Yesterday, the “Conseil d’Etat” rejected the Draft Law for a sustainable finance and modifying the modified CIS Law of 17 December 2010 for non-compliance with the Constitution.
On 6th of November, the Federal Council brought the Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) – together with the implementing ordinances – into force with effect from 1 January 2020 as expected. The Financial Services Ordinance (FinSO), the Financial Institutions Ordinance (FinIO) and the Supervisory Organisation Ordinance (SOO) contain the implementation provisions of the Federal Council.
In consequence of their adoption the Collective Investment Scheme Ordinance (CISO) is also amended to reflect several changes impacting collective investment schemes in the FinSA/FinSO. FINMA announced yesterday it will open a public consultation in Q1 2020 for adoption in Q4 2020.
BCL has published on its website the Calendar of remittance dates for the statistical reporting of investments funds in 2020.
The Reporting calendar 2020 relates to both Money Market funds and Non-Money Market funds.
The EU and the UK have agreed to extend the date for the UK’s departure from the EU. As a result, firms do not need to take action to implement Brexit contingency plans for 31 October.
The European Supervisory Authorities (ESAs) have published a public joint consultation on the revision of the PRIIPs Regulations, which will have to be implemented in the course of 2020.
The joint consultation covers some key topics that are subject to revisions, such as a revision of the methodology underpinning performance scenarios calculations, presentation of costs or calculation of transaction costs amongst others.
The joint consultation is opened until January 13, 2020.
After investigation due to a previous ambiguous communication, today CSSF confirmed to us that final UCI prospectuses must still be transmitted via official transmission channels (eFile – SOFiE) for visa – no project to modify this step is ongoing.
The European Commission has submitted to the public a consultation on 11 October 2019 in accordance with the Benchmark Regulation, art. 54 that stipulates that the European Commission will review and provide a report to the Parliament and the Council by January 1st, 2020.
On October 11, 2019, the Commission de Surveillance du Secteur Financier published a communication related to the mandatory notification to be submitted to the CSSF by UK fund managers in the context of Brexit. The communication includes two annexed documents dedicated to both UK AIFMs of Luxembourg AIFs which have not yet submitted their notification and UK managers which already have done so.