Mifid2

Luxembourg branches of investment firms and financial institutions headquartered elsewhere in the European Union from this year onwards will have to ask their auditors to produce an independent report on measures taken to prevent money laundering and the financing of terrorism.

A new set of rules - part of an update to the EU’s Mifid 2 directive - took effect in Luxembourg on Tuesday that will set out how banks and asset managers are required to handle their investment products in terms of Environmental, Social and Governance.