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In AML & Financial Services Regulatory

Luxembourg: 12 November 2022 – AML/CFT submission deadline for non-regulated alternative investment funds

by and 2 Mins Read

On 12 October 2022, the “Administration de l’enregistrement, des domaines et de la TVA” (AED) released on its website several documents regarding the AML/CFT supervision of Luxembourg alternative investment funds (AIFs) that are not supervised by the “Commission de surveillance du secteur financier”. The AED requires Unregulated AIFs to file the “RR/RC identification form” and file the “AIF AML/CFT Questionnaire 2021” for the financial year ending in 2021 by the close of business on 12 November 2022 at the latest.

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In ESG

Luxembourg: New regulatory requirements regarding the implementation of SFDR RTS

by and 4 Mins Read

On 27 July and 6 September 2022, the Commission de surveillance du secteur financier (CSSF) released a communiqué and a communication in relation to Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR) and the upcoming date of application of Commission Delegated Regulation (EU) 2022/1288 of 6 April 2022 supplementing SFDR (SFDR RTS).
The CSSF outlined the deadline of 1 January 2023.
Specific updates of UCITS and AIFs pre-contractual (prospectus/issuing documents) and periodic documents (annual reports) are referred to and the CSSF created an accelerated procedure for the submission of updated pre-contractual documents with templates of confirmation letter that should accompany the filing of a prospectus/issuing documents.

In Austria

Europe: The New European Restructuring Schemes – Update May 2022

by , , , , , , , and 1 Min Read

Through the EU Directive on Restructuring and Insolvency of 20 June 2019 (EUR 2019/1023, “Directive”), the European Union has imposed an obligation on its member states to offer a more attractive and flexible restructuring scheme in their respective local law. The initial deadline to do so had been 17 July 2021. Only a handful of countries (most notably Germany and The Netherlands) had implemented the Directive within the initial deadline, whilst the other countries made use of the possibility to ask for a one year extension.

In Corporate Compliance

Luxembourg: ATAD III – Between fair objectives and uncertain outcome

by , and 3 Mins Read

On 22 December 2021, the European Commission released its proposal for a directive setting the rules to prevent the misuse of shell undertakings for tax purposes (ATAD III or unshell or Proposal) amending Directive 2011/16/EU on administrative cooperation in the field of taxation. ATAD III is subject to negotiation among all 27 member states and requires unanimous agreement for adoption.

In Corporate Compliance

Luxembourg: Update on cross-border distribution of collective investment undertakings

by and 2 Mins Read

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.

In AML & Financial Services Regulatory

Luxembourg fund industry: New mandatory AML/CFT external audit and new reporting requirements

by and 1 Min Read

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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