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
about your specific circumstances.
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ICT Spring is a global technology conference that welcomes various international professionals from the technology space. It is a two-day yearly event which is held in Luxembourg City, “at the heart of Europe, and offers the participants a unique opportunity to deepen their digital knowledge, capture the value of the fast-growing FinTech industry, and explore the impact of space technologies on terrestrial businesses, through exhibitions and demonstrations of the latest tech trends and innovations. ICT Spring is also the perfect place to network with peers and future business partners”.
ICT Spring is a global technology conference that welcomes various international professionals from the technology space. It is a two-day yearly event which is held in Luxembourg City, “at the heart of Europe, and offers the participants a unique opportunity to deepen their digital knowledge, capture the value of the fast-growing FinTech industry, and explore the impact of space technologies on terrestrial businesses, through exhibitions and demonstrations of the latest tech trends and innovations.”
This May, ALFI Funds are hosting a roadshow in New York. KPMG are very happy to be sponsoring this event, which will feature Giuliano Bidoli, Partner in Tax, alongside Chrystelle Veeckmans, Partner in Audit. Giuliano will speak about the latest tax developments at the conference.
UCITS may invest in financial derivative instruments for investment purposes subject to a variety of conditions as outlined below relating to the nature of the exposures taken, the leverage generated through such positions, the process employed by the UCITS to manage the risks arising from derivatives investment as well as rules relating to OTC counterparty exposure and to the valuation of derivatives positions.
The MFSA issued a Circular highlighting the importance for regulated entities to conduct an appropriate assessment in all instances prior to proposing the appointment of individuals to be involved in or to hold key functions in a regulated structure...
As the UCITS acronym suggests, its original focus was on investment in "transferable securities" although UCITS do offer far wider investment possibilities, as explained below.
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