CSSF

Adler Group SA,  a Luxembourg-based real estate company active in Germany with a listing on the Frankfurt Stock Exchange, has been fined 30,000 euro by Luxembourg’s financial supervisor CSSF because it has not deposited an audited annual financial report for 2022.

Adler, as a Luxembourg firm, is subject to the country’s transparency law, CSSF said in a statement issued on Monday. Adler did not respond to a request for comment.

The European Securities and Markets Authority, or Esma, on Thursday announced that from 2025, cyber risk and digital resilience in Europe’s securities sector will take precedence alongside ESG reporting in terms of overarching priorities for the supervisors in EU member states.

The Luxembourg Ucits market, a cornerstone of the European investment landscape, demonstrated both its strength and vulnerability in the face of 2022’s economic turbulence, with fund managers navigating increased market and credit risks, while maintaining prudent leverage and liquidity management.

Luxembourg’s financial supervisor CSSF is urging banks, investment funds and the general public in the Grand Duchy to be extra vigilant in relation to money transfers that could finance terrorist groups such as Hamas and Islamic Jihad. The reminder comes just a month after the world’s top body for fighting money laundering and terrorism finance said the sector’s understanding of terrorism finance is “very low”.

Luxembourg’s alternative investment funds (AIFs) continued to show resilience and growth last year, even amid economic headwinds, navigating economic challenges with private equity funds at the forefront of market momentum, according to the latest annual market overview by the Grand Duchy’s financial supervisor.

Luxembourg’s Commission de Surveillance du Secteur Financier (CSSF) announced on Monday that Marco Zwick’s mandate as the director in charge of supervising investment funds has been renewed for an additional five years, effective from September 1, 2023. Zwick has been serving in this role since 2018. CSSF meanwhile also said that a decision on the renewal of the mandate for its chief bank supervisor, Claude Wampach, was made in July per royal decree.

Luxembourg’s financial watchdog, the Commission de Surveillance du Secteur Financier (CSSF), has set a deadline of December 31, 2023, for investment funds and their managers to conduct comprehensive assessments of their valuation frameworks and to update these where necessary.

A positive performance in global financial markets stemmed net capital outflows in Luxembourg during the month of June, leaving the grand duchy’s investment funds with a net positive balance of 35.191 billion euro at the end of the month, according to data from financial supervisor CSSF.

The increase represents the balance of negative net capital investments - or outflows - of 15.302 billion euro and of the positive development of financial markets amounting to 50.493 billion euro.

 Luxembourg investment funds experienced a slight decrease in net assets during April, reflecting market fluctuations and uncertainties. The total net assets amounted to 5,139 billion euro as of 30 April 2023, down 0.19 percent from the previous month’s figure, according to financial supervisor CSSF.

Compared to April last year, the volume of net assets has decreased by 6.17% percent.

Europe’s top regulator for securities and financial markets on Wednesday said it believes there is a need for EU-level legislation to make sure investors do not bear costs that are considered excessive, unnecessary, or unreasonable when they put their money in investment funds.