Pathfinder - Deloitte monthly regulatory update - 04/03/2013
Direct insurance undertakings: rapport distinct to be provided by the extended auditor
CAA Circular Letter 13/3 of 19/02/2013 amending Circular Letter 09/1 related to the rapport distinct to be provided by the extended auditor of direct insurance undertakings (French only at this stage)
The aim of Circular Letter 13/3 is to provide clarifications and updates to Circular Letter 09/1. Those amendments will apply as from the separate report (“rapport distinct”) relating to the 2012 financial year.
A consolidated version of Circular Letter 09/1 as of 19 February 2013 is available here (French only at this stage).
Direct insurance undertakings: annual reporting
CAA Circular Letter 13/2 of 19 February 2013 amending Circular letter 03/2 relating to annual reporting of Luxembourg direct insurance undertakings, as amended (French only at this stage)
The aim of this Circular Letter is to provide amendments to Circular Letter 03/2. The key changes are:
- introduction of Chapter VIII Governance report,
- insertion of new appendices to the financial statements, and
- deletion of Part 2 of the identification schedule.
A consolidated version of Circular Letter 03/2 as of 19 February 2013 is available here (French only at this stage).
MiFID: Conduct of business rules in the financial sector
CSSF Circular 13/560 of 19/02/2013 - Addition of an Annex IV to CSSF Circular 07/307, implementing the guidelines of the European Securities and Markets Authority (ESMA) concerning Chapter 6 - Suitability test - of Circular CSSF 07/307
This Circular incorporates ESMA's "Guidelines on certain aspects of the MiFID suitability requirements" within CSSF Circular 07/307 (Annex IV). These guidelines concern Chapter 6 of CSSF Circular 07/307 and aim to clarifying the suitability requirements for a service to a client. More specifically, ESMA's guidelines concern information to clients about the suitability assessment, as well as updating of client information. Moreover, the guidelines relate to the arrangements necessary to understand clients and investments, as well as the qualification of staff involved in the suitability assessment.
The consolidated version of CSSF Circular 07/307 of 31/07/2007 - MiFID: Conduct of business rules in the financial sector is available here.
For further details, we refer to our Deloitte Regulatory News Alert on CSSF Circular 13/560 published on
21 February 2013.
Draft Law 6543 on e-archiving – Chambre des Députés 13/02/2013 (French only at this stage)
On 13 February this draft Law was introduced to the Chambre des Députés. It proposes amendments to the Law of 5 April 1993 on financial services, as amended. The draft Law also includes a draft Grand-Ducal Regulation on the dematerialisation and conservation of documents replacing the Grand-Ducal Regulation of 22 December 1986 implementing Articles 1348 of Civil Code and 11 of Commercial Code. The purpose of these draft texts is to modernise the legal framework relating to the dematerialisation and conservation of documents in digital form. It will also introduce a new activity called "dematerialization or conservation services" ( prestataire de services de dématérialisation ou de conservation or PSDC).
Discover the other topics of this newsletter in the attached PDF.
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