On 9 February 2022, the Luxembourg Parliament adopted the draft bill amending the Luxembourg law of 22 March 2004 on securitization, as amended governing Luxembourg securitization vehicles. The Law aims at modernizing the 2004 Law by increasing the flexibility and legal certainty of the Luxembourg regime while ensuring effective protection for investors.
On 31 January 2022, the Commission de Surveillance du Secteur Financier issued a new Circular CSSF 22/795, to confirm in its capacity as competent authority, that it would apply the ESMA guidelines on marketing communications under Regulation (EU) 2019/1156, published on 2 August 2021. As a result, all Luxembourg investment fund managers that are in the scope of application of this Circular shall duly comply with the Guidelines, applicable from 2 February 2022.
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.
The law of 21 July 2021, effective as of 31 July 2021, has implemented the European prudential regime applicable to investment firms authorized under the Markets in Financial Instruments Directive II set out under the Investment Firms Directive and the Investment Firms Regulation into Luxembourg law.
On 15 June 2021, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its Q&A on the statuses of PFS-Part II with respect to the granting of loans to the public.
Welcome to our first quarter issue of the Private Wealth Newsletter. Our featured insight for this issue is a discussion of the passage of the Corporate Transparency Act by the United States to introduce federally-mandated beneficial ownership reporting obligations for US corporations and limited liability companies. We also include insights…
The coronavirus pandemic has created a series of unprecedented challenges for fund sponsors and general partners (collectively, GPs) of closed-ended private funds in relation to the capital raising and operation of their funds. This article analyses some of the key issues for GPs to consider in these turbulent times. Further…