Developments in the Luxembourg Financial Sector

March 25, 2013

The Commission de surveillance du secteur financier (the “CSSF”), the Luxembourg supervisory authority, issued a circular on the authorization and organization of Luxembourg UCITS management companies and self-managed SICAVs. The circular provides guidance on the substance and governance requirements that must be complied with by such entities. Further to the issue of the circular, the CSSF stated in a press release that the promoter concept will be repealed with respect to UCITS. In addition, the CSSF issued a regulation relating to the fight against money laundering and terrorist financing, which completes the regulatory framework in Luxembourg concerning anti-money laundering and counter-terrorism financing. Finally, the Luxembourg Parliament adopted a law concerning the activities of family offices in Luxembourg, which is another step in the direction of an increased regulatory protection system to ensure that financial services activities can only be performed by duly authorized professionals. These developments are discussed in the following articles:

  • New CSSF Circular on Substance and Governance
  • Abolishment of the Promoter Concept for UCITS
  • New Anti-Money Laundering Regulations
  • Family Office Law

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