Most Read Contributor in Luxembourg, February 2017
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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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.
A recent House of Commons debate on the Criminal Finances Bill included discussion about whether the Crown Dependencies should be forced to create public registries of beneficial ownership information.
An amendment to Cayman's
existing Anti-Corruption Law (2014
Revision) has been passed, the Anti-
Corruption (Amendment) Law, 2016,
and it has far reaching consequences as
to how corruption is now investigated
within the public sector in the Cayman
It is a criminal offense to leave the scene of an accident, however minor. The criminal sanctions for leaving the scene of an accident in which a person was injured are more severe (imprisonment and/or a minimum fine of 25,000 AED).
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