Key Regulatory Developments In Luxembourg – September 2018

Source/Date Brief description CSSF

04/09/2018

New head of CSSF appointed

Marko Zwick was appointed as the new director of the Commission de Surveillance de Secteur Financier ("CSSF"), the Luxembourg financial supervisory authority. He will be in charge of the portfolios on investment funds as well as specialized professionals in the financial sector.

For further information, click here.

CSSF

29/08/2018

Publication of CSSF 2017 annual report

In the report, the CSSF details its activities per sectors in the past year against wider international developments, while setting out its course for the future.

For further information, click here.

CSSF

23/08/2018

Publication of Circular CSSF 18/699 updating the table EI "persons responsible for certain functions and activities"

The CSSF updated the reporting requirements for investment firms in regards to persons responsible for data protection and the follow-up on ESMA recommendations.

To access the text of the circular in French, click here.

To access a mark-up of the modified table EI in French, click here.

CSSF

23/08/2018

Publication of CSSF Circular CSSF 18/698 on the authorization and organization of Luxembourg investment fund managers

On 100 pages, the Circular now contains substance rules for all Luxembourg fund management companies ("ManCos"), including alternative investment fund managers. Apart from codifying the regulatory practice already applied by the CSSF, the circular reflects the recent international and domestic legislative/regulatory developments around Brexit. Special focus is placed on appropriate substance of ManCos.

To access the text of the circular in French, click here.

CSSF

23/08/2018

Publication of CSSF Circular CSSF 18/697 on governance and organization of non-UCITS depositaries

The circular completed the existing legal framework for fund depositaries, adding to the rules already in place for UCITS depositaries. It addresses (i) eligibility criteria to act as a depositary of non-UCITS investment funds and the relevant authorization procedure, (ii) corporate governance,(iii) relations with third parties (sub-delegates, AIFM, etc.) and (iv) operational rules governing the depositary's safekeeping and oversight functions. To access the text of the circular in French, click here.

CSSF

22/08/2018

Publication of CSSF Circular 16/699 regarding the update of the table IF "Persons in charge of certain functions and activities" (tableau EI « Responsables de certaines fonctions et...