Most Read Contributor in Luxembourg, February 2017
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
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
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As the banking industry continues to be shaped by technological and regulatory forces, we’ve gathered our European Central Bank (ECB) experts to hold a conference about this changing landscape. KPMG’s ECB desk from Frankfurt will join our Luxembourg banking partners to unpack the latest news from the ECB, including regulations that will affect the future of banking.
We would be very pleased if you could attend this event, which will be held at our Luxembourg headquarters in Kirchberg on 30 March. The talk will begin at 5:00pm and last until 6:00pm, at which point the evening will be turned over to a networking session with drinks.
Please let us know if you are able to attend by using the registration button above (by 27 March, if possible).
We look forward to seeing you there!
Here in Luxembourg, LPEA are holding an event which will offer new initiatives by bringing General Partners (GPs) and Limited Partners (LPs) together to examine and speak on the industry from the “360” perspective, leaving no stone unturned. We are a sponsor of the event, as well as having a speaker present. David Capocci, Partner and Head of Alternative Investments will be offering his own insight on the industry nowadays.
Over the last 40 years, the Cayman Islands has matured into one of the world's most sophisticated and successful international financial centres, providing a competitive, effective, transparent, cost-efficient and tax-neutral platform for international capital flows underpinned by an environment of legal, political and economic stability.
UCITS are permitted to invest up to 100% of their assets in other open-ended collective investment schemes ("CIS") where those CIS are:
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