The Central Bank, through BCB Normative Instruction 115 of 21/6/2021, has removed the obligation for PIX participants to immediately accept requests to reduce the limit of legal entities. As from 01/07/21 the reduction must be carried out immediately only if the request is made by a natural person. If the request is made by a […]
Pierre-Alexandre Degehet, Partner at BSP, assisted by Kateryna Nevmerzhytska, Associate, has acted as Luxembourg counsel supporting ING Bank N.V. and a group of international banks on the successful closing of a US$500m sustainability-linked senior secured borrowing base financing to Geneva-based coffee trader Sucafina. The borrowing base facility was significantly oversubscribed and subsequently upsized to US$500 […]
The team led by Fabio Trevisan, Partner and Head of the Dispute Resolution department at BSP, and composed of Laure-Helene Gaicio-Fievez, Partner, together with Audrey Risser, Counsel, acting as Luxembourg counsel for the Central Bank of the Islamic Republic of Iran obtained a decision directly impacting the assets held by Clearstream and which will have […]
On 9 April 2021, the CSSF published Circular CSSF 21/769 regarding governance and security requirements for Supervised Entities (as defined below) to perform tasks or activities through Telework (as defined below) (“Circular 21/769”). Scope of Circular 21/769 Following the significant increase in Teleworking over the past year in Luxembourg (the number of resident teleworkers in […]
On 28 January 2021, ESMA updated its Questions and Answers (Q&As) relating to Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 .On the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market (“Prospectus Regulation”) and to Commission Delegated […]
Data Transfer On 24 November 2020, the Commission de Surveillance du Secteur Financier (CSSF) published an updated version of its Frequently Asked Questions concerning the Luxembourg Law of 17 December 2010 relating to undertakings for collective investment schemes (the “UCITS FAQ”) and an updated version of its Frequently Asked Questions concerning the Luxembourg Law of 12 July 2013 on alternative investment […]
BACKGROUND On 3 April 2020, ESMA published its final guidelines on performance fees in investment funds – applicable to UCITS and certain types of AIFs (the “Guidelines”). As a reminder, the guidelines provide comprehensive guidance to fund managers when designing performance fee models for the funds they manage, including the assessment of the consistency between the performance […]
On 26 November 2020, the CSSF issued Frequently Asked Questions regarding the Investor Compensation Scheme Luxembourg established by article 156 of the Law 18 December 2015 and governed by Part III, Title III of the same Law (the “FAQ” and the “Law”). The Investor Compensation Scheme or Système d’indemnisation des investisseurs Luxembourg (“SIIL”) covers clients of investment firms, banks, […]
On 8 December 2020, the CSSF issued a Communication regarding the introduction of a new eDesk module (the “Communication” and the “eDesk Module”), announcing the progressive digitalisation for the reception and processing of a series of requests, including both those submitted at the initiative of the interested parties and those to be submitted following a specific request […]
Background On 16 December 2020, the CSSF issued a communication covering both new regulatory requirements on transparency with regard to the integration of sustainability risks, the consideration of adverse sustainability impacts and the provision of sustainability – related information, as well as the adoption of a fast track procedure. Regulatory requirements Regulation (EU) 2019/2088, of 27 November […]
BACKGROUND On 21 December 2020 draft law No. 7736 was presented before the Luxembourg Parliament (the “Draft Law”). The scope of the Draft Law includes, inter alia, an amendment to the law of 17 December 2010 relating to undertakings for collective investment (the “UCI Law”). SCOPE The Draft Law amends the UCI Law by prolonging until […]
As part of its actions to address the impact of COVID-19 on the financial system from a macroprudential perspective, on 6 May 2020, the European Systemic Risk Board (“ESRB”) published a recommendation to address liquidity risk in investment funds, requesting that ESMA: coordinates with the EU national competent authorities (including the CSSF) (the “NCAs”) to undertake a […]