The Banque Centrale du Luxembourg (BCL), in cooperation with the Commission de Surveillance du Secteur Financier (CSSF), are aligning statistical data collection for Investment Funds with the updated ECB Regulation (EU) 2024/1988 adopted on 27 June 2024.
The Corporate Sustainability Due Diligence Directive (CSDDD) has been published in the Official Journal of the European Union, marking a major advancement in promoting sustainable business practices across Europe.
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
Circular CSSF 24/847 introduces a comprehensive framework for reporting ICT-related incidents in the financial sector. The aim is to gain a more detailed understanding of the nature, frequency, significance, and impact of such incidents within the context of a highly interconnected global financial system. The circular addresses the evolving ICT and security risks by expanding the incident coverage and introducing a structured reporting mechanism.
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.
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.
From reporting periods starting 2024 onwards, the Corporate Sustainability Reporting Directive (CSRD) will require all large companies to report on sustainability policy and performance.
With deals coming back to market, four private equity specialists shed light on current deal flow, where opportunities for private equity firms will lie in the future and how they can adapt to realise them.
At a time when access to finance is proving critical to many, mid-market businesses are looking beyond traditional sources and turning to private equity to fund their growth. Our specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.