Regulatory notice

Yesterday, the Luxembourg Business Registers (LBR) announced that the administrative deadline for entities to file the relevant information on their beneficial owners with the Register of Beneficial Owners (“RBO”) is postponed to 30 November 2019. Registrations made until that date will remain free of charge.

On August 20, 2019, the law transposing the EU Directive 2017/828 on Shareholders Rights was published in the Luxembourg Official Journal.

FCA published its new Regulatory fees following a consultation initiated earlier in April and closed on 29/05/2019. Contrarily to what FCA has proposed in this consultation, 2019 fees are reduced compared to past year, except for AIFMD notifications.

On August 1, 2019, the CSSF made the Brexit notification portal available on the eDesk platform, for UK-based funds and firms to be able to notify their intention to continue providing their services in Luxembourg after exit day.

On July 30, 2019, the Consob, the Italian capital market supervisory authority published on its website an updated user manual of the dedicated platform used to register fund information prior to yearly supervisory fee calculation.

On July 30, 2019 the Commission de Surveillance du Secteur Financier (“CSSF”) published a Frequently Asked Questions document on its website, on the application of the swing pricing mechanism.

On July 29, 2019 the Commission de Surveillance du Secteur Financier (“CSSF”) issued a communication (19/39) on the availability of the online portal to be used by investment firms and management companies domiciled in Luxembourg or Luxembourg-based branches of such companies domiciled in another country, in order to submit their assessment on the impact of the PRIIPs Regulation.

Regulation (EU) 2019/1238 of the European Parliament and of the Council of 20 June 2019 on a Pan-european Personal Pension Product (PEPP) has been published in the Official Journal of the European Union on 25 July 2019.

The PEPP Regulation will be implemented 12 months after the publication of the RTS in the O.J. -> probably in the second half of 2021.

On July 23, 2019, the Central Bank of Ireland published an updated guidance on its website stating the requirements that UCITS must meet when using financial indexes for investment purposes. The guidance states that an assessment must be conducted based on pre-defined criteria by UCITS funds on the financial indexes used, and that, where relevant, the Responsible Person of the UCITS must submit an index certification to the CBI in this respect.