News

The CSSF launches its SFDR data collection exercise
28.03.23

The CSSF launches its SFDR data collection exercise applicable notably to investment fund managers (IFM) on pre-contractual information in relation to Regulation (EU) 2019/2088 on sustainability disclosures in the financial services sector (SFDR) and Regulation (EU) 2020/852 on the establishment of a framework to promote sustainable investment (TR).

Consolidation exemption for small groups
13.02.23

The CSSF has relayed the publication of the Commission des normes comptables (CNC) regarding the implementation of the consolidation exemption for small groups (Article 1711-4 LSC) and entitled "Questions / Réponses CNC 22/028 ("Q&A CNC 22/028"): " Mise en œuvre de l’exemption petits groupes (article 1711-4 LSC) : modalités pratiques " (http://www.cnc.lu/publications/doctrine/).

Harmonisation in sight for cross-border mergers, divisions and migrations
31.08.22

A new special regime for "European cross-border merger" and "European cross-border division" and a new concept of "European cross-border conversion" for cross-border transfers into EU will be soon in place in Luxembourg. The attractiveness of the special limited partnership will be reinforce at the same time.

News on sustainability-related disclosures in the financial services sector
04.08.22

The CSSF published on 27.07.2022 a communication concerning the Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR) and upcoming entry into force of SFDR Level 2 provisions (SFDR RTS). It reminds in particular : 

_ the deadline of 1 January 2023 for specific updates of UCITS and AIFs precontractual and periodic documents

_ the filing of updated precontractual documents & periodic reports with CSSF

New developments in securitization
01.06.21

The modernization of the Luxembourg securitization law of March 22, 2004 has taken a new step. The bill n° 7825 presented on May 21, 2021 proposes an opt-in law, contrary to the European Securitization Regulation 2017/2402, in other words, a vehicle will be able to choose to be subject to the benefits and obligations of the Luxembourg securitization law. This draft law represents a move towards new requirements for the use of Luxembourg securitization vehicles and increases its flexibility compared to other jurisdictions.

Clarification in sight for limited liability companies
29.03.21

A law under consideration will soon clarify somewhat the amended law of 10 August 1915 concerning commercial companies in its article 1500-7, point 2° and put an end to hesitations and difficulties of interpretation (draft law n°7791).

New developments in corporate administration, internal governance and risk management
15.12.20

The CSSF published new circulars on central administration, internal governance and risk management.  It now creates a regime applicable to investment firms subject to CSSF Circular 20/758 separate from that of credit institutions and professionals carrying out lending operations which will remain subject to CSSF Circular 12/552.

New weekly questionnaire to Investment Fund Managers
16.04.20

Considering the current period of market turbulence due to the Covid-19, the CSSF issues a weekly questionnaire to investment fund managers (IFMs).

The objective of this questionnaire is to provide the CSSF with weekly updates on financial data (total net assets, subscriptions and redemptions) and an update on governance arrangements in relation to the activities performed by IFMs established in Luxembourg or in other European/non-European countries and managing at least one UCITS, AIF and/or any other UCI (not qualifying as AIF) in view of the specific circumstances and risks to which these companies are exposed to during the current period.

State of emergency declared in Luxembourg - Special measures applicable to the holding of meetings in Luxembourg companies
22.03.20

On 20 March 2020, the Luxembourg Government adopted a Grand-Ducal Regulation introducing measures concerning the holding of meetings in companies and other legal persons ("the Regulation") following the declaration of a state of emergency adopted on 18 March 2020 with regard to the "Coronavirus" ("Covid-19") pandemic.

Coronavirus - Information
22.03.20

Dear clients,
 
Following the developments surrounding COVID-19, and for your well-being and that of our employees and their families, we have decided that it is more prudent to work from home with immediate effect. All our employees are equipped with all the tools / technologies to work effectively from home. We will continue to offer the highest level of performance, availability and safety.
 
We also ask our teams to work with clients only through digital channels. We no longer receive visitors in our offices and our employees will no longer attend meetings. All appointments will be moved or converted to video conferencing.
 
We wish you a lot of strength and energy for the coming weeks. Respect the protective measures put in place. Good courage and take good care of yourself and your loved ones.
 
We remain mobilized and at your disposal.
 
Kindest regards,

FIDUPAR