
Regulatory Requirements ,
Risk Management
On 13 December 2024, the Commission de Surveillance du Secteur Financier (CSSF) published the first FAQ to assist professionals in the investment sector supervised, authorised, or registered by the CSSF in complying with...more
1/17/2025
/ AML/CFT ,
Anti-Money Laundering ,
Compliance ,
Due Diligence ,
Financial Crimes ,
Financial Services Industry ,
Investment Adviser ,
Investment Funds ,
Investment Management ,
Luxembourg ,
Money Laundering ,
Popular ,
Regulatory Requirements ,
Risk Assessment ,
Risk Management
On December 19, 2024, Luxembourg adopted Blockchain Law IV, a landmark legislative move aimed at strengthening the legal framework for blockchain in the financial sector. ...more
With the arrival of the Regulation on Digital Operational Resilience (DORA) and the Network and Information Security 2 (NIS2) Directive, the security of information systems and the protection of critical infrastructures have...more
12/2/2024
/ Compliance ,
Critical Infrastructure Sectors ,
Cyber Threats ,
Cybersecurity ,
EU ,
EU Directive ,
France ,
Luxembourg ,
Member State ,
New Regulations ,
Risk Management ,
Risk Mitigation
On October 24, 2024, the Irish Data Protection Commission (DPC) issued a press release announcing its EUR 310 million fine of LinkedIn over the platform’s use of member personal data in breach of the EU’s General Data...more
Welcome to the third edition of our Horizon Scan for 2024: key recent and expected funds, regulatory and tax developments to look out for. As before, we focus on the most important developments and changes that we expect...more
11/1/2024
/ Corporate Governance ,
Disclosure Requirements ,
Economic Sanctions ,
EU ,
Financial Crimes ,
Fund Managers ,
MiFID II ,
Packaged Retail And Insurance-Based Investment Products (PRIIPS) ,
Private Funds ,
Regulatory Requirements ,
SFDR ,
Sustainable Finance ,
UK
On October 16, the European Commission determined that X’s online social networking service does not qualify as a core platform service (CPS) under the Digital Markets Act (DMA). This conclusion follows a detailed market...more
10/31/2024
/ Cloud Computing ,
Competition ,
Digital Markets Strategy ,
End-Users ,
EU ,
European Commission ,
Online Advertisements ,
Online Platforms ,
Regulatory Requirements ,
Search Engines ,
Social Media ,
Social Networks ,
Web Browsers
The European Commission’s adoption on 23 October 2024 of the two regulations (Regulations) supplementing the [the Regulation on digital operational resilience for the financial sector Publications Office (europa.eu)] (DORA)...more
10/28/2024
/ Compliance ,
Compliance Dates ,
Digital Services ,
EU ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Financial Institutions ,
Financial Services Industry ,
Incident Response Plans ,
Member State ,
Regulation Technical Standards (RTS) ,
Risk Management ,
Third-Party Service Provider
In a previous alert, Crypto-Asset Services and Grandfathering Under MiCA: Clarity From ESMA, we noted that the provisions of the Markets in Crypto Assets Regulation (MiCA) governing crypto-asset service providers (CASPs) is...more
In a previous alert, “Are You Ready for MiCA Implementation?,” we discussed provisions of the Markets in Crypto Assets Regulation (MiCA) governing stablecoins that came into effect on 11 June 2024.
With further provisions...more
The act’s rules kick in on a rolling basis over the next few years, with the first set of prohibitions coming into effect in February 2025.
The European Union's Artificial Intelligence (AI) Act is the first comprehensive...more
On October 10, 2024, the European Council officially adopted the Cyber Resilience Act (CRA), a regulation designed to ensure that products with digital features are secure to use and resilient against cyber threats, and that...more
10/15/2024
/ Compliance ,
Connected Items ,
Consumer Product Companies ,
Consumer Protection Laws ,
Cyber Crimes ,
Cyber Policies ,
Cybersecurity ,
EU ,
European Council ,
European Economic Area (EEA) ,
Exemptions ,
Hardware ,
Manufacturers ,
New Regulations ,
Popular ,
Retailers ,
Software
In the past four months, the French judicial court has provided significant clarifications regarding the liability of digital asset service providers (DASPs) in managing their clients’ crypto-assets through three key rulings....more
10/11/2024
/ Corporate Liability ,
Cryptoassets ,
Digital Assets ,
Digital Service Providers ,
EU ,
France ,
Fraud ,
Liability ,
Limited Liability ,
Member State ,
Popular ,
Regulatory Requirements ,
Third-Party Risk
The Commission Nationale de l’Informatique et des Libertés (CNIL) is an independent French administrative regulatory body whose mission is to ensure that the collection, storage, and use of personal data comply with data...more
10/11/2024
/ Audio Recording ,
CNIL ,
Compliance ,
Data Controller ,
Data Protection Authority ,
Employee Privacy Rights ,
Enforcement Actions ,
France ,
General Data Protection Regulation (GDPR) ,
Personal Data ,
Popular ,
Sanctions ,
Surveillance ,
Video Recordings
In its 18 September 2024 ruling, the General Court of the European Union annulled the €1.5 billion fine that the European Commission had imposed on Google in 2019 for allegedly abusing its dominant position in online search...more
10/4/2024
/ Abuse of Dominance ,
Advertising ,
Antitrust Provisions ,
Competition ,
Contract Terms ,
Corporate Fines ,
Court of Justice of the European Union (CJEU) ,
Digital Marketplace ,
EU ,
European Commission ,
Google ,
Infringement ,
Monopolization ,
Online Advertisements ,
Search Engines ,
Sherman Act ,
Treaty on the Functioning of the European Union (TFEU) ,
Websites
On September 19th, 2024, the CSSF published its 2023 annual report, highlighting key regulatory challenges, particularly in the realm of crypto-assets following the implementation of the Markets in Crypto-Assets Regulation...more
9/25/2024
/ AML/CFT ,
Annual Reports ,
Banking Sector ,
Consumer Financial Products ,
Consumer Protection Laws ,
Cross-Border Transactions ,
Cryptoassets ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Action Task Force ,
Financial Markets ,
Luxembourg ,
New Regulations ,
Prudential Standards ,
Regulatory Oversight ,
Securities Tokens ,
Supervision
On September 9, 2024, a mediator from the French Financial Markets Authority (AMF) issued conclusions regarding the dispute over the closure of a client’s securities account. The account was closed because the client had...more
The European Union (EU) Artificial Intelligence Act (AI Act), Regulation (EU) 2024/1689 of the European Parliament and of the Council of 13 June 2024 laying down harmonised rules on artificial intelligence and amending...more
8/12/2024
/ Amended Regulation ,
Artificial Intelligence ,
Broker-Dealer ,
Brokers ,
Compliance Dates ,
Effective Date ,
EIOPA ,
EU ,
EU Directive ,
European Banking Authority (EBA) ,
European Commission ,
European Supervisory Authorities (ESAs) ,
Extraterritoriality Rules ,
Financial Services Industry ,
Insurance Brokers ,
International Harmonization ,
Investment Adviser ,
Lenders ,
Member State ,
Nonbank Firms ,
Retail Investors ,
Third-Party Service Provider
On 24 July 2024, the Ministry of Finance proposed Blockchain Bill IV, which will offer greater flexibility and legal certainty for issuers using Distributed Ledger Technology (DLT). The Bill will update three of Luxembourg’s...more
The publication by the Joint Committee of the European Supervisory Authorities (ESAs) on (a) 17 July 2024 of the second batch of implementing materials and (b) 26 July 2024 of the sub-contracting of information and...more
7/30/2024
/ Banking Sector ,
Compliance ,
Cyber Incident Reporting ,
Digital Services ,
EU ,
European Supervisory Authorities (ESAs) ,
Financial Institutions ,
Implementing Technical Standards (ITS) ,
Information Sharing ,
Regulation Technical Standards (RTS) ,
Risk Management ,
Third-Party Service Provider ,
UK
The Autorité des Marchés Financiers (AMF), the financial markets regulator in France, has published a summary report on the regulatory issues surrounding decentralized finance (DeFi). The AMF has published the feedback it...more