Regulatory Watch – Lux Edition – Septembre 2023

Aurexia Luxembourg Regulatory Watch adresses recent regulations updates for financial institutions.

Content of our september edition

New reporting module for UCI administrators

A new reporting module has been introduced for UCI administrators in alignment with Circular CSSF 22/811, pertaining to the authorization and organization of entities acting as UCI administrators. This module is now accessible through the eDesk platform, as highlighted in Press Release 23/12, initially published on June 30, 2023, and subsequently updated on July 10, 2023.

CSRD, the latest masterpiece of the European’s strategy

The introduction of the CSRD guide company toward a new paradigm.  The CSRD applies to companies with over EUR 20 million in total assets, a net turnover of EUR 40 million and/or more than 250 employees and including EU subsidiaries of non-EU companies (not before 2028). Please refer to timeline done by Aurexia’ experts.

ICT security documentation under DORA

The DORA Regulation will apply directly to all EU Member States from 17 January 2025. Over the next months, the European Commission will issue delegated acts on the basis of the final draft technical and implementing regulatory standards (RTS and ITS) to be submitted jointly by the European Supervisory Authorities (EBA, EIOPA, ESMA). These texts will specify certain requirements of the DORA regulation.

CSSF data collection for SFDR

On the 24th March 2023, the CSSF issued a new requirement calling the asset managers for the submission a new report containing information related to the SFDR pre-contractual information now live since January 2023.

To meet this requirement, asset managers should report SFDR pre-contractual data listed in the CSSF’s Excel form for all their UCITs and AIFs. This exercise will cover all the SFDR fund types, but the Article 6 information will be only limited to the integration of the sustainability risk and PAIs consideration as those funds are not required to provide the SFDR pre-contractual document.

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