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On December 23, 2020 the Luxembourg legislator has
published the Law of 19 December 2020 implementing financial
restrictive measures ( Law of 19 December 2020 ). This
Law has repealed the Law of 27 October 2010 enhancing the
anti-money laundering and counter terrorist financing legal
framework.
With its entry into force on December 27, 2020, the Law of 19
December 2020 provides Luxembourg with a dedicated legislative
arsenal for the implementation of financial restrictive measures
adopted by the United Nations and the European Union.
Which financial restrictive measures?
The scope of application of the Law of December 2020 encompasses
Announcement of election of new home member state for purposes of Directive 2004/109/EC of the European Parliament and of the Council:
Credit Suisse International hereby wishes to announce that it has elected Luxembourg to be its new home Member State for purposes of Directive 2004/109/EC of the European Parliament and of the Council (the Transparency Directive ) pursuant to Article 2(1)(i)(i) and Article 2(1)(i)(ii) of the Transparency Directive, effective from 1 January 2021.
Credit Suisse International has elected Luxembourg as its new home member state for purposes of the Transparency Directive, effective from 1 January 2021, because the transition period in relation to the withdrawal of the United Kingdom, Credit Suisse International s current home member state, from the European Union will expire on 31 December 2020.
The Luxembourg indirect tax authorities (the ITA )
have published a FAQ
1 in relation to persons involved in
AML / CFT for a Luxembourg reserved alternative investment fund
( RAIF ) supervised by the ITA
2 for AML / CFT
purposes (the FAQ ).
It clarifies that RAIFs are legally required to appoint two
individuals responsible for AML / CFT:
a responsable du respect des
obligation ( RR ); and
a responsable du contrôle
du respect des obligations ( RC ).
Background
On 25 November 2019, Luxembourg s financial regulator, the
Commission de Surveillance du Secteur Financier ( CSSF ),
published a similar FAQ
3 in relation to Luxembourg
funds and investment fund managers supervised by the CSSF for AML /
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The CSSF issued a communication on 16 December 2020 on
regulatory requirements and fast track procedure for UCITS, Part II
UCIs and SIFs to facilitate the submission of prospectuses/issuing
documents for visa stamp to the CSSF in view of the entry into
force of the Regulation (EU) 2019/2088 on the
sustainability-related disclosures in the financial services
sector.
Regulation (EU) 2019/2088 requires investment fund
managers of UCITS and AIFs to comply with harmonised rules on
transparency regarding sustainability-related disclosures. The
disclosure requirements set out in Regulation (EU) 2019/2088 will
SFDR disclosures: Luxembourg regulator implements a fast track procedure for prospectus/issuing document updates
Luxembourg
December 18 2020
The CSSF issued a communication on 16 December 2020 on regulatory requirements and fast track procedure for UCITS, Part II UCIs and SIFs to facilitate the submission of prospectuses/issuing documents for visa stamp to the CSSF in view of the entry into force of the Regulation (EU) 2019/2088 on the sustainability-related disclosures in the financial services sector.
Regulation (EU) 2019/2088 requires investment fund managers of UCITS and AIFs to comply with harmonised rules on transparency regarding sustainability-related disclosures. The disclosure requirements set out in Regulation (EU) 2019/2088 will apply as from 10 March 2021 even though the level 2 regulatory technical standards have been delayed.