Lois et réglementation

Five representatives of the financial services sector in Luxembourg have been named as members of working groups and specialist advisory committees of the European Securities and Markets Authority, or Esma. The new composition of the committees was made public on Friday and includes about 200 names.

A new EU law from 2025 will require companies in Europe to accept a future in which their reporting data on sustainability and their ESG impact will be just as important as data on their financial performance. Non-EU companies also will be subject to these requirements. «The landscape is going to change because preparers are going to offer reliable data,» said Patrick de Cambourg, chair of the EU taskforce on sustainability reporting standards.

Europe’s asset management industry on Wednesday called on governments across Europe to take additional actions such as introducing new tax incentives to protect retail investors and savers against inflation. 

Luxembourg’s fund industry supports the introduction in new EU retail finance legislation of more lenient ‹opt-up’ criteria for retail clients that would give them the same status as professional clients. At the same time, it opposes the creation of a new category of semi-professional investors.

The European Council and the European Parliament have taken an important step towards the implementation of a new sustainability reporting system in Europe. It concerns the Corporate Sustainability Reporting Directive, or CSRD, which requires companies to have their reported sustainability information independently verified.

Le Conseil européen et le Parlement européen ont fait un pas important vers la mise en œuvre d’un nouveau système de rapports sur la durabilité en Europe. Elle concerne la directive sur les rapports de durabilité des entreprises (CSRD). Elle exige que les entreprises fassent vérifier de manière indépendante les informations qu’elles communiquent sur la durabilité.

Luxembourg’s financial supervisor CSSF on Monday ordered alternative investment managers to exclusively use a new ePassporting module in its eDesk electronic reporting portal to share notifications for the marketing of investment products registered in the Grand Duchy.

New rules, new details and a new terminology regarding financial sector outsourcing are being introduced by Luxembourg’s financial regulator CSSF with the presentation of its widely discussed ‹circular 22/806›. These changes, with significant consequences for the use of IT and cloud services, bring greater clarity within the  regulatory framework.

La déclaration de la TACT qui se rapporte à la période de référence 2021 doit être introduite au plus tard le 15 juillet 2022. 

Alarmed efforts by European green and microfinance fund providers, led by Dutch firms Triodos and ASN, to get the European Commission to rectify what looks like an omission in its proposed investment fund legislation risk being dismissed as «small beer» and may be overlooked. “We have to keep making noise.”