Lois et réglementation

Luxembourg’s financial supervisor CSSF has made clear that it expects investment funds that commit to sustainability objectives will stick to these commitments. If a fund defines thresholds for specific ESG or sustainability investments, then it should consider these as a “binding commitments”.

BOS Wealth Management SA, the Luxembourg-based European wealth management arm of Bank of Singapore, has been handed a 210,000 euro fine by Luxembourg’s financial regulator CSSF for non-compliance with laws designed to fight money laundering and terrorist financing.

Europe’s asset management industry finds itself under a public magnifying glass after a team of international investigative journalists discovered that the most sustainable funds are still investing in polluting companies. Earlier warnings on possible reputation risks, also from specialists inside the sector, now echo loudly, but so does the observation that a lack of clarity in the current sustainability regulations poses significant challenges, both for the industry and investors.

Public registers in Luxembourg, the Netherlands, Austria as well as other EU countries set up under EU laws to fight money-laundering and tax evasion remain temporarily closed as legal specialists agreed that the ruling effectively shut down a key aspect of the EU’s fifth anti-money laundering directive. National governments as well as the EU are still considering next steps.

Following in the footsteps of the European Parliament earlier this month, the Council of the EU on Monday finalised the legislative process by adopting the Corporate Sustainability Reporting Directive, known as CSRD.

Efama, the trade association for Europe’s fund and asset management industry, welcomed the adoption of what it sees as “a crucial piece of the puzzle”, but warned that the industry still faces years of uncertainty because of the “staggered” adoption between the years 2025 and 2029.

Dans son arrêt du 22 novembre 2022 (C37/20 & C/601/20), la Cour de Justice de l’Union européenne a dû se pencher sur la compatibilité du registre UBO et des droits fondamentaux au respect de la vie privée et à la protection des données à caractère personnel tels que garantis par les articles 7 et 8 de la Charte des droits fondamentaux de l’Union européenne (ci-après la « Charte »).

Financial regulators across the European Union next year will embark on a comprehensive review of costs that investment firms charge to investors for their investment funds. Claude Marx, director general of Luxembourg financial supervisor CSSF, speaking at the Alfi private assets conference on Wednesday, elaborated on some of the next steps. The industry, he said, needs to maintain its focus on efficiency, also in the interests of investors.

La Cour européenne de justice a rendu mardi un arrêt aux conséquences très importantes. Elle s’est prononcée contre la divulgation des «Ultimate Benificial Owners» (UBO) dans le registre du même nom accessible au public. La Cour estime que les droits fondamentaux des individus l’emportent parfois sur l’intérêt public à lutter contre le blanchiment d’argent.

The European Union’s Court of Justice on Tuesday ruled that private information on the ultimate ownership of companies and investment funds registered in the Luxembourg Business Register does not always need to be made available to the general public. The court ruled that fundamental rights of individuals can sometimes outweigh the general interest of fighting money laundering.

Afin de s’assurer que les investisseurs ne sont pas trompés, la principale autorité de surveillance de l’Union européenne pour les fonds d’investissement et la gestion d’actifs a proposé vendredi ses critères pour l’utilisation des termes ESG ou liés au développement durable dans les noms de fonds.