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
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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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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
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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
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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
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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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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
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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
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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
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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
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