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Regulatory Blog

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CSSF clarifies for the opening of cash accounts in relation to Luxembourg AIFs
On 18 October 2022, the Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) published a communication providing clarification regarding eligible entities for the opening of cash accounts in relation to the alternative investment funds.
European Parliament and Council reached a provisional agreement on European long-term investment funds
On 19 October 2022, the EU Council announced that the European Parliament and Council reached a provisional agreement to review the framework governing European long-term investment funds (ELTIF). The aim is to overcome a number of supply-side and demand-side limitations. The changes will hopefully channel more financing to small and medium-sized enterprises (SMEs) and long-term projects which will help achieve the digital transition.
Cyprus amends UCITS Law to streamline KID/KIID requirements
On 7 October 2022, Cyprus implemented changes to the Undertakings for the Collective Investment in Transferable Securities (Amendment) Law 2022 which transposes Directive (EU) 2021/2261 into national law.
Luxembourg: Reporting requirement for AML questionnaire by AIFs (excluding RAIFs)
The Luxembourg’s Registration Duty, Estate and VAT Authority is inviting the AML/CFT compliance officer and the person responsible for compliance with the professional obligations as regards the fight against money laundering and terrorist financing of all unregulated AIFs (excluding RAIFs) to complete and transmit the “AIF AML/CFT Questionnaire 2021” for the financial year ending in 2021.
CySEC reminds existing variable capital investment companies of 5 November deadline
On 1 September 2022, the Cyprus Securities and Exchange Commission published Circular 528 reminding existing Variable Capital Investment Companies of their obligation to effect certain changes to their constitutional documents as required under the Companies (Amendment) Law ( No. 3) Law 2021 (L. 150(I)/2021).
Luxembourg regulator updates its FAQ on the AML/CFT RC report
On 25 August 2022, the Commission de Surveillance du Secteur Financier published its updated FAQ on the AML/CFT RC Report for supervised Luxembourg Investment Funds and Luxembourg Investment Fund Managers, in relation to the completion and transmission of the AML/CFT compliance officer’s summary report.
CSSF issues updated FAQs on Capital Risk Fund
On 10 June 2022, Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) published updated frequent asked questions (FAQ) on the regulated société d’investissement en capital à risque, a specialised investment company whose exclusive purpose is to invest in risk capital.
Environmental, Social and Governance considerations continue to evolve
On 13 April 2022, the Cayman Islands Monetary Authority issued an information circular on Environmental, Social and Governance given the global demand for investments with strong ESG credentials.
Special levy on income relating to real estate located in Luxembourg for Luxembourg investment funds
The Finance bill for the Financial Year 2021 introduced a special levy on rental income and capital gains deriving from real estate located in Luxembourg and held directly or indirect by investment funds (art. 4 of the law dated 19 December 2020). The Luxembourg Tax Authorities recently issued a circular dated 20 January 2022 concerning the implementation, declaration, and payment of this special levy.
CSSF advises on the improvement of Risk-Based Supervision
On 22 December 2021, the Commission de Surveillance du Secteur Financier (CSSF) published Circulars 21/788, 21/789 and 21/790 aiming to improve the Risk-Based Supervision of the CSSF, for prudential and AML/CFT purposes regarding investment fund managers (IFMs) and undertakings for collective investment (UCIs).
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