Grand-ducal Regulation of 30 May 2018 transposing the MiFID II Delegated Directive (EU) 2017/593 into national Law was published in the Mémorial (the Luxembourg Official Journal) on 31 May 2018.
The new Regulation aims at:
- transposing Commission Delegated Directive (EU) 2017/593 of 7 April 2016 with regard to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits;
- amending Grand-ducal Regulation of 13 July 2007 relating to the keeping of the official listing for financial instruments; and
- repealing Grand-ducal Regulation of 13 July 2007 relating to organisational requirements and rules of conduct in the financial sector
With regards to the specific provisions of the Delegated Directive having an impact on the investment management activity, it is worth noting that the Grand-Ducal Regulation does not bring any substantial amendment to the text of the Delegated Directive.
The new Regulation entered into force on 4 June 2018.
The full text of the Grand-ducal Regulation of 30 May 2018 is available on the website of the Mémorial via the following 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.