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Regulatory Blog

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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).
CySEC issues statement on its post-Brexit Temporary Permission Regime
On 14 December 2021, the Cyprus Securities and Exchange Commission (CySEC), published the Policy Statement (PS 02-2021) notifying the industry on changes to admissions criteria for UK financial institutions operating under the regulator’s Brexit-related Temporary Permission Regime (TPR).
CSSF issues FAQs on virtual assets
On 29 November 2021, the Commission de Surveillance du Secteur Financier (CSSF) published FAQs covering virtual assets.
Cyprus transposes the EU’s Funds Marketing Directive into national law
On 18 October 2021, Cyprus transposed Directive (EU) 2019/1160 with regard to cross-border distribution of collective investment undertakings (the Marketing Directive) into local law, by amending:
CySEC reminds stakeholders on the deadlines for registering RAIFs
On 11 October 2021, the Cyprus Securities and Exchange Commission (CySEC) issued an announcement reminding all parties about the deadlines surrounding the set-up of Registered Alternative Investment Funds (RAIFs) in Cyprus.
Cyprus Funds now eligible as Foreign Portfolio Investors in India
On 14 June 2021, India's Ministry of Finance notified its Cypriot counterparts that Cyprus would now be included as an eligible “Category I” country for the purposes of India’s Securities and Exchange Board of India (SEBI) Foreign Portfolio Investors (FPI) Regulations 2019 (SEBI Regulations). In broad terms such Category I countries comprise (direct) members of the Financial Action Task Force (FATF) and other countries specifically recognised as such by SEBI. We understand that, other than Cyprus, only the UAE and Mauritius have been specifically recognised in this way.
CSSF is launching a new eDesk filing for Investment Fund Managers 05 October 2021
On 22 September 2021, the Commission de Surveillance du Secteur Financier (CSSF) issued a press release inviting Investment Fund Managers (IFMs) to declare the performance fee models applicable to their Luxembourg based UCITS or AIFs by completing a questionnaire via the new eDesk module on performance fees which was launched on 30 September 2021.
ESMA guidelines on marketing communications
On 2 August 2021, ESMA published the final version of guidelines on marketing communications under the regulation on cross-border distribution of funds, translated into the official EU languages.
ESMA’s report on marketing requirements and communications under the regulation on cross-border distribution of funds
On 1 July 2021, the European Securities and Markets Authority (ESMA) submitted to the European Parliament, the European Council and the European Commission its first report on national rules governing the marketing of investment funds under the regulation on cross-border distribution of funds.
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