AIFMD guidance by the CSSF and AML/CTF: FATF statements - 09/07/2013
Alternative investment fund managers
CSSF press release 13/25: AIFMD Guidance - Commission de Surveillance du Secteur Financier 18/06/2013.
The CSSF published a set of documents relating to the AIFM Directive:
- Application questionnaire for the set-up of a fully licensed AIFM;
- Declaration for a fully licensed AIFM;
- Registration form for an alternative investment fund manager;
- Declaration for a registered AIFM;
- and a series of related questions and answers.
For further information, we refer to our Deloitte Regulatory News Alert of 21 June 2013 entitled AIFMD / CSSF’s FAQ publication.
Draft Law 6471 on alternative investment fund managers – Chambre des Députés (French only at this stage).
The following documents were published in June regarding draft Law 6471 implementing Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010:
- opinion 6471/04 of the Conseil d’Etat (French only at this stage) on a set of amendments suggested by the Commission des Finances et du Budget;
- set of amendments 6471/05 adopted by the Commission des Finances et du Budget (French only at this stage).
For further background, we refer to Deloitte Regulatory News Alert of 28 August 2012: AIFMD: Draft law submitted to the Luxembourg Parliament.
To learn more about AIFM, you may consult our AIFMD website. Please note that you may find here our Deloitte Regulatory News Alert: ESMA guidelines finalized on key concepts of AIFMD.
AML/CTF: FATF statements
CAA Circular Letter 13/9: FATF statements – Commissariat aux Assurances 26/06/2013 (French only at this stage)
CSSF Circular 13/567: FATF statements – Commission de Surveillance du Secteur Financier 27/06/2013 (French only at this stage)
The Commission de Surveillance du Secteur Financier and the Commissariat aux Assurances (CAA) published circulars on the FATF statements.
According to these statements, jurisdictions whose anti-money laundering and terrorist financing regimes have substantial and strategic deficiencies are still Iran and Democratic Republic of Korea and jurisdictions not making sufficient progress are Ecuador, Ethiopia, Indonesia, Kenya, Burma/Myanmar, Pakistan, Sao Tome & Principe, Syria, Tanzania, Turkey, Vietnam and Yemen.
The countries newly added to the list of jurisdictions whose anti-money laundering and terrorist financing regimes are not satisfactory are Nigeria and Laos. Afghanistan, Albania, Algeria, Angola, Antigua and Barbuda, Argentina, Bangladesh, Cambodia, Cuba, Kuwait, Kyrgyzstan, Mongolia, Morocco, Namibia, Nepal, Nicaragua, Sudan, Tajikistan and Zimbabwe are still listed as jurisdictions whose anti-money laundering and terrorist financing regimes are not satisfactory.
Bolivia, Brunei Darussalam, Philippines, Sri Lanka and Thailand are no longer subject to FATF surveillance.
Legislative resolution on the proposal for a Directive of the European Parliament and of the Council amending Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and Commission Directive 2007/14/EC – European Parliament 12/06/2013.
On 12 June 2013, the European Parliament adopted a legislative resolution on the proposal for a Directive of the European Parliament and of the Council amending Directive 2004/109/EC on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market and Commission Directive 2007/14/EC. The key changes concern the following topics:
- Notification of choice of home Member State;
- Publication of financial information;
- Frequency of publication of information;
- Report on payments to governments;
- Notification of major holdings of voting rights;
- Access to regulated information on listed companies in the Union;
For further details, we refer to the summary of the Parliament about the legislative resolution, to the FAQ EC MEMO/13/544 of the European Commission and to its website dedicated to Transparency requirements for listed companies.
Discover the other topics of this newsletter in the attached PDF.
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