Key Regulatory Developments In Luxembourg - February 2019

Source/Date Brief description CSSF1

12/02/2019

Anti-Money Laundering (AML)

Annual AML survey launched by CSSF

The survey collects information concerning money laundering and terrorist financing risks to which the professionals under its supervision are exposed and the implementation of related risk mitigation and targeted financial sanctions measures. The supervised entities' AML compliance officers must submit the completed survey by April 15

To access the text of the press release, click here

To access the CSSF's relevant AML portal, please click here.

CSSF

06/02/2019

Payment services

Complaint procedure regarding breaches of the Payment Services Law2 established by the CSSF

The procedure permits payment service users, electronic money holders and other interested parties including consumer associations, to launch complaints with the CSSF concerning alleged breaches of the PSL by payment service providers and electronic money issuers

To access the text of the press release, click here. To access the CSSF's relevant website, click here.

Luxembourg Parliament 04/02/2019

Listed companies

Draft law n° 7402 implementing the Revised Shareholders Rights Directive (the "Revised SRD") introduced in Parliament

It is conceived to enhance long-term shareholder engagement through:

Identification of listed companies' shareholders, Transparency of institutional investors and asset managers regarding their engagement with listed companies, Transparency of proxy advisors, Transparency of and shareholder vote on remuneration policies, and Public disclosure and approval of material related party transactions. The deadline to transpose the Revised SRD into Luxembourg law is June 10.

To access the text of the draft law in French, click here

Luxembourg Parliament 31/01/2019

Financial institutions

Draft law n° 7401 on Brexit-related measures in the Luxembourg financial sector introduced in Parliament

The draft law amends several pieces of financial services legislation and lays down grandfathering rules for UK financial institutions with Luxembourg activities. These rules seek to allow those UK entities to continue carrying out their business in the Grand-Duchy in case of a hard Brexit during a transition period of up to 21 months via branches or cross-border provision of services.

To access the text of the draft law in French, click here.

AED4 29/01/2019

Tax

Brexit preparedness notice published by the Authority of registration duties, estates and VAT

In the...