Payment services. FATF statements. Solvency II - 31/08/2012
On 17 July 2012, the Commission de Surveillance du Secteur Financier (“CSSF”) published Circular 12/543 on the entry into force of Regulation 260/2012/EU of the European Parliament and of the Council of 14 March 2012 establishing technical and business requirements for credit transfers and direct debits in euro, and amending Regulation 924/2009/EC.
The purpose of the aforementioned Regulation 260/2012/EU ("Regulation") is to ensure the proper functioning of the internal market by creating an integrated market for electronic payments in euros, with no distinction between national and cross-border payments, regardless of location within the Union. The Regulation applies to all credit transfer and direct debit transactions denominated in euros within the European Union, where both the payer’s payment service provider and the payee’s payment service provider are located in the European Union or where the sole payment service provider (PSP) involved in the payment transaction is located in the Union.
This Regulation entered into force on 31 March 2012 and the first deadline for the various provisions is on 1 November 2012.
CSSF Circular 12/541 on FATF statements concerning 1) jurisdictions whose regimes to combat money laundering and terrorist financing have substantial and strategic deficiencies, 2) jurisdictions with strategic AML/CTF deficiencies that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies, 3) jurisdictions whose regimes to combat money laundering and terrorist financing are unsatisfactory, was published on 13 July 2012.
Jurisdictions whose regimes to combat money laundering and terrorist financing have substantial and strategic deficiencies are Iran and the Democratic People's Republic of Korea.
Jurisdictions that have not made sufficient progress in addressing their AML/CTF deficiencies are Bolivia, Cuba, Ecuador, Ethiopia, Ghana, Indonesia, Kenya, Myanmar, Nigeria, Pakistan, São Tomé and Príncipe, Sri Lanka, Syria, Tanzania, Thailand, Turkey, Vietnam and Yemen.
Jurisdictions whose regimes to combat money laundering and terrorist financing are unsatisfactory are Afghanistan, Albania, Algeria, Angola, Antigua and Barbuda, Argentina, Bangladesh, Brunei Darussalam, Cambodia, Kyrgyzstan, Mongolia, Morocco, Namibia, Nepal, Nicaragua, Philippines, Sudan, Tajikistan, Turkmenistan, Trinidad and Tobago, Venezuela and Zimbabwe.
This Circular supersedes CSSF Circular 12/532 of 2 February 2012.
Prospectus and transparency
CSSF Circular 12/542 of 17 July 2012 amends CSSF Circular 08/337 concerning the entry into force of the Law of 11 January 2008 and the Grand-Ducal Regulation of 11 January 2008 on transparency requirements for issuers of securities.
For more details on the said Law, please have a look at our communication of 10 July 2012 Deloitte Regulatory News Alert - Prospectus and Transparency and at our information sheet Prospectus and Transparency - What are the main changes?
Discover the other topics of this newsletter in the attached PDF.
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