On 23 December 2016, the Luxembourgish Law on Market Abuse was
published in Memorial A n°279. It repeals the previous Law of 9
May 2006 on Market Abuse and supplements Regulation (EU) n°
596/2014 of the European Parliament and of the Council of 16 April
2014. It also transposes the Directive 2014/57 (EU) on criminal
sanctions applicable to market abuses.
The Law clarifies the powers of the CSSF and provides the
authority with a strengthened leeway regarding market abuse. It
features procedures for investigations, supervision as well as
cooperation with foreign competent authorities.
The Law also provides with detailed administrative and criminal
sanctions in relation to market abuse.
The term of imprisonment applicable to a natural person
committing market manipulation or insider dealing ranges from 3
months to 4 years. This includes attempts of the said offences.
Unlawful disclosure of inside information can amount to 8 days to 2
years of imprisonment.
Along with significant criminal or administrative fines (ranging
from EUR 500 000 to EUR 5 000 000 for a natural person and from 1
000 000 to 15 000 000 or 15 percent of the annual turnover for a
legal person), legal and natural persons committing market abuse
may notably be subjected to the following administrative
an order requiring the person
responsible for the infringement to cease the conduct and to desist
from a repetition of that conduct;
withdrawal or suspension of the
authorisation of an investment firm;
a temporary or permanent ban of a
person discharging managerial responsibilities within an investment
firm or any other natural person, who is held responsible for the
infringement, from exercising management functions in investment
Eventually, the Law emphasizes on whistleblowing procedures and
mechanisms of reporting in case of actual or potential
infringements of the Regulation.
The Law entered into force on the 30th December 2016,
three clear days after its publication on 27 December 2016.
The Law (only in French) is available on this Link.
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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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.
As recent events in Tunisia and Egypt have proven, the mention of fraud or corruption in the MENA region prompts people to think about governments and civil servants, rather that private corporations that are considered, wrongly, less concerned by this ordeal.
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