The experts at Duff & Phelps provide a calendar of key dates for the financial services industry in Luxembourg.

Topic Update Date

CSSF notifications

From November 1, 2019, applications for new UCI approval (UCITS, UCI Part II, SIF and SICAR) that are not yet registered on the CSSF official list must be submitted via the new CSSF eDesk Portal.

November 01, 2019.

PRIIPS

On October 16, 2019, the European Supervisory Authorities (ESAs) published a consultation paper setting out proposed amendments to the PRIIPs Delegated Regulation. The consultation paper closed in January 2020 and changes will be forthcoming.

2020.

ATAD II

On December 19, 2019, the Luxembourg Parliament voted and adopted the draft law implementing the EU Anti-Tax Avoidance Directive regarding hybrid mismatches with third countries (ATAD 2). The new Law will have an impact on alternative investment real estate funds.

January 1, 2020.

Brexit

In November 2019, the CSSF issued a reminder regarding mandatory notification for UK firms, undertakings for collective investment (UCI) and/or their managers wishing to continue to provide services in Luxembourg after a no-deal Brexit.

January 1, 2021.

Safe-keeping duties of depositaries of AIFs

On October 20, 2018, the European Commission published the Delegated Regulation (EU) 2018/1618 of July 12, 2018, amending Delegated Regulation (EU) No 231/2013 as regards safe-keeping duties of depositaries. The Delegated Regulation imposes stricter rules on depositaries delegating the safekeeping obligations. These will be applicable from April 1, 2020, 1st.

April 1, 2020.

DAC6

On August 8, 2019, the Luxembourg government filed the DAC6 Bill implementing the provision of Council Directive (EU) 2018/22 (DAC6). DAC6 requires intermediaries to identify and report cross-border arrangements that contain specific indicators called "hallmarks". In addition, member states are required to share with other member states on a quarterly basis information received from intermediaries. The first reporting should be made by August 31, 2020.

August 31, 2020.

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