Luxembourg Draft Bill Of Law 7199 Implementing PRIIPs

On 25 October 2017, the Draft Bill of Law implementing the Regulation (EU) No 1286/2014 on key information documents on packaged retail and insurance-based investment products (PRRIPs) and modifying the amended Luxembourg law of 17 December 2010 on undertaking for collective investment and the amended Luxembourg law of 7 December 2015 on the insurance sector, has been deposited with the "Chambre des Députés".

From a legislative perspective, the Draft Bill of Law does not bring any substantial amendments to the text of the PRIIPs Regulation. It specifies that the Commission de Surveillance du Secteur Financier (CSSF) and the Commissariat aux assurances (CAA) respectively for management/investment companies and insurance companies will be the Authorities in charge of the supervision of the compliance with the PRIIPs Regulation. They will have controlling powers as well as the possibility to impose fines (i.e. up to 5.000.000 euros or 3% of the revenues for moral person; up to 700.000 euros for physical person).

Moreover, the Draft Bill of Law states that the SICARs and the other investment funds than the UCITS are authorized to prepare a UCITS KIID...