Supervision

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

The European Insurance and Occupational Pensions Authority, known as Eiopa, on Monday published its Insurance Risk Dashboard for the first half of 2023. This assessment showed macroeconomic exposures as the most significant concerns at this time. 

Financial supervision in the European Union has encountered a pressing challenge - a notable disparity in the approaches taken by national financial supervisors when it comes to sanctioning investment funds. As the watchdog of the EU›s financial markets, the European Securities and Markets Authority (Esma) has identified this growing divide and is now pushing for measures to foster greater convergence among member states.

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.