Latest Publications

Share:

MiCAR under the microscope - Part 3: The issuance of stablecoins under MiCAR: Scope and requirements

The huge expansion of crypto-assets over recent years and the popularity of their underlying technology (distributed ledger technology (DLT) or blockchain) have come with their share of challenges, including a significant...more

Paving the way for the future of payments – Instant payments at a glance

As the final compromise text of the so-called Instant Payments regulation has just been published, our regulatory payment experts have summarised the key obligations that will apply to payment service providers in this...more

MiFID II/MiFIR – divergence emergence?

Since the beginning of the Brexit transition period, developments in both the UK and EU have impacted the MiFID rules in various ways. In the UK, there have been changes under the EUWA on-shoring process; “quick-fix”...more

MiCAR under the microscope – Part 2: Are you in or out of scope?

The Regulation on Markets in Crypto-assets (MiCAR) seeks to regulate a broad range of crypto-related products and services that do not currently fall within the scope of existing EU financial services legislation. It does not...more

Further efforts are expected from payment institutions for the effective management of money laundering and terrorist financing...

On 16 June 2023, the European Banking Authority (EBA) published a report on the money laundering and terrorist financing (ML/TF) risks associated with payment institutions (PIs) in the EU, based on a risk assessment exercise...more

MiCAR under the microscope - Part 1: MiCAR is law

The European Commission has chosen the path of regulation for crypto-assets. This is with the aim of supporting innovation and fair competition, and ensuring a high level of consumer and investor protection and market...more

Recent amendments to the Luxembourg AML/CTF legal framework

Make sure that your policies and procedures are up-to-date. A series of amendments were introduced into the amended act of 12 November 2004 on the fight against money laundering and terrorist financing (the AML Act 2004)...more

Latest developments in the field of sustainable finance for firms providing investment services

Legislative and regulatory initiatives in the field of sustainable finance, and more particularly in the financial sector, have recently multiplied....more

CSSF clarifies the requirements for persons willing to benefit from the limited network exclusion under PSD II

On 18 May 2022, the CSSF published CSSF circular 22/812 (the CSSF Circular) through which it integrates into its administrative practice and regulatory approach the EBA guidelines on the so-called limited network exclusion...more

Impact of amendments to the CSSF circular 12/552 for the industry

On 22 April 2022, the CSSF published CSSF circular 22/807 amending the CSSF circular 12/552 on central administration, internal governance and risk management to take account of amended or new guidelines issued by EBA and/or...more

When governance goes green

Credit institutions need to take into account climate-related and environmental risks. As the management of climate-related and environmental risks is a crucial element to ensure robust internal governance arrangements, the...more

Resolution of the European Parliament on relationships between the EU and third countries

On 23 December 2019, a resolution of 11 September 2018 of the European Parliament (the Parliament) on relationships between the EU and third countries concerning financial services regulation and supervision was published in...more

New intervention powers granted to the CSSF for residential housing loans

In light of the continued growth of residential housing prices and the impact on household debt, the Luxembourg parliament adopted a new act on 4 December 2019 (the Act) to grant specific intervention powers to Luxembourg’s...more

12/17/2019  /  Borrowers , CSSF , Loans , Luxembourg

Strong customer authentication for e-commerce card payment transactions: an EU harmonised extension of 14 months to be compliant

Following its June opinion on the possibility for national competent authorities to work with payment service providers and relevant stakeholders and agree on limited additional time for compliance with the strong customer...more

Brexit notification forms available on e-Desk to benefit from the transitional regime in Luxembourg

The CSSF press release 19/41 of 2 August 2019 informs UK firms, UCIs and/or their managers established in the UK (authorised under the UCITS Directive or AIFM Directive) having passported their services into Luxembourg that...more

Register of beneficial owners: make sure you are ready by 31 August 2019

As indicated in our previous e-alert? the Luxembourg register of beneficial owners (the Luxembourg RBE) will go live on 1 September 2019. If you are the director or manager of an entity registered with the Luxembourg trade...more

Third country firms providing investment services on a cross-border basis – challenging times

One of the consequences of the implementation of MiFID II into Luxembourg law is the creation of a new regime for third country firms providing investment services. This new regime is distinct from the regime that is in place...more

Reminder for upcoming legal reporting to the CSSF - The CSSF amends CSSF circular 14/593 to reflect the fact that credit...

Since ensuring the quality of the prudential data reported to the CSSF is key to ensure adequate supervision of credit institutions both at national and EU levels, the CSSF now offers (from the reporting reference period...more

The CSSF endorses the 2018 Joint Guidelines on complaints-handling for the securities and banking sectors

By its circular 19/718 (https://bit.ly/2LDTG2k), the CSSF has endorsed the Guidelines on complaints-handling for the securities (ESMA) and banking (EBA) sectors of 4 October 2018 (JC 2018 35) (the Guidelines)....more

New fraud data reporting requirements for payment service providers

As already mentioned in our previous e-Alert of 16 January 2019, payment service providers must provide, at least on an annual basis, statistical data on fraud relating to different means of payment, to the Luxembourg...more

Transitional Measures For The Luxembourg Financial Sector In Relation To A Hard Brexit (The Bill Of Law 7401)

On 31 January 2019, the Ministry of Finance has submitted a bill of law to the Luxembourg Parliament (the Bill 7401) as regards the measures to be taken in relation to the Luxembourg financial sector in the case of the exit...more

New reporting obligation for payment service providers

By a circular 18/704 of 17 December 2018 (the Circular 18/704), the Luxembourg regulator of the financial sector, the Commission de surveillance du secteur financer (the CSSF) formally endorsed the Guidelines of the European...more

Interesting changes in relation to applicable cooperation requirements with the Luxembourg Financial Intelligence Unit

Professionals subject to the law of 12 November 2004 relating to the fight against money laundering and terrorist financing, as amended (the AML Law) (the Professionals) should be aware of a few changes introduced by the law...more

Product governance obligations also apply to retail banking products

While significant efforts have been deployed by investment firms and credit institutions offering investment services to comply with MiFID II product governance obligations, particular attention should also be paid to...more

New flexibility in professional secrecy?

Standing in between provisions implementing the Multi-Interchange Regulation and other reformatting and errata regarding various Luxembourg laws of the financial sector, article 14 of the bill of law n°7024 (the Bill of Law...more

50 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide