Frontier AI cyber risk: what the CSSF expects
CSSF and artificial intelligence: the 7 July 2026 expectations for governance, patching, containment, defensive AI and cyber-resilience testing.
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Gouvernance des produits MiFID II au Luxembourg : l’article 9, point de contrôle du distributeur
Le règlement grand-ducal du 30 mai 2018 fixe, à son article 9, les obligations de gouvernance des produits applicables aux distributeurs au Luxembourg. L’article 9 s’applique lorsque les établissements de crédit et les entreprises d’investissement décident quels instruments financiers et services d’investissement ils entendent offrir ou recommander. Les services d’investissement visés sont ceux énumérés à…
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MiFID II Product Governance in Luxembourg: The Article 9 Distributor Control Point
The Grand-ducal Regulation of 30 May 2018 contains the Luxembourg distributor control rule in Article 9. Article 9 applies when credit institutions and investment firms decide which financial instruments and services they intend to offer or recommend to clients. Under the ESMA Guidelines, manufacturers create, develop, issue or design products. Distributors offer, recommend or sell…
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Luxembourg Cross-Border Private Banking Regulatory Framework
A Luxembourg authorisation does not allow the same private-banking services in every client country. The EEA passport gives access, but country-by-country rules still shape client contact, advice, products, marketing and file evidence.
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Retail Account Closure in Luxembourg: Termination Rights Under Payment Services Law
Closing a retail payment account in Luxembourg is a legal exercise before it is an operational one. The Luxembourg Law of 10 November 2009 on payment services (the Payment Services Law) regulates the payment-services framework contract: the durable contractual arrangement covering recurring services, including transfers, cards, direct debits, and standing orders. For ordinary termination under…
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Financial Collateral: Drafting Secured Obligations Clauses
The secured obligations clause defines which obligations a financial collateral pledge actually secures. It is the operative boundary between the credit exposure and the collateral. Imprecision in that clause — whether through ambiguous drafting, accidental narrowing, or inconsistency with the facility documents — creates enforcement risk that may be difficult, and sometimes impossible, to cure…
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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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CSSF Circular 22/824: Loan Origination & ESG
The methodology for loan origination in Luxembourg has fundamentally evolved. CSSF Circular 22/824, which implements the European Banking Authority’s (EBA) guidelines, introduces a profound shift in credit risk management. This new framework transitions lending from a singular transaction to a process of continuous stewardship. A highly significant development is the formal integration of Environmental, Social,…
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AIFMD II: Loan-Originating Funds and the SCSp in Luxembourg
The Alternative Investment Fund Managers Directive (AIFMD) II is set to redefine the landscape for loan-originating funds. Luxembourg’s draft bill 8628 has officially started the clock, outlining how these new pan-European rules will be integrated. For managers using flexible vehicles like the Special Limited Partnership (SCSp), the changes are not just compliance points; they are…
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SCSp Crossborder Mobility
The cross-border mobility of a Luxembourg special limited partnership (société en commandite spéciale – SCSp) offers significant strategic flexibility, yet the process is often misunderstood. Can its registered office be transferred abroad without triggering a dissolution? Our latest analysis breaks down the key mechanics: The full analysis of the legal framework and practical steps is…