Source/Date | Brief description |
---|---|
CSSF 04/09/2018 |
New head of CSSF appointed Marko Zwick was appointed as the new director of the Commission de Surveillance de Secteur Financier ("CSSF"), the Luxembourg financial supervisory authority. He will be in charge of the portfolios on investment funds as well as specialized professionals in the financial sector. For further information, click here. |
CSSF 29/08/2018 |
Publication of CSSF 2017 annual report In the report, the CSSF details its activities per sectors in the past year against wider international developments, while setting out its course for the future. For further information, click here. |
CSSF 23/08/2018 |
Publication of Circular CSSF 18/699 updating the table EI "persons responsible for certain functions and activities" The CSSF updated the reporting requirements for investment firms in regards to persons responsible for data protection and the follow-up on ESMA recommendations. To access the text of the circular in French, click here. To access a mark-up of the modified table EI in French, click here. |
CSSF 23/08/2018 |
Publication of CSSF Circular CSSF 18/698 on the authorization and organization of Luxembourg investment fund managers On 100 pages, the Circular now contains substance rules for all Luxembourg fund management companies ("ManCos"), including alternative investment fund managers. Apart from codifying the regulatory practice already applied by the CSSF, the circular reflects the recent international and domestic legislative/regulatory developments around Brexit. Special focus is placed on appropriate substance of ManCos. To access the text of the circular in French, click here. |
CSSF 23/08/2018 |
Publication of CSSF Circular CSSF 18/697 on governance and organization of non-UCITS depositaries The circular completed the existing legal framework for fund
depositaries, adding to the rules already in place for UCITS
depositaries. It addresses (i) eligibility criteria to act as a
depositary of non-UCITS investment funds and the relevant
authorization procedure, (ii) corporate governance,(iii) relations
with third parties (sub-delegates, AIFM, etc.) and (iv) operational
rules governing the depositary's safekeeping and oversight
functions. |
CSSF 22/08/2018 |
Publication of CSSF Circular 16/699 regarding the update of the table IF "Persons in charge of certain functions and activities" (tableau EI « Responsables de certaines fonctions et activités ») The new circular introduced the obligation for investment firms
to appoint a special agent, other than a member of the management
body, in charge of questions relating to the investment firm's
duties on the protection of clients' assets. |
Luxembourg Parliament 22/08/2018 |
Publication of Law of 1 August 2018 establishing the National Data Protection Commission (CNPD) The previous notification system, based on ex-ante controls, has been replaced by ex-post controls, which eliminates the previous time-consuming procedure of notification to/authorization by the CNPD. Other key changes include the capacity of the CNPD to impose significant fines and sanctions and exemptions in respect to access to and processing of personal data. To access the text of the law in French, click here. |
Luxembourg Parliament 21/08/2018 |
Publication of the Law of 6 August 2018 amending and supplementing the amended law of 12 February 1979 on value added tax The law introduced the VAT group regime in the country's VAT legislation, following recent case law of the CJEU. The VAT group regime is very attractive for entities having no or partial input VAT recovery right. Since transactions between members of a VAT group are disregarded for VAT purposes, the regime entitles members of the group to receive services from others, without suffering a VAT cost. To access the text of the law in French, click here. |
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