Source/Date Brief description

CSSF

04/09/2018

New head of CSSF appointed

Marko Zwick was appointed as the new director of the Commission de Surveillance de Secteur Financier ("CSSF"), the Luxembourg financial supervisory authority. He will be in charge of the portfolios on investment funds as well as specialized professionals in the financial sector. 

For further information, click here.

CSSF

29/08/2018

Publication of CSSF 2017 annual report

In the report, the CSSF details its activities per sectors in the past year against wider international developments, while setting out its course for the future.

For further information, click here.

CSSF

23/08/2018

Publication of Circular CSSF 18/699 updating the table EI "persons responsible for certain functions and activities"

The CSSF updated the reporting requirements for investment firms in regards to persons responsible for data protection and the follow-up on ESMA recommendations.

To access the text of the circular in French, click here.

To access a mark-up of the modified table EI in French, click here.

CSSF

23/08/2018

Publication of CSSF Circular CSSF 18/698 on the authorization and organization of Luxembourg investment fund managers

On 100 pages, the Circular now contains substance rules for all Luxembourg fund management companies ("ManCos"), including alternative investment fund managers. Apart from codifying the regulatory practice already applied by the CSSF, the circular reflects the recent international and domestic legislative/regulatory developments around Brexit. Special focus is placed on appropriate substance of ManCos.

To access the text of the circular in French, click here.

CSSF

23/08/2018

Publication of CSSF Circular CSSF 18/697 on governance and organization of non-UCITS depositaries

The circular completed the existing legal framework for fund depositaries, adding to the rules already in place for UCITS depositaries. It addresses (i) eligibility criteria to act as a depositary of non-UCITS investment funds and the relevant authorization procedure, (ii) corporate governance,(iii) relations with third parties (sub-delegates, AIFM, etc.) and (iv) operational rules governing the depositary's safekeeping and oversight functions.

To access the text of the circular in French, click here.

CSSF

22/08/2018

Publication of CSSF Circular 16/699 regarding the update of the table IF "Persons in charge of certain functions and activities" (tableau EI « Responsables de certaines fonctions et activités »)

The new circular introduced the obligation for investment firms to appoint a special agent, other than a member of the management body, in charge of questions relating to the investment firm's duties on the protection of clients' assets.

To access the text of the circular in French, click here.

Luxembourg Parliament

22/08/2018

Publication of Law of 1 August 2018 establishing the National Data Protection Commission (CNPD)

The previous notification system, based on ex-ante controls, has been replaced by ex-post controls, which eliminates the previous time-consuming procedure of notification to/authorization by the CNPD. Other key changes include the capacity of the CNPD to impose significant fines and sanctions and exemptions in respect to access to and processing of personal data.

To access the text of the law in French, click here.

Luxembourg Parliament

21/08/2018

Publication of the Law of 6 August 2018 amending and supplementing the amended law of 12 February 1979 on value added tax

The law introduced the VAT group regime in the country's VAT legislation, following recent case law of the CJEU. The VAT group regime is very attractive for entities having no or partial input VAT recovery right. Since transactions between members of a VAT group are disregarded for VAT purposes, the regime entitles members of the group to receive services from others, without suffering a VAT cost.

To access the text of the law in French, click here.

Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries. www.dentons.com.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.