Supervision

Luxembourg life assurance and wealth management company OneLife has been fined 580,000 euro by the country’s insurance supervisor Commissariat aux Assurances (CAA) after “certain failures” were detected in the firm’s anti-money laundering and counter-financing of terrorism (AML-CFT) systems.

Negotiators from the European Council and European Parliament have reached a provisional agreement on new rules aimed at enhancing European capital markets and bolstering investor protection within the EU. The deal, reached during the early hours on Thursday, includes consensus on leverage limits and passporting rules for Loan Originating Funds (LOFs), marking a significant milestone in the regulatory landscape.

Le fournisseur de services financiers basé au Luxembourg, Fuchs & Associés Finance SA, ne peut plus fournir de services en Belgique maintenant que sa licence luxembourgeoise a été retirée par la CSSF, selon une déclaration du régulateur belge des marchés financiers, la FSMA.

Le fournisseur de services financiers basé au Luxembourg, Fuchs & Associés Finance SA, ne peut plus fournir de services en Belgique maintenant que sa licence luxembourgeoise a été retirée par la CSSF, selon une déclaration du régulateur belge des marchés financiers, la FSMA.

The Luxembourg District Court on Tuesday ordered the dissolution and liquidation of 23-year old investment firm Fuchs & Associés Finance SA and appointed a liquidator and an official receiver. Luxembourg’s financial supervisor CSSF, noting “serious breaches of essential legal and regulatory requirements,” said it has revoked the firm’s authorisation to operate as an investment services provider and has activated the Grand Duchy’s investor compensation scheme.

The world’s top body for the fight against money laundering on Friday said it has found a “high level of technical compliance” with global standards in Luxembourg. The Financial Action Task Force, or FATF still recommended that the Grand Duchy strengthens its measures in certain complex areas, in line with its risk profile as a regional and global financial centre. «Luxembourg has a very good idea of what it needs to do,» said FATF president T. Raja Kumar in response to a question by Investment Officer during a press conference in Paris.

Dans les deux plus grands centres européens d’ETF, le Luxembourg et l’Irlande, différentes règles régissent la dénomination des Fonds Négociés en Bourse (ETF). Alors que les règles européennes pour la dénomination des ETF sont déterminées par l’autorité basée à Paris, l’ESMA, la mise en œuvre par les superviseurs nationaux, la CSSF au Luxembourg et la CBI en Irlande, diverge, présentant à la fois des opportunités et des risques pour les fournisseurs d’ETF.

The European Securities and Markets Authority (ESMA) on Thursday unveiled its ambitious Data Strategy for the next five years, signalling a commitment to bolstering data-related technologies, slashing compliance costs, and enhancing data accessibility within the European Union’s financial markets.

En tant que centre financier mondial connu pour son industrie bancaire et d’investissement robuste, le Luxembourg attend une discussion prochaine au sein du Groupe d’action financière (GAFI) sur ses mesures de lutte contre le blanchiment d’argent (AML). Le GAFI, l’organisme international chargé de la lutte contre le blanchiment de capitaux et le financement du terrorisme, examinera les résultats de sa dernière évaluation mutuelle du Grand-Duché la semaine prochaine à Paris.

Europe’s top financial regulators on Thursday presented a first official definition of greenwashing as part of a common approach for cracking down on greenwashing practices among banks, asset managers and insurance companies, turning up the pressure on an industry that has for a long time been complaining about the lack of clarity of the EU’s sustainable finance regulations.