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

Cross-Border Distribution of Investment Funds: New EU Directive and Regulation 2019 – Part 2

On 12 July 2019, the Official Journal of the European Union (OJ) published a new EU cross-border distribution directive and regulation. In Part 2 below, we discuss the new regulation, Regulation (EU) 2019/1156 of the European Parliament and of the Counsel of 20 June 2019 on facilitating cross-border distribution of collective investment undertakings and amending Regulation (EU) Nos 345/2016, 346/2013 and 1286/2014 (the “Cross-Border Distribution Regulation”). The latter regulation, 1286/2014, is on packaged retail and insurance-based investment products (PRIIPs) (the “PRIIPs Regulation”).   The Cross-Border Distribution Regulation includes the following significant features:  1. Requirements for marketing communications (applicable from 2 ...
September 23rd, 2019| Legal news

Cross-Border Distribution of Investment Funds: New EU Directive and Regulation – July 2019 – Part 1

On 12 July 2019, the Official Journal of the European Union (OJ) published a new EU cross-border distribution directive and regulation. In Part 1 below, we discuss the new directive, Directive (EU) 2019/1160 of the European Parliament and of the Counsel of 20 June 2019, amending Directives 2009/65/EC on Undertakings for Collective Investment in Transferable Securities (UCITS) and 2011/61/EU on Alternative Investment Fund Managers (AIFMs and the “AIFM Directive”), with regard to cross-border distribution of collective undertakings (the “Cross-Border Distribution Directive”). The Cross-Border Distribution Directive includes the following significant features: A uniform definition and conditions for AIFs “pre-marketing” to potential ...
September 2nd, 2019| 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

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