Regulatory notices
The Law of 18 June 2020 adopted by the Chambre des Députés of the Grand-Duchy of Luxembourg on 9 June 2020 has been published in the official gazette, the Memorial A. This Law modifies the modified Law of 18 December 2015 related to the Common reporting Standard and the modified Law of 24 July 2015 related to FATCA.
EU – High Level Forum publishes is final report on Capital Maket Union – impacts on asset management
On 10 June 2020, the European High-Level Forum appointed by the European Commission for advice on completion of the Capital Market Union project published its final report named “A new vision for Europe’s Capital Market”.
The latest publication is more granular than the interim reports previously released by the same HLF and includes timetables for all the key deliverables. Therefore, we suggest sharing with you the most relevant information that should impact your business in the next five years.
On 5 June 2020, ESMA published its new Guidelines on certain aspects of the MiFID II compliance function requirements. These Guidelines when translated in all languages will be applicable and will replace those issued under MiFID I.
On 10 June 2020, the European Commission published its report to the European Parliament (EP) and the Council assessing the application and the scope of Directive 2011/61/EU of the European Parliament and of the Council on Alternative Investment Fund Managers in accordance with the article 69 of that Directive.
The European Commission opened a public consultation on 8 June 2020 on different financial regulatory frameworks in the context of sustainable finance covering among others insurance and asset/investment management sectors. This wide online consultation will last till 6 July 2020.
ESMA has launched a Consultation Paper on the forthcoming introduction of Guidelines on outsourcing to cloud Service Providers. The consultation is open till 1 September 2020.
The increase of outsourced IT activities and the highest level of risks associated for management companies or alternative investment fund managers among others have motivated ESMA to address this situation with the introduction of Guidelines that will be applied by the National Competent Authorities as well as by their supervised entities.
The European Commission opened a public consultation on 8 June 2020 on different financial regulatory frameworks in the context of sustainable finance covering among others insurance and asset/investment management sectors. This wide online consultation will last till 6 July 2020.
On Friday 5 June 2020, the CSSF has published a Communiqué on the European Systemic Risk Board (ESRB) Covid-19 related policy actions – implication for investment funds.
On 4 June 2020, ESMA published a “Supervisory briefing on the supervision of costs in UCITS and AIFs” the aim is promoting convergence on the supervision of costs of these financial products.