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    Luxembourg

    The Commission de Surveillance du Secteur Financier (CSSF) has published Circular 24/42 updating reporting requirements for the FGDL report. The changes are effective from September 30, 2024.

    Circular CSSF-CPDI 24/42 Survey on the amount of covered deposits held on 30 September 2024

    FGDL members are requested to provide the data at the level of their legal entity, comprising data from branches located within other Member States, by 15 November 2024. The requested data shall be reported with utmost care, as it also constitutes the basis to determine the contribution to the Resolution Fund.

    Regulator Web Page

    Overview: This law governing the securities markets transposes EU regulations, including MAR, into Luxembourg law. MAR was transposed into Luxembourg law by the Luxembourg Act dated December 23, 2016 on market abuse. The Commission de Surveillance du Secteur Financier (CSSF) is the competent authority for supervision of compliance with this regulation. 

    Chapter 1 – Definitions

    • Article 1: Definitions 

    Chapter 2 – Administrative enforcement with respect to market abuse 

    • Article 2: Scope 
    • Article 3: Competent authority 
    • Article 4: Powers of the CSSF 
    • Article 5: Judicial authorization 
    • Article 6: On-site inspections 
    • Article 7: Cooperation between the CSSF and the State Prosecutor 
    • Article 8: Reporting of infringements 
    • Article 9: Confidentiality of the notifications to the CSSF 
    • Article 10: Cooperation with the competent authorities of Member States 
    • Article 11: Cooperation with third-country supervisory authorities 
    • Article 12: Administrative sanctions and other administrative measures 
    • Article 13: Exercise of supervisory powers and imposition of sanctions 
    • Article 14: Publication of the CSSF’s decisions 
    • Article 15: Administrative remedies 

    Chapter 3 – Criminal enforcement with respect to market abuse

    • Article 16: Scope 
    • Article 17: Insider dealing 
    • Article 18: Sanctions applicable to insider dealing 
    • Article 19: Recommending or inducing another person to engage in insider dealing 
    • Article 20: Sanctions applicable to the fact of recommending or inducing another person to engage in insider dealing 
    • Article 21: Unlawful disclosure of inside information 
    • Article 22: Sanctions applicable to unlawful disclosure of inside information 
    • Article 23: Market manipulation 
    • Article 24: Sanctions applicable to market manipulation 

    Chapter 4 – Final provisions 

    • Article 25: Amending provisions 
    • Article 26: Repealing provisions 
    • Article 27: Transitional provisions 
    • Article 28: Abbreviated form 

    Resources & Insights

    Nasdaq Crypto Regulation Guide: Europe

    Nasdaq Crypto Regulation Guide: Europe

    Regulation of cryptocurrency varies globally by region, jurisdiction, and regulatory body. Nasdaq’s comprehensive and updated Cryptocurrency Regulation Guide Europe provides a snapshot of recent recommendations from international regulatory and standards-setting bodies as well as key developments in Europe.

    Clearing the Path for Crypto-Asset Regulation: The EU’s MiCA Explained

    Clearing the Path for Crypto-Asset Regulation: The EU’s MiCA Explained

    The EU recently passed the Markets in Crypto-Assets (MiCA) regulation which will go into effect in 2024. The monumental vote will set global standards for the regulation of crypto-assets. Read our paper to learn more about the articles within MiCA pertaining to market abuse.

    Practical Guide: Markets in Crypto Assets (MiCA) Regulation

    Practical Guide: Markets in Crypto Assets (MiCA) Regulation

    With MiCA scheduled to go into effect in 2024, crypto-asset market participants should expect more stringent surveillance requirements once the regulation is implemented. Now is the time to implement technology and processes to monitor for market abuse, money laundering, and fraud – not only to ensure compliance, but also to protect investors, instill confidence, promote integrity, and attract clients.