BSP Newsletter | January 2020

Evelyn MaherPartner, Bonn Steichen & Partners

Investment Management

1. AML/CFT CSSF FAQ on Responsible Persons for a Luxembourg Investment Fund or Investment Fund Manager

On 25 November 2019, the CSSF issued its FAQ on persons responsible for AML/CTF compliance for a Luxembourg Investment Fund or Investment Fund Manager supervised by the CSSF.

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2. AML/CFT CSSF Guidance on Compliance by Registered AIFMS and 2019 ML/TF Survey

On 5 December 2019, the CSSF published a communication summarizing results of an AML/CFT questionnaire as well as an AML/CFT conference concerning registered AIFMs and Self-Managed Non-AIFs which took place on 3 December 2019 (the “Communication“). 

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3. AIFMD | ESMA’S Updated Q&A

Background

On 4 December 2019, ESMA published updated Questions and Answers (“Q&A“) on the application of the Alternative Investment Fund Managers Directive (“AIFMD“).

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4. New UCI Applications Via eDesk | CSSF Press Release 19/45

As and from 1 November 2019, applications for new UCI approvals (i.e. UCITS, UCI Part II, SIF and SICAR) not yet registered on the official list, will have to be submitted via the CSSF’s new eDesk portal.  Applications via email will no longer be accepted.
The CSSF have provided a dedicated user guide, available here, with all information related to the creation of a user account. 

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5. PRIIPS Assessment Reminder | CSSF Press Release 19/60 

On 11 December 2019, the CSSF published press release 19/60 (the “Press Release“) reminding that pursuant to to press release 19/28 published on 1 July 2019 all SIFs, Part II UCIs and SICARs are obliged to complete an online assessment about the impact of Regulation 1286/2014 on key information documents for packaged retail and insurance-based investment products (the “PRIIPS Assessment“).

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6. EMIR | CSSF Press release 19/49 on Results of Questionnaire

Background

In August 2018, the CSSF addressed a European Market Infrastructure Regulation (“EMIR“) questionnaire to investment fund managers under its supervision (“IFMs“). The IFMs were required to complete and return the questionnaire to the CSSF in order to assess compliance with EMIR.

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7. Liquidity Risk Management | CSSF Circular 19/733

On 20 December 2019, the CSSF published Circular 19/733 on liquidity risk management for open-ended undertakings for collective investment (the “Circular“).

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8. Crowdfunding | EU Rules Agreed

Background

On 27 March 2019, the European Parliament adopted a legislative resolution on the proposal for a regulation on European Crowdfunding Service Providers (“ECSP“). Until now, the European Parliament negotiating team and the Council still had some points of discussion. An agreement has finally been found.

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9. Sustainable Finance | Recent Developments

On 9 December 2019 the European Parliament and the Council adopted two new regulations relating to sustainable finance in the context of the European Union’s aim to strengthen the response to climate change.

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10. Benchmark Regulation | CSSF Communication

On 24 December 2019, the CSSF published a communiqué (the “Communication“) regarding Regulation (EU) 2016/1011 on indices used as benchmarks (the “Benchmark Regulation“) addressed to all entities which are subject to the CSSF’s supervision and which are using benchmarks (the “Concerned Entities“).

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