On 11 July 2019 the Bill of Law 7349, which implements the Securitisation Regulation1 , the EuVECA Regulation2 , the EuSEF Regulation3 , the ELTIF Regulation4 and the Money Market Funds Regulation5 , was voted for by the Luxembourg Parliament (Chambre des Députés) (first constitutional vote).
The Bill of Law designates the competent authorities, i.e. the CSSF (Commission de Surveillance du Secteur Financier) and the CAA (Commissariat aux Assurances)6, and provides for their investigative and supervisory powers as well as their powers to impose administrative sanctions for the performance of their missions under the various regulations mentioned above. It also introduces some specific amendments the RAIF Law7 and to the amended Law of 5 April 1993 on the financial sector.
Depending on the date of its publication in the Luxembourg Official Gazette, the new law should become applicable either in the course of July, or early August 2019.
1. " Securitisation Regulation" refers to Regulation 2017/2402 of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation.
2. " EuVECA Regulation" refers to Regulation (EU) 345/2013 of 17 April 2013 on European venture capital funds.
3. " EuSEF Regulation" refers to Regulation (EU) 346/2013 of 17 April 2013 on European social entrepreneurship funds.
4. " ELTIF Regulation" refers to Regulation EU) 2015/760 of 29 April 2015 on European long-term investment funds.
5. " Money Market Funds Regulation" refers to Regulation (EU) 2017/1131 of 14 June 2017 on money market funds.
6. The CSSF is appointed as competent authority to ensure compliance with the EuVECA Regulation, the EuSEF Regulation, the ELTIF Regulation and the Money Market Funds Regulation. For the Securitisation Regulation, the CSSF and the CAA are appointed as competent authorities to ensure compliance by the entities under their respective supervision with the obligations applying to them.
7. "RAIF Law" refers to the Law of 23 July 2016 on Reserved Alternative Investment Funds.
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.