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Luxembourg Regulatory Center

The right guide can make regulatory change a differentiator that drives you forward.

ESG / Sustainability
 

SFDR is here to stay: SFDR data collection exercise for Luxembourg IFMs
On 1 February 2023, the CSSF launched a data collection exercise for IFMs on regulatory requirements for Regulation (EU) 2019/2088 on SFDR.

Swiss Climate Scores
On 29 June 2022, as part of its ambition to position the Swiss financial center as an international leader in credible climate transparency, the Swiss Federal Council launched the Swiss Climate Scores.
 

Governance & Markets

 

The freshly voted CRR3/CRD6 package will significantly impact banks
On 18 June 2024, the long-awaited CRR3 / CRD6 package was published in the EU Official Journal.

Navigating the transition: exploring the T+1 settlement implications
In February 2023, the US Securities and Exchange Commission (SEC) announced the requirements for shortening the settlement cycle from two business days after trade date (T+2) to one business day after trade date (T+1). The 28 May 2024 implementation date affects transactions in US cash equities, corporate debt, and unit investment trusts.

CSSF Circular 23/840: Update to ESMA’s Guidelines on MiFID II Product Governance Requirements
In recent years, the financial sector has witnessed a paradigm shift toward more transparent and responsible practices.

European Commission’s new ambitions for retail investment services
The draft aims to amend aspects of MiFID, most notably adding provisions for product governance, benchmarking exercises for PRIIPs, additional disclosures on the KID and an inducements ban on execution only services.

The countdown to ELTIF II has begun
The European Long-Term Investment Fund (ELTIF) story is now an old one.

Edinburgh reform plants seeds for the UK’s new regulatory path
In the European financial world, Brexit certainly caused a stir. However in the practical day-to-day, few things have significantly changed.

New CSSF Feedback Report for UCITS costs and fees supervision
On 20 October 2022, the CSSF published a Feedback Report on the ESMA Common Supervisory Action (CSA) on the supervision of costs and fees of UCITS.

New EMIR reporting technical standards to apply from April 2024
On 7 October 2022, Delegated Acts on reporting, data quality, data access and registration of trade repositories under the EMIR have been published in the Official Journal of the European Union.
 

Digital & Cyber

Anticipating MiCA in Luxembourg: Major changes ahead for crypto players
For those keeping track of crypto developments, it will come as no surprise that a significant new law in Europe, the Markets in Crypto Assets (MiCA) Regulation, is just around the corner and will start to apply from 30 December 2024.

The EU AI Act is finally here
An overview of the requirements in the published text and how they may impact your organization.

CSSF Circular 24/847 advances ICT reporting, nearing DORA compliance milestone
The Commission de Surveillance du Secteur Financier (CSSF) published the Circular 24/847 on the Information and Communication Technology (ICT) -related incident reporting framework on 5 January 2024.

DORA crosses its second milestone
On 19 June, the ESAs have released their consultations on the first batch of draft technical standards under the Digital Operational Resilience Act.

MiCA: Major new milestone in your crypto-asset transformation journey
On 9 June, Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) was published in the Official Journal of the EU.

EU AI Act adopted by the Parliament: What's the impact for financial institutions?
Considering the rapid developments in the artificial intelligence (AI) space, it seems like forever since the European Commission published its proposal on the new Artificial Intelligence Act (AI Act) back in April 2021.

Luxembourg completes its DLT framework with Blockchain III Law
On 9 March 2023, Luxembourg updated the Law of 5 August 2005 on financial collateral arrangements (the Financial Collateral Law) to allow the use of electronic DLT in collateral over financial instruments registered on securities accounts.

Tokenization and Distributed Ledger Technology (DLT): European financial markets to enter a new era in 2023
European markets have been eagerly awaiting a new law regarding the issuance, trading and settlement of digital financial instruments to go live, and the wait is almost over.

The EU’s Digital Operational Resilience Act has been agreed: implications for the financial services sector
EU negotiators have now reached a full technical agreement on the DORA package.

 

Prudential and risk management

FSB & IOSCO publish anti-dilution Liquidity Management Tool recommendations
Following the Financial Stability Board (FSB) and the International Organization of Securities Commissions’ (IOSCO) publication, local regulators are expected to implement new recommendations on Liquidity Management Tools by 2026.


ESG / Sustainability
 

Swiss Climate Scores
On 29 June 2022, as part of its ambition to position the Swiss financial center as an international leader in credible climate transparency, the Swiss Federal Council launched the Swiss Climate Scores.


Governance & Markets
 

Navigating the transition: exploring the T+1 settlement implications
In February 2023, the US Securities and Exchange Commission (SEC) announced the requirements for shortening the settlement cycle from two business days after trade date (T+2) to one business day after trade date (T+1). The 28 May 2024 implementation date affects transactions in US cash equities, corporate debt, and unit investment trusts.

European Commission’s new ambitions for retail investment services
The draft aims to amend aspects of MiFID, most notably adding provisions for product governance, benchmarking exercises for PRIIPs, additional disclosures on the KID and an inducements ban on execution only services.

Edinburgh reform plants seeds for the UK’s new regulatory path
In the European financial world, Brexit certainly caused a stir. However in the practical day-to-day, few things have significantly changed.

New EMIR reporting technical standards to apply from April 2024
On 7 October 2022, Delegated Acts on reporting, data quality, data access and registration of trade repositories under the EMIR have been published in the Official Journal of the European Union.


Digital & Cyber
 

Anticipating MiCA in Luxembourg: Major changes ahead for crypto players
For those keeping track of crypto developments, it will come as no surprise that a significant new law in Europe, the Markets in Crypto Assets (MiCA) Regulation, is just around the corner and will start to apply from 30 December 2024.

The EU AI Act is finally here
An overview of the requirements in the published text and how they may impact your organization.

DORA crosses its second milestone
On 19 June, the ESAs have released their consultations on the first batch of draft technical standards under the Digital Operational Resilience Act.

MiCA: Major new milestone in your crypto-asset transformation journey
On 9 June, Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) was published in the Official Journal of the EU.

EU AI Act adopted by the Parliament: What's the impact for financial institutions?
Considering the rapid developments in the artificial intelligence (AI) space, it seems like forever since the European Commission published its proposal on the new Artificial Intelligence Act (AI Act) back in April 2021.

Tokenization and Distributed Ledger Technology (DLT): European financial markets to enter a new era in 2023
European markets have been eagerly awaiting a new law regarding the issuance, trading and settlement of digital financial instruments to go live, and the wait is almost over.

The EU’s Digital Operational Resilience Act has been agreed: implications for the financial services sector
EU negotiators have now reached a full technical agreement on the DORA package.

ESG / Sustainability

SFDR is here to stay: SFDR data collection exercise for Luxembourg IFMs
On 1 February 2023, the CSSF launched a data collection exercise for IFMs on regulatory requirements for Regulation (EU) 2019/2088 on SFDR.


Governance & Markets
 

CSSF Circular 23/840: Update to ESMA’s Guidelines on MiFID II Product Governance Requirements
In recent years, the financial sector has witnessed a paradigm shift toward more transparent and responsible practices.

11th package of EU sanctions focuses on circumvention
The 10th package adopted on 25 February 2023 lists additional targets (people and legal entities) and bans more products for import/export. Through article 8 of the Regulation, this package requires a new reporting obligation whereby operators/professionals must report to their national authority information on "any move, transfer, alteration, use of, access to, or dealing referred to in Article 1(e) or 1(f) in the two weeks preceding the listing of those natural or legal persons, entities or bodies in Annex I.”

European Commission’s new ambitions for retail investment services
The draft aims to amend aspects of MiFID, most notably adding provisions for product governance, benchmarking exercises for PRIIPs, additional disclosures on the KID and an inducements ban on execution only services.

The countdown to ELTIF II has begun
The European Long-Term Investment Fund (ELTIF) story is now an old one.

Edinburgh reform plants seeds for the UK’s new regulatory path
In the European financial world, Brexit certainly caused a stir. However in the practical day-to-day, few things have significantly changed.

New EMIR reporting technical standards to apply from April 2024
On 7 October 2022, Delegated Acts on reporting, data quality, data access and registration of trade repositories under the EMIR have been published in the Official Journal of the European Union.


Digital & Cyber
 

Anticipating MiCA in Luxembourg: Major changes ahead for crypto players
For those keeping track of crypto developments, it will come as no surprise that a significant new law in Europe, the Markets in Crypto Assets (MiCA) Regulation, is just around the corner and will start to apply from 30 December 2024.

The EU AI Act is finally here
An overview of the requirements in the published text and how they may impact your organization.

CSSF Circular 24/847 advances ICT reporting, nearing DORA compliance milestone
The Commission de Surveillance du Secteur Financier (CSSF) published the Circular 24/847 on the Information and Communication Technology (ICT) -related incident reporting framework on 5 January 2024.

DORA crosses its second milestone
On 19 June, the ESAs have released their consultations on the first batch of draft technical standards under the Digital Operational Resilience Act.

MiCA: Major new milestone in your crypto-asset transformation journey
On 9 June, Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA) was published in the Official Journal of the EU. This marks a momentous milestone for crypto markets in Europe.

EU AI Act adopted by the Parliament: What's the impact for financial institutions?
Considering the rapid developments in the artificial intelligence (AI) space, it seems like forever since the European Commission published its proposal on the new Artificial Intelligence Act (AI Act) back in April 2021.

Luxembourg completes its DLT framework with Blockchain III Law
On 9 March 2023, Luxembourg updated the Law of 5 August 2005 on financial collateral arrangements (the Financial Collateral Law) to allow the use of electronic DLT in collateral over financial instruments registered on securities accounts.

Tokenization and Distributed Ledger Technology (DLT): European financial markets to enter a new era in 2023
European markets have been eagerly awaiting a new law regarding the issuance, trading and settlement of digital financial instruments to go live, and the wait is almost over.

 

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