News

ADEPA SUCCESSFULLY COMPLETES ACQUISITION OF FIDUPAR
06.10.24

With the acquisition now complete and approved by the CSSF, Fidupar has officially joined Adepa, further strengthening the group’s operational capabilities. The entity, which will be rebranded as Adepa Asset Servicing Luxembourg, will continue to offer high-quality services, reinforcing Adepa’s commitment to delivering enhanced value to clients.

New Circular CSSF 24/856 on the protection of investors in case of NAV calculation error, an instance of non-compliance with the investment rules and other errors at UCI level
13.09.24

On 29 March 2024 the CSSF published Circular 24/856 (the “Circular”), which repeals CSSF Circular 02/77 and contains updated guidelines to be followed by the investment fund industry in case of NAV calculation errors, non-compliance with investment rules and occurrence other errors (“Error/Non-Compliance”) within Luxembourg undertakings for collective investment (“UCIs”), subject to full or limited supervision of the CSSF.

AIFMD II – adopted by the European Council
29.03.24

On 26 February 2024, the European Council adopted the text of AIFMD II, previously approved by the European Parliament on 7 February 2024.

Circular CSSF 24/853 – Long form reports of investment firms
27.03.24

On 6 February 2024 the CSSF published Circular CSSF 24/853 revising the framework of the long form report applicable to investment firms (the “IF”) and amending the scope of application of Circular CSSF 03/113 regarding the practical rules for IFs’ Réviseurs d'Entreprises Agréés (REA) in investment firms.

CSSF annual survey on financial crime
26.03.24

The annual online questionnaire for the year 2023 collecting standardised key information concerning money laundering and terrorism financing risks to which the supervised professionals are exposed and the implementation of the related risk mitigation and targeted financial sanctions measures was launched on 19 February 2024.

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.