Most Read Contributor in Luxembourg, February 2017
On 11 November 2016, the Commission de Surveillance du Secteur
Financier (the "CSSF") published in the Luxembourg
official gazette (the "Mémorial") the Regulation
16-07 (the "New Regulation") which repeals and replaces
the Regulation 13-02 (the "Regulation 13-02").
The New Regulation adds clarity to definitions by precising the
concept of "consumer". It refers to the Luxembourg
Consumer Code and recalls that a consumer is any natural person who
acts for purposes which are outside his/her commercial, industrial,
artisanal or professional activity.
The New Regulation also clarifies the admissibility requirements
for a complaint with the CSSF by extending the scope of requests in
the field of statutory audit and by accepting requests that have
been filed via the European Online Dispute Resolution (ODR)
platform. The new text also requires consumers which intend to file
a request with the CSSF to take action within one year after having
introduced a request with the professional.
The main changes introduced by the New Regulation aim at
enhancing the information provided by the professionals supervised
by the CSSF to consumers and complainants. The disclosure of the
professional's complaint resolution procedure by mean of its
website, brochures, leaflets and contractual documents must
additionally include the information on the role of the CSSF acting
as on out-of-court complaint resolution body.
In the communication process which arises from a
non-satisfactory answer to the complaining consumer, the New
Regulation confirms that the professional must inform the
complainant in writing about the existence of the out-of-court
complaint resolution procedure at the CSSF. If the professional
decides to opt for it, the New Regulation asks him to confirm to
the complainant his decision to have recourse to the out-of-court
resolution procedure to resolve the dispute and to inform the
latter that the request with the CSSF must be filed within one year
after having filed the complaint with the professional.
The New Regulation entered into force on the day of its
publication in the Mémorial, i.e. on 11 November 2016. It is
available via the following web link.
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guide to the subject matter. Specialist advice should be sought
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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”.
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.
In the context of the Private Member's Motion, Cayman Finance strongly urges the movers of the motion and the other members of the House to remain focused on the need to protect the Cayman Islands Financial Services Industry, which is directly responsible for more than half of the Islands' economy, more than half of the government's revenue and employs more Caymanians than any other industry.
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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