Financial Institutions Regulation

Recent Articles

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  07/05/2024

  Luxembourg

  CSSF publishes Q&A on the new requirements for credit institutions on Lombard credit

  On 29 March 2024, the CSSF released a question and answer regarding the provisions of Circular CSSF 22/824 (the “CSSF Q&A”) for the application of the Guidelines of the European Banking Authority on Loan Origination and Monitoring (the “EBA Guidelines”). Under the CSSF Q&A, Lombard loans mean loans collateralised by securities pledged for the benefit of the lending institution, which may enforce the pledge and sell the collateral in the case of a breach of the terms of the loan agreement by the borrower. The pledged securities must be sufficiently diversified...

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  26/04/2024

  EU

  Update on the AML-CTF Package: Formal Adoption by the European Parliament on 24 April 2024

  Following the political agreements which have been reached earlier this year, the European Parliament has now adopted the last remaining texts of the AML-CTF Package on 24 April 2024.By way of reminder, the AML-CTF Package is composed of four legislative proposals aiming at harmonising and strengthening AML-CTF rules in the European Union:Regulation 2023/1113 on information accompanying transfers of funds and certain crypto-assets, which has already been adopted last year and will enter into force on 30 December 2024;Proposal for a Directive on the mechanisms to be put in place by the Member States...

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  11/04/2024

  United Kingdom

  FCA Consultation on Payment Optionality for Investment Research (CP24/7)

  On 10 April 2024, the FCA published a consultation on Payment Optionality for Investment Research (CP24/7). In the consultation, the FCA proposes a new option for asset managers when paying for investment research, in addition to existing options.  Under the current UK rules, which stem from the legacy EU MiFID II regime, there are two ways in which UK asset managers can currently pay for investment research: By agreeing a separate research charge with each of their clients, with the payment for research made from a Research Payment Account (the “RPA model”); and By...

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  02/04/2024

  Luxembourg

  Updated CSSF supervisory priorities in sustainable finance

  On 22 March 2024, the Commission de surveillance du secteur financier (the “CSSF”) published an updated version of its supervisory priorities in sustainable finance, which were initially issued in April 2023[1] (the “Communiqué”).This update aligns with the objective of the CSSF to proactively support the transition of the financial sector towards a sustainable economy. To this end, the Luxembourg regulator seeks to ensure the integration of the environmental, social and governance (“ESG”) requirements within a current evolving context necessitating a...

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  28/03/2024

  United Kingdom

  FCA Publishes Finalised Guidance on Financial Promotions on Social Media

  The Financial Conduct Authority (“FCA”) has published its finalised guidance on financial promotions on social media (FG24/1) (the “Guidance”). This follows a consultation carried out by the FCA in July 2023 and replaces previous guidance (FG15/4). The Guidance clarifies the FCA’s regulatory expectations for firms and others, including influencers, regarding compliance with the UK’s financial promotions regime. Additionally, it explains how communications on social media might fall within the scope of the financial promotions regime and how the rules will function...

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  28/03/2024

  United Kingdom

  UK Cryptoasset Regulation – 2023 developments and what’s to come in 2024 (Part 2)

  In Part 1 of this two-part series, we provided an overview of the myriad developments in the regulation of cryptoasset activities in the UK in 2023 and the first two months of 2024, and looked ahead to what is still to come.In Part 2, we take a step back to assess what these developments mean in the round for cryptoasset businesses providing services in or to the UK, and how that is set to change.A. Overview of the current and future landscapeCurrent position  Key takeawaysNon-security tokens: A business currently needs to be registered...

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