One of the objectives of EMIR (the European Market
Infrastructure Regulation) is to lower the risk of contagion in the
financial system, and in doing so promote an efficient and
transparent derivatives market. It's doing this by requiring that clearing and risk management
for derivatives go through central counterparties, which are
obliged to report essential information related to these
In the continuing effort to become compliant with EMIR, many
jurisdictions in Europe are discussing adapting their local laws to
create a framework for supervising financial conglomerates.
Naturally Luxembourg is among these, and going forward we may see
the CSSF and the CAA implementing new laws in this area.
Among the new powers the CSSF and CAA could gain are:
the right to access relevant documents in any form
the right to request information from the respective
the right to conduct on-site inspections and surveys of the
the right to access the respective parties' communications
and digital records
the right to require a party to cease any practice that is not
compliant with EMIR
We foresee the possibility that the CSSF and the CAA might be
able to sanction in the following cases:
If the party...
publishes documents or information that is proven to be
incomplete, inaccurate, or false
refuses to provide documents or other information
impedes the CSSF/CAA from exercising their powers of
surveillance, intervention, inspection, and investigation
does not follow an injunction from the CSSF/CAA
The CSSF and CAA could potentially have the following regime of
sanctions in their toolkit:
an administrative fine between €125 and €1.5 million
(if the offense has provided a financial benefit then the fine
cannot be less than the profit made, nor can it be more than five
times the amount)
a temporary or permanent ban
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The SuperReturn International series consists of 15 annual international private equity & venture capital events held in Europe, Asia, Africa, Middle East and the US. This happens to be the European event for the year. Spread across five days, starting from 27 February, the largest private equity event worldwide will take place in Berlin this year.
Some of the main subjects being discussed at this year’s conference are; The Geopolitical and Economical happenings of the last 12 months, Innovation Disruption & Tech Expertise and many more. As previously eluded to, there will be over 400 presenters, all bringing their own perspective and stance on specific topics to the table. Companies such as Google, Visa, Bloomberg and many more will all be represented throughout the five days.
KPMG Associate Partner, Nic Müller, will be speaking on 28 February at 3pm: “Why invest in the mid-market today”.
Given the societal challenges and environmental issues we currently face, the circular economy concept has rapidly been gaining in importance. This is why the Luxembourg government is pressing ahead in setting up the framework for the third industrial revolution, in which a circular economy is a key pillar.
The International Accounting Standards Board’s (IASB) insurance contracts standard, IFRS 17, is expected to significantly affect data requirements and the systems and processes used for data collection, actuarial projections, and on calculating and accruing interest.
In discussion with insurers around the world, we found that most expect to face challenges accessing and handling data of the right quality and granularity under the new standard. And many see significant effort associated with capturing, storing and analyzing this information given historical data quality and the use of legacy systems.
In the third of our webcast series - Impacts of IFRS 17 on data, systems and processes - we will share practical examples of how the forthcoming standard may impact an insurer’s current systems architecture. In addition, we will explore the data that will be required and how the standard will influence new estimates, computations and processing. We will also share lessons that we have learned from helping insurers through Solvency ll and the importance of developing a data management policy early on.
The Ministry of Financial Services, Commerce and Environment has prepared 11 bills to strengthen Cayman's regulatory framework, introduce new financial services vehicles, and improve the local business environment.
Over 150 attendees from both New York and the Cayman Islands recently gathered at the 4th annual Cayman Finance New York Breakfast Briefing held at the Harvard Club of New York City at which Cayman Finance CEO Mr Jude Scott described Cayman as "the premier global financial hub".
This article will explore existing real estate property management solutions, focusing on the top private equity real estate platforms in the marketplace, including subject matter expert's viewpoints on the existing software infrastructure.
Of those assets there is a wide range, including hedge funds, private equity, debt and property funds.
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