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In a significant development for corporate responsibility, the Council of the European Union approved the Corporate Sustainability Due Diligence Directive on the 24th of May 2024, marking the culmination of its adoption process. This directive mandates large corporations to address the adverse impacts of their activities on human rights and the environment, backed by stringent penalties for any failure to comply. Significantly, this holistic framework does not just target the primary companies but also ensures that accountability is fostered through their subsidiaries and business associates across the entire value chain.

On 14 May 2024, the European Securities and Markets Authority (ESMA) issued its Final Report on Guidelines for funds' names, following its Public Statement on the matter released on 14 December 2023. These guidelines, applicable to various types of investment fund managers (IFMs), aim to clarify when the use of ESG or sustainability-related terms in fund names could be considered misleading. The Commission de Surveillance du Secteur Financier (CSSF) emphasizes that the Guidelines apply to IFMs overseeing UCITS or AIFs, regardless of their disclosure category under Articles 6, 8, or 9 of the Sustainable Finance Disclosure Regulation (SFDR). Therefore, IFMs are required to conduct a self-assessment to determine the relevance of the Guidelines to the products they manage and to ensure that fund names comply with these Guidelines.

Amidst the global challenges posed by climate change, financial institutions and regulatory bodies are progressively acknowledging the significance of incorporating sustainability principles into their operations. Considering this mounting necessity, the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg has recently revised its supervisory focus on sustainable finance. This move underscores the CSSF’s dedication to fostering a financial sector that is both environmentally conscious and socially responsible. It builds upon their earlier communication of priorities in April 2023

Grant Thornton Advisory, alongside 12 fellow European Grant Thornton member firms is carrying out a survey to identify key trends about the DPO (Data Protection Officer) function in Europe.

In the rapidly evolving financial landscape, regulatory compliance is more than just a checkbox; it’s a fundamental pillar ensuring the stability and integrity of financial markets. Two key regulations governing outsourcing and third-party ICT services in financial entities are CSSF CIRCULAR 22/806 and DORA (Digital Operational Resilience Act). While they share a number of similarities, the unique features of DORA offer some important benefits.

The European Central Bank ("ECB"), on July 24th, announced a public consultation on Guide on effective Risk Data Aggregation and Risk Reporting (“RDARR”). The consultation is opened until October 6th and the ECB invites comments from Banks and other stakeholders on effective Risk Data Aggregation and Risk Reporting.

As the world grapples with the impacts of climate change, financial institutions and regulatory bodies increasingly recognise the importance of integrating sustainability into their operations. In response to this growing need, Luxembourg's Commission de Surveillance du Secteur Financier (CSSF) has recently outlined its supervisory priorities in sustainable finance, demonstrating its commitment to shaping a more environmentally and socially responsible financial sector.

On the 11th of January 2023, the World Economic Forum published its 2023 Global Risk Report. The result of an extensive survey of experts across academia, business, government, the international community and civil society, this report highlights the most pressing risk the world faces both in the short-term, over the next two years, and the long-term, over the next ten years.

From reporting periods starting 2024 onwards, the Corporate Sustainability Reporting Directive (CSRD) will require all large companies to report on sustainability policy and performance.

Le Rapport d’Analyse de Risques et le Rapport Descriptif doivent être soumis à la CSSF dans les 7 mois après la date de clôture et décrivent la situation du PSF de support sur l’année fiscale qui vient de s’écouler, comme stipulé dans les Circulaires CSSF 12/544 et 19/727.

CSSF has released a new Circular on 14 October for IT/Cloud Outsourcing. This new Circular replaces the prior authorisation requirement with a prior notification requirement in the event of outsourcing material activity but not business process outsourcing.

Our experts help both Luxembourg residents and cross-border commuters to optimise their tax situation by making the right decisions and accompanying them through the administrative procedures.

CSSF has released a new Circular on 14 October for IT/Cloud Outsourcing. This new Circular replaces the prior authorisation requirement with a prior notification requirement in the event of outsourcing material activity but not business process outsourcing.

On 22 September 2021, the European Central Bank (“ECB”) released a report on its top-down economy-wide climate stress test.

How many times have you wondered where your invested money goes? What impact do your investments have? And what impact would that be - Positive or negative, to whom and for how long?

Published in December 2020, the released Circular CSSF 20/758 on Central Administration, Internal Governance and Risk Management repeals CSSF Circular 12/552 and has been specificaly issued to the attention of Investment Firms.