Legal news

e-Desk portal open for mandatory notification in the context of Brexit – 2 August 2019

Don’t forget to submit a notification through the eDesk portal by 15 September 2019 to benefit from the transitional regime.  CSSF Press Release 19/41 dated 2 August 2019 follows up on Commission de Surveillance du Secteur Financier (CSSF) press release 19/34 and 19/18 on the publication of the Laws of 8 April 2019 with regard to Brexit. Undertakings for collective investment and their managers, firms and investment funds that wish to benefit from the 12-month transitional regime of the Brexit laws are required to notify the CSSF no later than 15 September 2019. Dedicated “Brexit Notification” forms are now available ...
August 5th, 2019| Legal news

Dematerialisation of requests to the CSSF – Completion of the PRIIPs online assessment request by 31 October 2019 – 1 July 2019

On 1 July 2019, Luxembourg’s financial regulatory body, the Commission de Surveillance du Secteur Financier (CSSF), published Circular 19/721 (the "Circular") to inform the supervised entities of the dematerialisation of requests to the CSSF.  The Circular applies to supervised entities, including but not limited to: Undertakings for collective investment (UCIs) subject to Part II of the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment, as amended; Specialised Investment Funds (SIFs) subject to the Luxembourg Law of 13 February 2007 relating to specialised investment funds, as amended; Investment Companies in Risk Capital (SICARs) subject to the Luxembourg ...
July 31st, 2019| Legal news

Mandatory Brexit notification for undertakings for collective investment and their managers no later than 15 September 2019

Press release 19/34, dated 15 July 2019, follows up on Commission de Surveillance du Secteur Financier (CSSF) press release 19/18 regarding the publication of the Laws of 8 April 2019 on Brexit. Current UK Alternative Investment Fund Managers (AIFMs), duly authorised by the UK authorities to manage Luxembourg Alternative Investment Funds (AIFs) will be required to notify the CSSF no later than by 15 September 2019 of their intention and way forward to continue to provide services in Luxembourg after the occurrence of a Brexit without a withdrawal agreement (a “Hard Brexit”). A dedicated notification portal will be opened on ...
July 22nd, 2019| Legal news

Have you checked whether your Luxembourg holding company is excluded from the scope of the AIFM Law? – 15 July 2019

Holding companies are excluded from the scope of the Luxembourg Law of 12 July 2013 on alternative investment fund managers as amended (“AIFM Law”) under Article 2.2(a) of AIFM Law provided that they qualify as “holding companies” as defined by Article 1(62) of AIFM Law. That definition is slightly different from the corporate concept of “financial participation companies” (commonly referred to in practice as “SOPARFI”). To qualify as a holding company and be excluded from the scope of the AIFM Law, a holding company must be a company with shareholdings in one or more other companies, the commercial purpose of ...
July 15th, 2019| Legal news

Luxembourg publishes two financial sector Brexit laws – 8 April 2019

Luxembourg passed two laws dated 8 April 2019 in relation to the financial sector for the Brexit (together the “Brexit Laws”). Maximum 21-month grandfathering period to benefit from EU passport  The first Luxembourg Brexit Law covers the scenario in which no withdrawal agreement is entered into between the United Kingdom (UK) of Great Britain and Northern Ireland (commonly known as the “UK”) and the EU, otherwise known as a “hard Brexit”. In case of a hard Brexit, actors in both the UK financial sector and UK investments funds sector will be considered “third-country firms” and will no longer benefit from ...
July 3rd, 2019| Legal news

Whistleblowing in the Luxembourg financial sector and the new European Directive on the protection of whistleblowers – 6 June 2019

Currently, whistleblowing in this country is still regulated on a sectorial basis. The financial sector is the most advanced on the issue, with laws transposing a certain number of European Directives dealing with whistleblowing in various areas (the fight against money laundering, market abuse, investment services, professional and financial sector codes of conduct). For banks and financial sector professionals, whistleblowing is considered part of the internal governance mechanism. Its rules are defined by a regulatory authority that requires the setting up of a system for the communication and handling of alerts  which respects the confidentiality of the informer’s identity and ...
June 6th, 2019| Legal news

CSSF Publishes English-language Version of Circular 18/698 for Luxembourg Investment Fund Managers

CSSF published an English-language version of Circular 18/698 applicable to the authorisation and organisation of investment fund managers incorporated under Luxembourg law. It includes provisions on the delegation of certain functions by the investment fund managers (i.e. UCITS management companies and AIFMs), provisions on the appointment of investment advisers and specific provisions on the fight against money laundering and terrorist financing applicable to investment fund managers and entities carrying out the activity of registrar agent. The new CSSF Circular replaces CSSF Circular 12/546.  Make sure to update your framework and processes to comply with Circular 18/698.
May 12th, 2019| Legal news

The consequences of a “Hard Brexit” on personal data

It would still appear to this day that the United Kingdom is leaving the European Union on 29 March 2019. In the absence of an agreement ratified by both parties, the United Kingdom will become a third country to the European Union on 30 March 2019, with the consequence that European regulations will cease to apply and in particular the General Data Protection Regulation (GDPR). One question remains open: how to organise the transfer of personal data from the EU (and particularly Luxembourg) to the United Kingdom? Data transfers to the United Kingdom will no longer be able to be ...
March 10th, 2019| Legal news

Luxembourg publishes the Grand-Ducal Regulation on the Beneficial Owner Register – 19 February 2019

The Grand-Ducal Regulation of 15 February 2019 on the procedures for registration, payment of administrative fees and access to information in the Beneficial Owner Register was published in the Official Journal of the Grand Duchy of Luxembourg (Mémorial A n°73) on 19 February 2019. The regulation was adopted in accordance with the Law of 13 January 2019 establishing a Beneficial Owner Register (Registre des bénéficiaires effectifs or "RBE") and provides in particular for the payment of administrative fees and a pricing schedule for applications for registration, amendment, extracts and certificates. The law and the Grand-Ducal Regulation will come into effect ...
February 20th, 2019| Legal news

PAPERJAM article by Maîtres LE SQUEREN and CUCHE – At what age can one form a company? – 1 February 2019

DSM Partner Renaud LE SQUEREN, and Associate Héloïse CUCHE published an article in Paperjam Law & Employment explaining Luxembourg labour law with respect to an individual’s forming a company. To read the article, click here.
February 1st, 2019| Legal news

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