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In brief

On 22 December 2021, the Commission de Surveillance du Secteur Financier (CSSF) published three circulars to improve the risk-based supervision of the CSSF, both for anti-money laundering and countering the financing of terrorism (AML/CFT) and prudential purposes.

Circular 21/788 introduces a mandatory external AML/CFT audit for IFMs while Circular 21/789 and Circular 21/790 introduce new reporting requirements for (i) all authorized IFMs, SIAGs and FIAAGs and (ii) UCITS and UCIs subject to part II of the UCI Law, and SIFs and SICARs respectively.


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Author

Laurent Fessmann is the managing partner of Baker McKenzie's Luxembourg office and a member of the Firm's Global Funds Steering Committee. He started his career in 1996 as in-house counsel in a French CAC40-listed company where he worked intensively on LBO transactions, capital markets and corporate law matters. Mr. Fessmann joined a top 10 Luxembourg business law firm where he became a partner prior to founding his own law firm in 2009. He is a recognized professional in Legal 500 and Chambers. He takes part in several working groups at local market industry associations like ALFI, ABBL, LPEA and the Association of Global Custodians and is also a regulator at fund conferences such as ALFI, IBCI and regularly invited to speak on internal or bank seminars.

Author

Catherine Martougin is a partner in the Funds & Asset Management team of the Baker McKenzie Luxembourg office. She has more than 17 years' experience in business law. Prior to joining the Firm, she practiced in elite international law firms in Paris and a leading Luxembourg law firm.

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