MIFID II and MIFIR | ESMA updated Q&AS on investor protection and intermediaries topics

On 29 March 2021 and on 28 May 2021, ESMA updated its Questions and Answers (“Q&As“) concerning investor protection and intermediaries topics under Directive 2014/65/EU of 15 May 2014 on markets in financial instruments (“MiFID II”) and Regulation (EU) 600/2014 of 15 May 2014 on markets in financial instruments (“MiFIR”). The updated version of the […]

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Draft law to implement EU crowdfunding regulation

The purpose of the draft law 7825, submitted to the Luxembourg Parliament (Chambre des Députés) on 21 May 2021 (the “Draft Law”), is to operationalise Regulation (EU) 2020/1503 of 7 October 2020 on the European crowdfunding service providers for business (the “Crowdfunding Regulation”). Background The Crowdfunding Regulation, which will be directly applicable in all Member […]

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Publication of the Luxembourg law transposing CRD V and BRRD II

On 21 May 2021, the Luxembourg law of 20 May 2021, transposing: Directive (EU) 2019/878 of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures (“CRD V”); and Directive (EU) 2019/879 of 20 May 2019 amending Directive 2014/59/EU […]

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Changes in response times for PIX limits

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 […]

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BSP in the US$500m sustainability-linked senior secured borrowing base financing to Sucafina

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 […]

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The Central Bank of the Islamic Republic of Iran offers the opportunity to Luxembourg courts to reaffirm their national sovereignty

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 […]

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Circular CSSF 21/769 – Teleworking in supervised entities

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 […]

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ESMA updated its Q&As for the prospectus regulation

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 […]

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CSSF updates UCITS and AIFMD FAQs

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 […]

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Performance Fee Guidelines | Entry into Effect

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 […]

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Investor Compensation Scheme Luxembourg | CSSF FAQ

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, […]

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