Law On Market Abuse

By a Law dated 23 December 2016, the Luxembourg legislator adopted Bill of law 7022 (a) implementing (i) Directive 2014/57/EU on criminal sanctions for market abuse as well as (ii) the Commission Implementing Directive 2015/2392/EU with regard to reporting to competent authorities of actual or potential infringements in relation to the market abuse regulation; (b) supplementing specific provisions of Regulation 596/2014/EU on administrative measures and sanctions and (c) amending the Law of 11 January 2008 on transparency requirements for issuers ("Law").

When implementing these provisions, the Luxembourg legislator did not go beyond what was required pursuant to the provisions of said directives.

Chapter 2 of the Law relates to the administrative sanctions and the powers conferred on the Commission de Surveillance du Secteur Financier ("CSSF") in that context. Chapter 3 relates to the criminal law sanctions and implements the relevant provisions of Directive 2014/57/EU.

To a large extent, Chapter 2 confirms the powers already provided under the Law of 9 May 2006 (repealed) given to the CSSF as competent administrative authority and provides for further precisions or extensions of the CSSF's investigative...

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