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Luxembourg Banking Regulations: What You Need to Know

The Luxembourg financial sector has seen a flurry of regulatory updates in recent months, aimed at enhancing transparency, accountability, and investor protection. In this article, we provide an overview of the key developments.

Recent Updates

  • Transmission Method for Monthly COREP-FINREP Reports: As of July 16, 2024, banks and other financial institutions must submit these reports using a new naming convention and submission method. A user guide detailing the changes is available on the Luxembourg Financial Supervisory Authority’s (CSSF) website.
  • Law of July 1, 2024: This law introduces amendments to several key laws, including the Law on the Financial Sector and the Law on Institutions for Occupational Retirement Provision. The law comes into effect on January 17, 2025, and aims to strengthen the financial sector’s resilience and stability.

Regulatory Updates

  • Circular 24/858: Benchmarking Diversity Practices: The CSSF has issued guidelines for banks and other financial institutions on benchmarking diversity practices, including gender pay gap reporting. This move is designed to promote greater transparency and accountability in the financial sector.
  • Public Consultation on Draft Non-Binding Guidelines for Limited Assurance on Sustainability Reporting: The Central Association of Investment Companies (CEAOB) has launched a public consultation on draft non-binding guidelines for limited assurance on sustainability reporting.

Clarification on Regulatory Requirements

  • FAQs on Circular 02/77: Protection of Investors in Case of NAV Calculation Errors and Corrections: The CSSF has updated its FAQs on Circular 02/77, which provides guidance on the protection of investors in case of NAV calculation errors and corrections resulting from non-compliance with investment rules applicable to undertakings for collective investment. The FAQs are available on the CSSF’s website and provide valuable clarification on key regulatory requirements.

Conclusion

These developments underscore the importance of staying up-to-date with changing banking regulations in Luxembourg, particularly for financial institutions operating in the country. By understanding these updates, banks can better navigate the regulatory landscape and ensure compliance with relevant laws and guidelines.