Legal news

RAIF Marketing and Distribution – CSSF Notifications to Remember

RAIF marketing and distribution - Do not forget CSSF notifications to be made by Luxembourg AIFMs (by an AIFM itself or a third person authorized to act on its behalf) to ensure EU passport marketing of RAIFs to professional investors. Although RAIFs are not supervised by the Commission de Surveillance du Secteur Financier Luxembourg (CSSF), it is mandatory to notify the CSSF to benefit from the EU marketing passport. Any material change to the content already communicated to the CSSF needs to be notified to the CSSF at least one month before implementing the planned change, or immediately after an ...
February 3rd, 2020| Legal news

New CNPD data breach notification form: Don’t forget to update your procedures

Don’t forget to update your procedures! In September of 2019 the National Commission for Data Protection (the "CNPD") updated its data breach notification form with the goal of facilitating the job of data controllers. The form is accessible by clicking here and should be sent to: You can use the public GPG key to secure the transmission of information by encrypting it (accessible by clicking on the link or the CNPD’s website). In case of a personal data breach, the organization’s data controller must notify the CNPD of the breach within 72 hours after becoming aware of it if the breach ...
December 13th, 2019| Legal news

CSSF FAQs on persons involved in AML/CFT for a CSSF-supervised Luxembourg Investment Fund or Investment Fund Manager

On 25 November 2019, the CSSF (Commission de Surveillance du Secteur Financier,  Luxembourg’s financial sector supervisory authority) issued its frequently asked questions (FAQs) regarding persons involved in AML/CFT for a Luxembourg Investment Fund (Fund) or Investment Fund Manager (IFM) supervised by the CSSF for AML/CFT purposes. The CSSF answered the following two questions: How do the requirements of Article 4(1) of the Law of 12 November 2004, as amended (the “Law”), that call for the appointment of two different persons in charge of AML/CFT need to be implemented by a Luxembourg Investment Fund or Investment Fund Manager supervised for AML/CFT ...
December 9th, 2019| Legal news

CNPD’s 2018 Annual Report – Increase in Complaints to CNPD

On 18 September 2019, Luxembourg’s National Commission for Data Protection (Commission nationale pour la protection des données, or « CNPD ») published its French-language 2018 annual report. The numbers on complaints are no surprise. Since the entry into force of the GDPR on 25 May 2018, they increased by 125%, almost by 250 complaints, in 2018 alone. The CNPD prepared a chart showing the various reasons for the complaints which you can see below. In addition to reinforcing your security measures, our recommendations are: Make sure to put retention periods into place (you can consult our suggestion table here); Implement a procedure to ...
November 27th, 2019| Legal news

Brexit and GDPR: How can you protect your company?

No transition period has been granted by the supervisory authority in Luxembourg (CNPD). In the face of the twists and turns surrounding BREXIT, it is better not to remain inactive but rather to sign standard contractual clauses with your partners today. If your group of companies is concerned, you might want to think of establishing an intra-group agreement and appointing a representative, subject to conditions precedent, if appropriate. Such an agreement would also allow you to effectively resolve issues related to Article 28 (processor and sub-processor). Our Digital team is at your disposal to assist you with your compliance as well as ...
November 6th, 2019| Legal news

Revised Incoterms Starting 1 January 2020 – Maritime Law

The Incoterms (INternational COmmercial TERMS) are the rules used by international commercial actors to facilitate their exchanges. These rules constitute an international standard and allow, as soon as a commercial transaction is entered into, to provide for the respective obligations and liability of the seller and the buyer, as well the mechanisms for the transfer of risks concerning the marchandise and the distribution of the various costs. However, the Incoterms remain a tool and not an obligation. The Incoterms are revised every ten years and are published by the International Chamber of Commerce ("ICC"). Thus, Incoterms 2020 have been available ...
November 4th, 2019| Legal news

Mandatory PRIIPs Assessment by 31 October 2019

CSSF Press Release 19/50 of 18 October 2019 follows up on CSSF press release 19/28 with respect to the mandatory PRIIPs assessment SIFs, Part II UCIs and SICARs have to complete online PRIIPS Assessment by 31 October 2019 at the latest on the CSSF eDesk portal. SIFs, Part II UCIs and SICARs are entitled to delegate the completion of the online assessment to their central administrations or management companies. Please also refer to: DSM legal news of 31 July 2019 For any other information, please contact Me Virginie Leroy or Me Renaud Le Squeren.  
October 30th, 2019| Legal news

Mandatory Brexit Notification

CSSF Press Release 19/48 of 11 October 2019 follows up on CSSF press releases 19/41 and 19/43 with respect to the mandatory notification in the context of Brexit and the opening of dedicated CSSF eDesk portals      1. UK managers who have not submitted a notification through dedicated Brexit portal by 15 September 2019 In case of a hard Brexit, UK managers (UK Alternative Investments Fund Managers – AIFMs of alternative investment funds established in Luxembourg (i.e. Luxembourg regulated or non-regulated AIFs; including RAIFs) will not be entitled to continue their activities as from 1 November 2019 under the transitional ...
October 21st, 2019| Legal news

Luxembourg GDPR retention period table – October 2019

A little more than one year after the entry into force of Regulation (EU) 2016/679 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (the General Data Protection Regulation or "GDPR"), it seems there still remain many gray areas. This is particularly true with respect to retention periods for different categories of data collected and processed by data controllers. To that end, DSM Avocats à la Cour presents a summary table for the Luxembourg GDPR retention periods for the personal data that is most often collected and processed ...
October 8th, 2019| Legal news

New UCI approval through CSSF eDesk portal starts 1 October 2019, transition period ends 31 October 2019

CSSF Press Release 19/45 of 1 October 2019 confirms that applications for new UCI approvals (UCITS, UCI Part II, SIF and SICAR not yet registered on the official list) must be submitted starting 1 October 2019 via its new eDesk portal. However, a new UCI will benefit from a transition period ending on 31 October during which requests for UCI approval may be submitted vía: email or secured e-file channels using the current dedicated Excel form, or the dedicated eDesk/UCI approval application. Starting 1 November 2019, the only possible channel will be eDesk. Because they are not supervised by the ...
October 7th, 2019| Legal news

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