Regulatory notice

On 19 May 2020, the Decree Law adopted by the Italian Government for among others the relaunch of the Italian economy in consequence of the Covid-19 crisis has been published in the Ufficiale Gazette.

The FCA has recently closed its Consultation Paper 20/06 on the regulatory fees and levies payable for the period 2020/2021.

CSSF communicated yesterday on measures to be taken by the financial sector under its supervision in the context of the relaxed lockdown.

ESMA communicated yesterday on its adhesion to the recommendations provided by the European Systemic Risks Board on liquidity risks in investment funds in the context of the Covid-19 crisis.

Yesterday 13 May 2020, the CSSF has published a communication about the launch of a new reporting repealing the existing monitoring of significant developments and issues as well as on the related decisions and measures taken by Investment Fund Managers, which was established on 10 March 2020. The new notification will apply from 2 June 2020 and will remains in place until further notice. The FAQ-Covid-19 has been updated accordingly.

Yesterday, the “Loi du 12 mai 2020 portant prorogation de certains délais prévus dans les lois sectorielles du secteur
financier durant l’état de crise” has been published in the “Mémorial”, the Luxembourg official journal.

Thursday 7 May 2020, the European Commission has launched its Action Plan for a comprehensive Union policy on preventing money laundering and terrorist financing. Alongside to this announcement, the Commission has disclosed a new methodology and pending the application of this revised methodology, updated the EU list of high risks countries to ensure a better alignment with the latest FATF (Financial Action Task Force) list.

As a consequence of the Covid-19 crisis, investment firms have encountered a significant increase of retail investor activity. Several national competent authorities have alerted their supervised entities on their relevant obligations when advising on investment products or services.

Following the recent adoption of the Law of 25 March 2020 amending, inter alia, the Law of 12 November 2004 on combating money laundering and terrorist financing and the Law of 25 March 2020 establishing a central electronic data retrieval system for IBAN and safe deposit accounts, CSSF has published yesterday the new Circular 2020/742.