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Regulatory Blog

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CSSF issues FAQ on the AML/CFT compliance officers’ summary report
On 18 March 2022, Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) issued frequently asked questions and answers (FAQ) in relation to the content, findings and transmission of the AML/CFT compliance officer’s summary report, as defined in Article 42 (6) and 42 (7) of the CSSF Regulation No 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing (AML/CFT), as amended.
CSSF alert on the restrictive measures of the EU in response to the current situation in Ukraine
On 1 March 2022, Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) published a circular letter, drawing the attention of the professionals of the financial sector subject to its supervision to the restrictive measures decided by the European Union in response to the current situation in Ukraine and in particular to those that were adopted and entered into force on 23, 25, and 28 February 2022, as well as to those which will be taken by the EU in the future.
CSSF published a white paper on Distributed Ledger Technologies (DTL)
On 21 January 2022, Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) published a non-binding document, a “white paper”, aiming to guide interested professionals in the conduct of their due diligence process related to the Distributed Ledger Technologies (DLT) and its use in the provision of services in the Luxembourg financial sector.
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).
ESMA issues technical standards for the new European Crowdfunding Service Providers for Business regulation regime; new regime officially in force
The snappily titled “European Crowdfunding Service Providers for Business” regulation (EU) 2020/1503 (ECSP Regulation) was published on 20 October 2020 seeks to provide a harmonised regime across the EU/EEA for the provision of investment-based and lending-based crowdfunding services related to business financing. The key measures of the regulation, as outlined below, will enter into practical effect from 10 November 2022 following expiry of a one-year grace period from the official coming into force date of 10 November 2021.
CSSF updates FAQs on the possession of ancillary liquid assets by UCITS
On 3 November 2021, the Commission de Surveillance du Secteur Financier (CSSF) published updated FAQs with information on the holding of ancillary liquid assets by UCITS as per article 41 (2) (b) of the Law of 17 December 2010, see here.
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.
CSSF’s update regarding the requirement to submit liquidation period extension requests for funds
On 31 August 2021, the Commission de Surveillance du Secteur Financier (CSSF) issued an update to advise that the liquidation period extension requests for funds in non-judicial liquidation will no longer be required, effective immediately.
Sanctions update on Belarus
On 21 June 2021, the governments of the EU, UK, US and Canada issued a joint statement on the decision to impose increased sanctions on Belarus in response to the 23 May forced landing of a commercial Ryanair flight between Athens and Vilnius and the politically motivated arrest of journalist Raman Pratasevich and his companion Sofia Sapega, as well as to the continuing attack on human rights and fundamental freedoms.
Luxembourg’s CSSF updates its FAQ on the status of Professionals in the Financial Sector
On 15 June 2021, the Commission de Surveillance du Secteur Financier (CSSF) published updated Frequently Asked Questions (FAQs) on the status of Professionals of the Financial Sector (PFS) with respect to the PFS status relating to the granting of loans to the public, as per Article 28-4 of the Law of 5 April 1993 (here) on the financial sector (LFS).
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