Luxembourg

Recent Articles

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  26.09.2023

  Luxembourg

  New bill of law to enhance the resilience of critical entities

  On 1 September 2023, a bill of law implementing directive 2022/2557 on the resilience of critical entities (the “Bill of Law”) was filed with the Parliament.The Bill of Law aims at enhancing the resilience of critical entities, notably in the field of cyber security. Critical entities provide essential services in the maintenance of vital societal functions or economic activities in the sectors of energy, transports, banking, financial market infrastructure, health, drinking water, waste water, digital infrstructure, public administration, space, and production, processing and distribution...

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  20.09.2023

  Luxembourg

  Launch of the ESMA common supervisory action on sus­tain­ab­il­ity risks and disclosures in the investment fund sector in Luxembourg

  On 6 September 2023, the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) published a communication announcing that, on 29 August 2023, it contacted certain UCITS managers (UCITS Managers) and alternative investment fund managers (AIFMs, and together with UCITS Managers, the In-Scope IFMs) via email in the context of the first stage of the common supervisory action (CSA) launched by the European Securities and Markets Authority (ESMA) at the beginning of summer 2023. As a reminder, the primary objective of this CSA is to assess the compliance of In-Scope IFMs with the relevant...

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  19.09.2023

  International

  Trading of crypto-as­sets in detail

  The Markets in Crypto-Assets Regulation (MiCAR) sets down a harmonised regulatory framework for service providers known as crypto-asset service providers (CASPs), which carry out activities with crypto-assets that fall within the regulation's scope. The following article describes the MiCAR requirements applicable to persons providing services related to crypto-asset trading.DefinitionMiCAR introduces enhanced legal requirements that will apply to service providers carrying out professional activities related to trading crypto-assets. The crypto-assets trading activities that MiCAR identifies as...

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  11.09.2023

  EU

  Summer Snapshot: Tech and Data Highlights You Might Have Missed

  Have you taken a break from your usual spot in front of the computer screen over the past few weeks? No worries, this article provides a succinct overview of the significant advancements in the world of technology and data that have transpired over the summer. You’ll soon discover that the summer has been exceptionally eventful in this regard.EU Commission adopted adequacy decision for EU-US Data Privacy FrameworkOn 10 July 2023, the EU Commission announced the adoption of its adequacy decision pertaining to the EU-US Data Privacy Framework (“EU-US DPF”). This decision allows...

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  11.09.2023

  International

  CMS Annual Review of English Construction Law De­vel­op­ments: An In­ter­na­tion­al Perspective

  We are pleased to announce the publication of the 2023 edition of our internationally focused Annual Review of English Construction Law Developments. Now in its thirteenth year, the Annual Review summarises key developments in English construction law over the previous calendar year including developments in related common law jurisdictions. The publication has been prepared with our international clients in mind and aims to provide a greater degree of background and analysis than our regular Law-Now alert service.This year’s edition contains a strong focus on the FIDIC form, with new amendments,...

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  05.09.2023

  Europe

  Contemplated new framework to modernise payment services

  On 28 June 2023, the European Commission published a Proposal for a Directive on payment services and electronic money services in the internal market (the “Draft PSD3”) and a Proposal for a Regulation on payment services in the internal market (the “Draft PSR”).The Draft PSD3 and the Draft PSR aim at adapting the legislation to new providers of payment services or electronic payment services (the “Services”) in an open-banking context, while enhancing consumers’ protection via new requirements regarding the strong customer authentication.We will briefly...

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