Regulatory notices

The Luxembourg financial regulator published last Friday a Circular Letter reminding the reporting obligation of several entity types to their management board.

Today, CSSF published a communiqué related to the Brexit that will be effective this evening.

As far as an orderly withdrawal will take place, contingency plans in case of “hard Brexit” are no more relevant at least for the next coming months. Consequently, CSSF has closed with immediate effect the dedicated section of its eDesk portal which was collecting the transitional period requests from UK funds and/or their managers.

On 30 January 2020, Central Bank published on its web site a revised version of its UCITS Q&A (28th).

This Q&A contains a new question (Q&A ID 1094), in relation to investment by UCITS in Contracts for Difference (CFDs), Collateralised Loan Obligations (CLOs), Contingent Convertible Securities (CoCos) and binary options.

On 27 January 2020, CSSF published a communication regarding the application of the clarifications given by ESMA in its UCITS Q&A version released on 29 March 2019.

Consob has released its decision regarding the supervisory fees 2020.

In general, the calculation is based on 2019 activity.

On 17 January 2020, CSSF has published the NRA ML/TF sub-sector risk assessment on collective investments.

This report follows the National Risk Assessment done in 2018 that highlighted the AML/CFT risk of the CIS sector.

This appreciation has been confirmed by the FAT and the European Commission’s Supra-national risk assessment.

The content of this report has been elaborated by the CSSF with the contribution of the industry’ stakeholders.

As announced in our last notice issued on December 20, 2019, the CSSF has published the list of UCITS identifiers on January 15, 2020.

The deadline to report is February 15, 2020.

On 3 of January 2020, FINMA published the Ordinance setting the fees for the financial sector under its supervision.

As regards to collective investment schemes (CIS) and especially concerning the foreign CIS, the basic fee structure has evolved for 2020 compared to the previous years while the authorisation level of fee remains unchanged.

The adopted draft Law modifying Sepcav Assep implementing IORP II as well as amendment to the PRIIPs Law has been published in the Memorial A on 19 December 2019.