MIFID II: Application In Luxembourg

In the context of the new regulatory framework established by MiFID II, the Commission de Surveillance du Secteur financier ("CSSF") issued a Press Release on 29 December 2017 which sets out the key aspects of MiFID II.

The CSSF also highlights that, in accordance with the fundamental principles of EU law (notably the principle of direct effect of EU law, the principle of precedence of EU law and the obligation to interpret national law in conformity with EU law), MiFID II provisions which confer new rights or which are more favourable than the applicable national rules and regulations would apply from 3 January 2018 and existing provisions of the Law on the Financial Sector1 and of the Markets in Financial Instruments Law2 have to be interpreted accordingly. This is notably the case for provisions of MiFID II which strengthen investor protection, such as the more stringent rules regarding organisational requirements, inducements and research.

In...