De-Risking Practices: Manage ML/FT Risk Without Blanket Exclusions
CSSF de-risking guidance requires proportionate ML/FT risk management, not blanket exclusion of clients, products or services unless law requires it.
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Pratiques de désengagement financier : gérer le risque BC/FT sans exclusion générale
Le désengagement financier CSSF impose une gestion proportionnée du risque BC/FT, sans exclusion générale de clients, produits ou services sauf exigence légale ou réglementaire.
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MiFID II Compliance | Compliance | Luxembourg Financial Law | Private Banking & Wealth Management | Regulatory
L’adéquation du conseil en banque privée luxembourgeoise : les informations à recueillir avant de conseiller un client
Le conseil en investissement repose sur des fondements légaux. L’article 37-3(4) de la loi du 5 avril 1993 relative au secteur financier, telle que modifiée (la « LSF »), fixe la première règle. Avant tout conseil en investissement ou toute gestion de portefeuille, l’établissement doit obtenir les informations nécessaires sur le client. S’il n’obtient pas…
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AML Governance & Regulatory Convergence
AML Governance & Regulatory Convergence in Luxembourg Anti-money laundering and countering the financing of terrorism (AML/CFT) governance in Luxembourg has moved beyond procedural compliance. It now functions as an operational discipline: risk assessment, customer due diligence, internal organisation, escalation and documentary evidence must work together as a coherent system. For investment fund managers, credit institutions,…
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Luxembourg RBE Reform: Restricted Access and Escalating Compliance Penalties
Recent changes to Luxembourg’s Register of Beneficial Owners (RBE) have redefined the framework for corporate transparency. The new rules replace open public access with a system based on qualified access and heightened regulatory scrutiny. Key implications of this new framework include: For the complete analysis, the episode “Luxembourg RBE Reform: Restricted Access and Escalating Compliance…
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Compliance | Board of Directors | Corporate | Corporate Governance | Financial Regulation | Regulatory | Société anonyme
FDR & Dual-Class Share Structure / FDRs : ingénierie financière luxembourgeoise et gouvernance d’entreprise
How can a company access deep public capital markets without relinquishing long-term strategic control? The answer often lies in sophisticated corporate engineering unique to jurisdictions like Luxembourg. The latest episode of The Luxembourg Fundcast examines the powerful combination of a dual-class share structure with Fiduciary Depositary Receipts (FDRs). Here is a brief analysis of the…
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Compliance | Corporate Governance | Financial Regulation | Market Abuse | Regulatory | Société anonyme
Market Abuse Regulation’s Insider List for Market Integrity
Under the Market Abuse Regulation (MAR), the insider list is more than a compliance task—it’s a critical instrument for market integrity. How you manage it is a direct reflection of your company’s governance culture, especially after a major transaction. Here are a few key insights on transforming this obligation into a strategic asset: Apple Podcasts:…
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Board Delegation in a Luxembourg S.A.
In a Luxembourg S.A., poor board delegation isn’t just inefficient—it’s a direct path to personal liability for directors. Key points to avoid governance failure: • Define “Daily Management”: The legally undefined “gestion journalière” is a major risk. Document its scope and financial thresholds explicitly to prevent conflict. • Inalienable Duties: A board delegates authority, not…
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Depositary Liability Clauses in Luxembourg Fund Agreements: Legal Boundaries and Drafting Pitfalls
Under Article 19(10) of the Luxembourg Law of 12 July 2013 on AIFMs, the depositary is strictly liable for the loss of financial instruments held in custody. This liability regime is non-negotiable. Contractual clauses that attempt to exclude or limit this responsibility are considered invalid, particularly where they conflict with the core investor protection principles…
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Due Diligence in Luxembourg AIFs: Strengthening Compliance and Governance
Luxembourg’s position as a leading hub for alternative investment funds (AIFs) hinges on its rigorous regulatory framework, particularly in anti-money laundering (AML) and countering the financing of terrorism (CFT). For compliance officers (Responsable du Contrôle or RC) and senior management (Responsable du Respect or RR), understanding the nuances of simplified due diligence (SDD), enhanced due diligence (EDD),…