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The AMLD5, also known as the Directive (EU) 2015/849 (the 5th anti-money laundering Directive) is a European Union directive that came into effect on January 10, 2020 and was adopted on May 30, 2018. The AMLD5 sets regulatory requirements for obliged entities/persons, in order to tackle money laundering, terrorism financing and other emergent issues. The following main goals have been defined under the 5AMLD:
- Addressing new areas that were insufficiently or not covered in the previous directive, such as crypto-currency; prepaid cards; beneficial ownership; Politically Exposed Persons (PEPs); high-value transactions; high-risk third countries and art transactions;
- Increase transparency in order to determine the ultimate beneficiaries of a company, and better determine their shareholding structure;
- Improve information access for Financial Intelligence Units (FIUs), by providing them with centralized bank account registers;
- Enhance cooperation and information exchanges between national money laundering authorities and the European Central Bank;
- Define new criteria in order to assess what high-risk third countries are and set a coherent framework for transactions from such countries.
Unterforen: Chapter I: General Provisions, Chapter II: Customer Due Diligence, Chapter III: Beneficial Ownership Information, Chapter IV: Reporting Obligations, Chapter V: Data Protection, Record-Retention and Statistical Data, Chapter VI: Policies, Procedures and Supervision, Chapter VII: Final Provisions, Annex: I, Annex: II, Annex: III, Annex IV: Correlation table

This sixth Directive on AML/CFT (“AMLD6”) will replace the existing Directive 2015/849/EU (the fourth AML directive, as amended by Directive 2018/843, the fifth AML directive).
AMLD6 imposes stricter requirements on companies to tackle financial crime and identify hidden beneficial ownership, and harsher penalties for those who fail with expanded criminal liability and punishments for money laundering offences. Its key provisions include:
• widening of the definition of money laundering offences that can be considered a criminal offence, including concealing the source of illicit gains, aiding, and abetting money laundering, and inciting and attempting the offence;
• additional punishments for companies convicted of money laundering, including fines and “temporary or permanent exclusion from access to public funding”;
• criminal liability extended to legal persons as well as companies. They are liable even in instances where the offences happen because of "lack of supervision or control”;
• maximum imprisonments of at least four years for individuals convicted of money laundering offences;
• the Directive is designed to encourage enforcement agencies in different EU countries to work together on anti-bribery and corruption investigations.
Unterforen: Chapter I: General Provisions, Chapter II: Registers, Chapter III: Financial Intelligence Units (FIUs), Chapter IV: Anti-Money Laundering Supervision, Chapter V: Cooperation, Chapter VI: Data Protection, Chapter VII: Final Provisions

The new Anti-Money Laundering Regulation (AMLR) strengthens the EU’s defense against financial crimes, introducing comprehensive measures and clear guidelines across various sectors. Annexes I to IVa detail risk assessments, lower and higher risk factors, high-value goods, and precious materials, aiding in the identification and prevention of money laundering and terrorist financing activities. These annexes provide essential insights for entities to implement robust AML practices, ensuring transparency and integrity in financial transactions.
Unterforen: Chapter I: General Provisions, Chapter II: Internal Policies, Procedures, and Controls, Chapter III: Customer Due Diligence, Chapter IV: Beneficial Ownership Transparency, Chapter V: Reporting Obligations, Chapter VI: Data Protection and Record-Retention, Chapter VII: Mitigating Risks from Anonymous Instruments, Chapter VIII: Final Provisions, Annex I, Annex II, Annex III, Annex IIIa, Annex IVa

Anti-Money Laundering Authority (AMLA) Regulation (AMLAR), which contains directly applicable provisions that create and enable AMLA’s operation. AMLA will have direct supervisory and enforcement powers as well as a mandate to be a central authority coordinating all national AML/CFT supervisors, not just those in the financial services sector, with a view to improving the effectiveness and consistency of AML and CFT supervision and enforcement. Although the AMLA will not replace national AML and CFT supervisors, it will have some direct supervisory powers over certain high-risk financial institutions and will be able to directly impose fines and penalties on persons who fail to comply with the AMLR.
Unterforen: Chapter I: Establishment, Legal Status and Definitions, Chapter II: Tasks and Powers of the Authority, Chapter III: Organisation of the Authority, Chapter IV: Financial Provisions, Chapter V: Staff and Cooperation, Chapter VI: General and Final Provisions, Annex I, Annex II

Unterforen: General Principles, Obligation to designate an AML/CFT Compliance Officer at Senior Management Level, Obligations regarding Drawing-up of a Summary Report on AML/CFT, Internal Audit Control, Relationship with Marketing Intermediaries and the Function of Registrar Agent

The most effective way to fight organised crime is going after criminals’ money, notably with asset recovery measures, which allow law enforcement authorities to discover and dismantle the broad networks of criminal organisations operating within and beyond the European Union.
Unterforen: Tracing and Identification of the Illegally Acquired Assets, Freezing of the Assets with a view to their possible subsequent Confiscation, Management of Frozen Assets to preserve their Value, Confiscation of the Illegally Acquired Assets, Disposal of the Confiscated Assets (including their Reuse for Public or Social Purposes)

sharing information with regulatory bodies and law enforcement; reporting suspicious transactions to authorities (e.g. Suspicious Activity Reports, SARs)
Unterforen: Luxembourg

identify and prevent such financing; measures typically involve monitoring financial transactions, implementing sanctions, and enforcing strict regulatory frameworks to detect and disrupt these activities; PF includes any financial support for related technologies and materials that could be used for relevant weapons and delivery systems

Know Your Customer (KYC) processes, ongoing monitoring of clients

Enhanced Due Diligence (EDD) for high-risk customers

establishing internal controls to prevent money laundering, regular internal and external audits, corrective actions based on audit findings

Environmental crime covers a wide range of activities, from illegal extraction and trade of forestry and minerals to illegal land clearance and waste trafficking. Actors involved in these crimes vary from large organized crime groups to multinational companies and individuals. Perpetrators of environmental crime rely on both the financial and non financial sector to launder their proceeds.
Unterforen: Illegal Extraction and Trade of Forestry, Illegal Extraction and Trade of Minerals, Illegal Land Clearance, Illegal Wildlife Trafficking, Waste Trafficking

Criminals are increasingly turning to the trafficking of human beings and the smuggling of migrants given the high profitability of these illegal activities. The money generated by such activities finds its way into the financial system.
Unterforen: Child Labour, Forced Begging, Forced Criminal Activities, Removal of Organs, Sexual Exploitation, Slavery and Servitude, Smuggling of Migrants

maintaining records of transactions and customer information, ensuring documentation is easily retrievable for audits, compliance with data protection regulations

international standards (e.g. FATF Recommendations), national regulations and laws, compliance programs and policies

understanding and complying with international sanctions, screening against sanctions lists (e.g. EU, UN), handling false positives and negative screenings
Unterforen: Asset Screening, Name Screening, EU Global Human Rights Sanctions Regime (EUGHRSR)

identifying and assessing risks related to money laundering and terrorist financing, implementing risk-based approaches, continuous monitoring and updating of risk assessments

use of AI and machine learning in AML/CFT processes, blockchain and its impact on AML/CFT, adoption of FinTech solutions to enhance compliance

employee training programs on AML/CFT practices, keeping staff updated on new regulations and trends, role-specific training for different departments

detecting suspicious activities, automated transaction monitoring systems

In implementation of the 4th EU Money Laundering Directive (2017), a transparency register was introduced to combat money laundering and terrorist financing. The aim of this transparency register is to make economic links transparent and disclose them.
Unterforen: France | Registre des Bénéficiaires, Germany | Transparency Register, Ireland | Central Register of Beneficial Ownership of Companies and Industrial and Provident Societies (RBO), Luxembourg | Registre des Bénéficiaires Effectifs (RBE)

regulation of VA and VASPs to combat money laundering and terrorist financing

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The European Benchmarks Regulation (EU BMR) applies to administrators, contributors and users of benchmarks.
The EU BMR establishes a common regulatory framework, seeking to ensure benchmarks are produced in a robust and reliable manner, and to minimize conflicts of interest in the benchmark-determination process.
The regulation impacts indices across asset class, including fixed income, equity, interest rates, FX and commodities.

The objectives of the UK Benchmarks Regulation (UK BMR) include ensuring that benchmarks are robust and reliable.

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maintaining transparent and timely communication with clients throughout the complaint process; providing clear information about how complaints can be lodged and what clients can expect during the resolution process

establishing clear and documented processes for receiving, acknowledging, and resolving complaints; ensuring procedures comply with, e.g. CSSF, regulations and guidelines
Unterforen: CSSF Circular 17/671, CSSF Regulation No 16-07

regularly reviewing and updating complaints management policies and procedures to reflect changes in regulations or business practices; seeking ways to improve efficiency and effectiveness in handling complaints

monitoring client satisfaction with the complaint resolution process; using feedback to improve service quality and complaint management processes

providing necessary information to external parties such as auditors or regulatory bodies when required; ensuring transparency in how complaints are managed and resolved

reporting on complaints to senior management, including trends, root cause analysis, and improvement measures; ensuring management is informed of significant issues that may impact the fund's reputation or operations

keeping detailed records of all complaints received, including the nature of the complaint, actions taken, and outcomes; ensuring records are accessible for regulatory review and internal audits

analyzing complaints to identify recurring issues or systemic problems; implementing corrective actions to address root causes and prevent future complaints

training staff on the importance of effective complaints management and their roles in the process; regular updates and refreshers on compliance requirements and best practices

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Unterforen: General Principles, Operational Arrangements and Compliance Charter, Specific Responsibilities and Scope of the Compliance Function, Person responsible for the Permanent Compliance Function, Use of Third-party Experts or Technical Means, Obligations regarding the Drawing-up of Reports

rules and practices to prevent bribery and corruption within the organization and its dealings with external parties

process of identifying, addressing, and mitigating situations where an individual's or organization's personal interests could improperly influence their professional decisions or actions; maintain integrity, trust, and transparency; helps safeguard ethical standards and promotes fairness in decision-making processes
Unterforen: Conflicts of Interest Policy, Keeping a Record of Conflicts of Interest, Obligation to Inform Investors (Disclosure)

refers to the processes and techniques used to identify and prevent illegal activities; can include fraud, ML/TF, insider trading, and other forms of financial misconduct; aims to protect the integrity of the financial system and prevent economic losses

employee training programs on Compliance practices, keeping staff updated on new regulations and trends, role-specific training for different departments

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ethics as the foundation of corporate governance; purpose of the organization; definition of corporate governance; principles of corporate governance; governance structure

right to vote; one share, one vote; decision-making; statute and articles of incorporation; solving conflicts and controversy between shareholders; shareholders’ agreement; general meeting or shareholders’ meeting; participation of shareholders and administrators; duties; convening notice, documentation, and dynamics; nomination of board members; rules for voting and shareholder register; conflict of interest in the general meeting or shareholders’ meeting; transfer of control; policy for the distribution of profits
Unterforen: Initial Authorization, Changes in the Shareholding

regular, scheduled meetings focused on annual reporting and routine corporate governance matters; special meetings convened to address urgent or significant issues that arise between AGMs; preparation, invitation; schedule and agendas; material and preparation for meetings; behavioral aspects; guests to board meetings; exclusive sessions; preparation and disclosure of minutes; follow-up; use of certain systems to support directors and other persons involved

duties; composition of the board of directors; selection and qualification of board members; independence of board members; term of office; time availability; chairman or chairwoman of the board; board committees; composition of the board committees; qualifications and commitment; evaluation of the board and its members; evaluation of the chief executive officer and the executive management; succession planning; integration and continuing education of board members; board interlocking; compensation of board members; budget of the board and external consulting; internal regiment; confidentiality; relationships; advisory board
Unterforen: Required Number, Requirements regarding the Skills, Experience and Good Repute and the Composition, Conditions for performing Multiple Mandates, Obligations regarding Meetings and Deliberations

duties; nomination of executive management members; evaluation of the executive management; compensation of the executive management; relationships
Unterforen: Required Number, Presence at the Registered Office and Contractual Relationship, Requirements regarding the Skills, Experience and the Good Repute , Organisation of the Senior Management, Obligations regarding Meetings and Deliberations

independent auditors; independence; internal auditors; risk management; internal controls; compliance

ensures that everyone in an organization understands the expected standards of behavior and the values the organization upholds

Unterforen: New Business Relationships, New Product Process

legal protections; ethical considerations; whistleblower channels; procedures for reporting; types of misconduct; consequences for whistleblowers; support systems; privacy and anonymity; organizational culture; impact on organization

definition and identification; regulatory framework; disclosure Requirements; approval Process; fairness and arm's length principle; audit and compliance; conflict of interest; impact on financial statements; governance and best practices; economic and legal implications; disclosure challenges; solutions to improve transparency

prevent market abuse, including insider trading, unlawful disclosure of inside information, and market manipulation; aims to increase market integrity and investor protection by ensuring transparency and fair practices in financial markets
Unterforen: Managers’ Transactions, Delay of Disclosure of Inside Information, Insider Lists, Suspicious Transaction and Order Reports (STORs), Buyback Programmes and Stabilisation Transactions

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Since its public release on 7 April 2024, the American Privacy Rights Act discussion draft has generated much buzz within the privacy community. Privacy professionals continue to process the published text to better understand the operational implications that might arise if the discussion draft becomes the U.S.'s first comprehensive federal privacy law.
The APRA draft enumerates 18 categories of sensitive covered data, a subset of "covered data" to which heightened protections attach.
Understanding the proposed categories for sensitive covered data requires context, including with respect to other relevant regulatory frameworks at the state, federal or international level.

comprehensive data protection law enacted by the EU; safeguard the privacy and personal data of individuals; sets a high standard for data protection practices globally
Unterforen: Data Breach Management and Notification, Data Processing Agreements, Data Protection Impact Assessments (DPIA), Data Protection Officer (DPO), Data Retention and Deletion, International Data Transfers, Lawful Bases for Processing, Privacy by Design and Default, Rights of Data Subjects, Record of Processing Activities (ROPA)

The key piece of legislation in the UK is the UK GDPR. The UK GDPR is effectively the General Data Protection Regulation (Regulation (EU) 2016/679) ('GDPR'), as amended and incorporated into domestic law by the European Union (Withdrawal) Act 2018, as further amended by the European Union (Withdrawal Agreement) Act 2020 ('the Withdrawal Act') and the Data Protection, Privacy and Electronic Communications (Amendments etc.) (EU Exit) Regulations 2019, as amended by the Data Protection, Privacy and Electronic Communications (Amendments etc.)(EU Exit) Regulations 2020.

The Federal Act on Data Protection (nFADP) improves the processing of personal data and grants new rights to Swiss citizens. This important legislative change is accompanied by a number of new obligations for businesses and a strengthening of existing requirements.
The completely revised Data Protection Act and the implementing provisions of the new Data Protection Ordinance (DPO) and Data Protection Certification Ordinances (DPCO) entered into force on the 1st September 2023.

regular training programs for employees on data protection best practices; awareness campaigns to reinforce the importance of data protection

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Unterforen: Obligation to Notify the National Competent Authority, Obligation to Draw Up a Contract, Initial Due Diligence and Ongoing Monitoring of Delegates

developing and maintaining business continuity plans; ensuring outsourced services have robust disaster recovery plans

maintaining effective communication channels with vendors; building and nurturing strategic relationships

ensuring compliance with applicable laws and regulations, such as CSSF Circulars in Luxembourg; regular audits and reviews to ensure ongoing regulatory compliance

drafting and negotiating outsourcing agreements; monitoring compliance with contract terms and conditions

ensuring the protection of sensitive data; implementing data security measures and monitoring vendor compliance

budgeting and cost management for outsourced services; analyzing the financial impact of outsourcing decisions

establishing Key Performance Indicators (KPIs); regularly reviewing vendor performance against agreed metrics; Implementing quality control processes; regularly reviewing and improving outsourced processes

keeping detailed records of all outsourcing activities; regular reporting to internal stakeholders and regulatory authorities

setting and managing Service Level Agreements (SLAs); ensuring that service levels are met consistently

assessing and selecting the right outsourcing partners; conducting thorough due diligence on potential vendors

Unterforen: Specific Conditions, Due Diligence and Ongoing Monitoring

Unterforen: Specific Conditions, Due diligence and Ongoing Monitoring

Unterforen: Specific Conditions, Due Diligence and Ongoing Monitoring

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Unterforen: Eligibility Criteria to act as a UCITS Depositary, Approval Procedure to be able to act as UCITS Depositary, Contract for the Appointment of a Depositary

Unterforen: Conflicts of Interest, Internal Procedures and Written Procedures or Contracts with External Persons, Organisational Arrangements to be established with Respect to the Assets of a UCITS, Right of Access to Information, Escalation Procedure between the Depositary and the UCITS and/or its ManCo, Specific Organisational Arrangements Investment Policy of the UCITS or the Techniques used by the UCITS, Organisational Arrangements as regards Reconciliation, Duty to Establish a Contingency Plan

Unterforen: Duties regarding the Day-to-Day Asset Administration, Oversight and Control Functions

The UCITS shall ensure that the depositary has access, at the earliest opportunity, when it is appointed and on an ongoing basis, to all relevant information it needs to fulfil its duties in relation to the depositary activity for a given UCITS.

In order to ensure that any UCITS is informed of any element affecting the assets of a UCITS which are known or come to the knowledge of the depositary in the course of its functions, the depositary must ensure that the UCITS or, where relevant, its management company is informed of any element relating to the assets of the UCITS, at the earliest opportunity, insofar as the depositary has been informed thereof, and in particular as regards any event affecting the assets’ life.

The depositary is required to provide the CSSF, upon request, with all the information the depositary has obtained in the performance of its duties and which might be necessary to allow the CSSF to monitor compliance with the laws and regulations applicable to the depositary as well as the UCITS for which the credit institution acts as depositary.
If the CSSF is not the authority competent for the supervision of the UCITS management company, it provides the information received to the respective competent authorities.

In the case where a contract for the appointment of a depositary is terminated during the existence of a UCITS without a new contract for the appointment of a depositary being put in place and entered into force at the end of the notice period applicable to a termination, it should be ensured that the assets of the UCITS are subject to an adequate safeguarding, depending on the nature of these assets, in the interest of the UCITS and its unit-holders (asset safeguarding measures).

Unterforen: Risk Assessment and Due Diligences on IFMs, Periodical Controls regarding Valuation Methodologies, Duties of IFMs regarding Valuation

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cross-border distribution
Unterforen: Marketing Communications, Notification Procedures

Markets in Financial Instruments Directive II
Unterforen: European MiFID Template (EMT), European Feedback Template (EFT), Marketing Communications including Advertisements

As a European regulation, MiFIR is directly applicable. It gives national competent authorities throughout Europe the power to prohibit or restrict the marketing, distribution and sale of financial instruments.

covers the range of investment products marketed to retail investors which are subject to an investment risk; the variety and complexity of the products and the size of the market means that consumers need comprehensive information about them; PRIIPs Regulation is the first to deal with pre-contractual information in the form of key information documents (KIDs)
Unterforen: European PRIIPs Template (EPT)

Solvency II: sets out requirements applicable to insurance and reinsurance companies in the EU with the aim to ensure the adequate protection of policyholders and beneficiaries; has a risk-based approach that enables to assess the “overall solvency” of insurance and reinsurance undertakings through quantitative and qualitative measures
IORP II: sets common standards ensuring the soundness of occupational pensions and adequately protecting pension scheme members and beneficiaries
Unterforen: Tripartite Template (TPT)

The OFR is a new gateway to allow certain investment funds established outside the UK to be promoted in the UK, including to retail clients.
If a fund applies for and is given 'recognised scheme' status under the OFR, it can be promoted in the same way as an authorised collective investment scheme established in the UK.

brand positioning; brand awareness campaigns; reputation management

Unterforen: EU/EEA Member States, other Countries

social media marketing; content marketing

legal contracts; Service Level Agreements (SLAs); fee structures

market analysis; target audience identification; distribution channels

organizing seminars and webinars; sponsorships and partnerships; conferences

UCITS and AIFMD passporting

transparency; disclosure requirements

marketing plan development; sales techniques; investor relations

training sales teams; developing sales materials

digital distribution platforms; CRM systems; reporting tools

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Guidelines for the Collective Investment Sector on the CSSF AML/CFT external report

Practical rules concerning the self-assessment questionnaire to be submitted annually by investment fund managers.
The engagement of investment fund managers’ approved statutory auditors and practical rules concerning the management letter and the separate report to be drawn up annually.

Practical rules concerning the self-assessment questionnaire to be submitted annually by Luxembourg undertakings for collective investment.
The engagement of Luxembourg undertakings for collective investments’ approved statutory auditors and practical rules concerning the management letter and the separate report to be drawn up annually.

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balance sheet, income statement, statement of cash flows, statement of financial performance and comprehensive explanatory notes
Unterforen: International Financial Reporting Standards (IFRS), Luxembourg Generally Accepted Accounting Principles (Lux GAAP)

liquidity management; cash flow forecasting; bank relationship management

IFMs must have adequate and sufficient financial resources.
Unterforen: Required Own Funds, Eligible Capital, Use of Own Funds

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Job offers may be posted here. Please, do not post any job applications, job searches, CVs or any other personal data.

diversity and inclusion initiatives

salary structures; bonus schemes; health insurance; retirement plans

team-building activities; recognition programs; feedback channels

conflict resolution; grievance procedures; employee satisfaction surveys

equal pay for equal work; non-discrimination clauses; gender pay gap reporting

workplace safety regulations; mental health support; ergonomics; emergency procedures

employee data management; payroll systems; time and attendance tracking; reporting tools

performance appraisals; feedback mechanisms; goal setting; career progression planning

interview processes; background checks; onboarding

work-from-home guidelines; flexible working hours; communication tools

compliance with industry-specific regulations; transparency and disclosure requirements

identifying key roles; developing internal talent; leadership pipelines

offboarding processes; exit interviews; severance packages

professional development programs; leadership training; continuous education

What risks arise when travelling? Which insurance policies are important for workation or bleisure travel? How are accompanying persons insured?

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Unterforen: General Principles, Operational Arrangements and Internal Audit Charter, Specific Responsibilities and Scope of the Internal Audit Function, Person responsible for the Permanent Internal Audit Function, Use of Third-party Experts or Technical Means, Performance of the Internal Audit Function according to an Internal Audit Plan, Obligations regarding the Drawing-up of Reports

A purpose statement is intended to assist internal auditors and internal audit stakeholders in understanding and articulating the value of internal auditing.

Unterforen: Demonstrate Integrity, Maintain Objectivity, Demonstrate Competency, Exercise Due Professional Care

Unterforen: Authorized by the Board, Positioned Independently, Overseen by the Board

Unterforen: Plan Strategically, Manage Resources, Communicate Effectively, Enhance Quality

Unterforen: Plan Engagements Effectively, Conduct Engagement Work, Communicate Engagement Results and Monitor Action Plans

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Protection of investors in case of NAV calculation error and correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment
Unterforen: I. The Treatment of NAV Calculation Errors, II. The Compensation of the Consequences resulting from Non-Compliance with the Investment Rules applicable to UCIs

on investor protection in case of NAV calculation errors, non-compliance with investment rules and other types of errors at UCI level

The European Accessibility Act, which applies after 28 June 2024, is a directive that aims to improve the functioning of the internal market for accessible products and services, by removing barriers created by divergent rules in Member States. These products and services include, inter alia, consumer banking services.

investment rules, such as rules on eligible assets, portfolio management techniques and investment restrictions set out by various laws, rules, circulars and regulations applicable to UCIs, including the EU regulations
Unterforen: Breaches, Cluster Munition Ban, UCITS Eligible Assets Directive

providing resources and information to help investors make informed decisions

On 24th of May 2023, as part of the Capital Markets Union Action Plan, the European Commission (EC) unveiled their proposals for the EU Retail Investment Strategy. These proposals are designed to enhance protections for investors as the Commission hopes to increase retail investor participation in capital markets.
The EU’s Retail Investment Strategy (RIS), which includes the concept of Value for Money (VfM), primarily focuses on costs, which could end up being contrary to the client’s best interest.
Unterforen: Value for Money (VfM)

The Consumer Duty came into force for open products and services on 31 July 2023. Under the Duty, firms must act to deliver good outcomes for retail customers. Firms should aim to continuously address issues that risk causing consumer harm.
The four consumer outcomes give further detail on expectations for the core elements of a consumer/firm lifecycle. Firms will need to demonstrate they are able to achieve good outcomes across these stages and to the standards set out in the cross-cutting rules. The needs of vulnerable customers also need to be met so that they can achieve the same outcomes.
Unterforen: Consumer Understanding, Price and Value, Product and Services, Consumer Support

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aims at strengthening the IT security of financial entities; ensures that the financial sector in Europe is able to stay resilient in the event of a severe operational disruption; brings harmonisation of the rules relating to operational resilience for the financial sector; applys to 20 different types of financial entities and ICT third-party service providers
Unterforen: ICT Risk Management, ICT Third-Party Risks, ICT Incident Reporting, Information Sharing, Digital Operational Resilience Testing, 'Dry Run' to prepare for DORA

applying AI/ML for predictive analytics and services

ensuring IT systems are resilient and can recover quickly from disruptions

utilizing cloud services for flexibility, scalability, and cost-effectiveness

ensuring the protection of sensitive financial data and compliance with regulations

efficient handling and processing of large volumes of financial data

implementing digital tools and strategies to streamline processes and improve client engagement

leveraging financial technologies to enhance services and operational efficiency

maintaining robust and scalable IT infrastructure to support business operations

establishing policies and procedures to manage IT resources and risks effectively

adhering to local and international financial regulations, such as CSSF guidelines

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Service Level Agreements (SLAs), distribution agreements, custodian and depository contracts

international treaties/contracts, passporting rules for funds within the EU/EEA

employee contracts, labor regulations

formation and domicile of funds, legal forms (e.g. SICAV, SIF, RAIF)

trademark registration, IP rights management

arbitration clauses, legal proceedings in courts

A diverse range of fund products is vital for a successful investment fund ecosystem. Fund managers design and develop financial products that bring together the needs of enterprises and investors to deliver impact.

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“Algorithmic trading” means trading in financial instruments where a computer algorithm automatically determines one or more individual parameters of orders such as whether to initiate the order, the timing, price or quantity of the order or how to manage the order after its submission, with limited or no human intervention.
An automated order routing system is not considered an algorithmic trading system if it only determines the trading venue or trading venues to which the order is to be sent, without changing any other parameter of the order. However, a “smart order routing system” which, additionally to routing orders to trading venues, offers automated management of the order is considered an algorithmic trading system.
A computer algorithm which only draws human traders’ attention to trading opportunities or only generates investment advice does not qualify as an algorithmic trading system.

obtain the best possible result for clients when executing orders, considering factors such as price, costs, speed, likelihood of execution, and settlement

The EU Foreign Subsidies Regulation (FSR) aims to address potential market distortions caused by subsidies from outside the EU, introducing new European Commission reporting obligations for private equity firms. The European Commission is the sole enforcer of the FSR.
The main legislative texts are Regulation (EU) 2022/2560 on foreign subsidies distorting the internal market (Foreign Subsidies Regulation) and the Implementing Regulation (EU) 2023/1441.

Investment decision-making involves assessing the potential risks and returns of an investment opportunity and making a decision to invest or not to invest. It involves considering factors such as investment objectives, risk tolerance, and financial resources to make informed investment decisions.

preparedness and management of market outages to ensure market resilience and investor confidence; good practices cover five key areas applicable to market outages caused by different types of root causes: (i) outage plans, (ii) communication plans; (iii) reopening of trading; (iv) closing auctions / closing prices; (v) post-outage plans

return calculation, performance attribution, benchmarking

financial statement disclosures, investor reporting requirements

seeks to minimise, but cannot completely eliminate, a fund investor's currency risk; aims to reduce the impact of exchange rate fluctuations between the fund's base currency and the investor's preferred currency of exposure

strategies for exercising voting rights; proxy voting
Unterforen: Exercise of Voting Rights, Shareholder Rights Directive II (SRD II)

The Regulation (EU) No 236/2012 of the European Parliament and of the Council of 14 March 2012 on short selling and certain aspects of credit default swaps (SSR) applies to people undertaking short selling of shares, sovereign debt, sovereign CDS and related instruments that are admitted to trading or traded on an EEA trading venue (unless they are primarily traded on a third country venue).
The SSR requires holders of net short positions in shares or sovereign debt to make notifications once certain thresholds have been breached.

Unterforen: Implementation of a Portfolio Management Procedure, Details on the Staff and IT Systems, Functioning of the Portfolio Management Committee, Use of Investment Advisers

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collection of legal texts related to the topic; no claim to completeness

advice and information on courses and training programmes related to the topic

initial idea generation, concept development, approvals, setup, planning, launch, post-launch review

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The issue of where a fund is domiciled is one that investors have usually left to the investment management group, but competition among the major jurisdictions has become so hot that location will play an increasing part in the choice.
Unterforen: France, Germany, Italy, Ireland, Luxembourg, Malta, Netherlands, Spain, Sweden, Switzerland, United Kingdom

regulated and supervised fund vehicle
Unterforen: Standardised Model Prospectus for UCITS (by CSSF), ETF (Exchange Traded Fund), Guarantee Fund, MMF (Money Market Fund)

regulated and, in some cases, supervised fund vehicle
Unterforen: ELTIF (European Long Term Investment Fund), Part II Fund, SICAR (Société d'Investissement en Capital à Risque), SIF (Specialized Investment Fund), RAIF (Reserved Alternative Investment Fund)

Unregulated investment vehicles are mainly governed by the Law of 10 August 2015 on commercial companies, as amended. Various types of vehicles are available. No need for CSSF supervision.
Unterforen: S.A. (Société Anonyme), SAS (Société par Actions Simplifiée), S.à r.l. (Société à Responsibilité Limitée), SCA (Société en Commandite par Actions), SNC (Société en Nom Collectif), SCS (Société en Commandite Simple), SCSp (Société en Commandite Spéciale), SCOP (Société Coopérative), SCoSA (Société Coopérative organisée sous forme de Société Anonyme)

When registering a vehicle as UCI in Luxembourg, investors can set up their funds in the form of three legal structures with different characteristics.
Unterforen: FCP (Fonds Commun de Placement), SICAF (Société d’Investissement à Capital Fixe), SICAV (Société d’Investissement à Capital Variable)

On 26 January 2015, the CSSF published Press Release 15/09 in which Luxembourg issuers of bearer shares and units were reminded of the final deadline for appointing a depositary in accordance with the Law of 28 July 2014 concerning the compulsory deposit and immobilisation of shares and units in bearer form.
On 27 March 2015, the CSSF published its Press Release 15/16 alerting holders and issuers of bearer shares and units regarding further action to be taken by each of them pursuant to the Law.

Unterforen: Basic Shari'ah Principles, Role of the Shari'ah Board

Unterforen: Non-judicial Liquidation of a UCITS

Unterforen: BME Spanish Exchanges, Borsa Italiana, Börse Stuttgart, Deutsche Börse, Euronext, London Stock Exchange (LSE), Luxembourg Stock Exchange (LuxSE), Nasdaq OMX, SIX Swiss Exchange, Warsaw Stock Exchange

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Unterforen: Obligations regarding Risk Management, Person responsible for the Permanent Risk Management Function, Risk Management Policy, Risk Management Procedure (RMP), Use of Third-party Experts

aims to monitor risk and enhance transparency for the derivatives world
Unterforen: Clearing Obligations, Risk Mitigation Techniques, Reporting Obligations, EMIR REFIT (EMIR REgulatory FITness Program)

UK EMIR imposes requirements to improve transparency and reduce the risks associated with the derivatives market.
The European Market Infrastructure Regulation (EMIR) has been onshored into UK legislation via a number of statutory instruments (SIs) and Binding Technical Standards (BTS).
UK EMIR imposes requirements to improve transparency and reduce the risks associated with the derivatives market.
It applies indirectly to non-UK firms trading with UK firms. UK EMIR also establishes common organisational, conduct of business and prudential standards for central counterparties (CCPs) and trade repositories (TRs).
UK EMIR requires entities that enter into derivative contracts, including interest rate, foreign exchange, equity, credit and commodity and emission derivatives, to:
• report details of derivative contracts to an FCA registered, or recognised, TR
• clear, via a CCP, those OTC derivatives subject to a mandatory clearing obligation
• implement risk mitigation techniques, including operational processes and margining, for bilateral over-the-counter (OTC) derivatives that are not cleared by a CCP
Unterforen: Clearing Obligations, Risk Mitigation Techniques, Reporting Obligations, UK EMIR REFIT (UK EMIR REgulatory FITness Program)

IFMs and investment funds are different from banks and insurance companies and are therefore also subject to specific targeted regulatory requirements and macroprudential policies. More particularly, IFMs manage investment funds on behalf of investors who own the assets and benefit from the return of the investments on the basis of a pre agreed investment policy and risk profile (so-called “agency model”). IFMs therefore have to comply with fiduciary obligations with the objective of acting in the best interest of their investors. In relation to investment funds, some vulnerabilities have been identified.
Unterforen: Interconnectedness , Leverage, Liquidity Mismatch

monitor risk and enhance transparency in the financing and reuse of securities and repos (repurchase agreements), securities lending activities, and sell/buy-back transactions
Unterforen: Securities Financing Transactions (SFTs), Reporting Obligations, Reuse of Collateral, Transparency in Periodic Reports and Pre-Contractual Documents

financial statement disclosures, investor reporting requirements

oversees the process of determining the risks of assets and that risks are properly managed; maintains the integrity and reliability of risk measures; ensures the organization is prepared for potential challenges

The risk management function is responsible for the identification of risks relevant to the fund. Its advice should therefore help the Board of Directors to provide a meaningful description of the risk profile of the fund which should reflect the level of the identified relevant risks that arise from its investment strategy, as well as their interaction and concentration at portfolio level.
However, this identification process should not be a static exercise but, on the contrary, should be periodically revised to allow for possible changes to market conditions or the fund's investment strategy.

Enterprise risk management (ERM) is a methodology that looks at risk management strategically from the perspective of the entire entity. It is a top-down strategy that aims to identify, assess, and prepare for potential losses, dangers, hazards, and other potentials for harm that may interfere with an organization's operations and objectives and/or lead to losses.

lack of AI transparency and explainability; biases due to AI; financial crises brought about by AI algorithms

An entity’s capital structure risk is defined as the risk that the entity has to change its capital structure under unfavourable conditions. This risk measure is modelled by the market price fluctuations of the entity’s debt and equity and can be regarded as an extension of the ideas that lie beneath the market timing and pecking order theory.

Concentration risk is a general term denoting a condition where excess concentration of a value or attribute of a system is the cause of risk. The concept is applicable across various risk types and may signify excessive dependence and/or sensitivity on specific risk factors. Managing concentration risk in its various manifestations is typically one of the key objectives of risk management and/or portfolio management.

Counterparty risk is the likelihood or probability that one of those involved in a transaction might default on its contractual obligation. Counterparty risk can exist in credit, investment, and trading transactions.

arises from political risk factors, and economic or financial risk factors; hence, political risk is a subset of country risk arising from political risk factors
Unterforen: Political Risk

Credit risk is the probability of a financial loss resulting from a borrower's failure to repay a loan. Essentially, credit risk refers to the risk that a lender may not receive the owed principal and interest, which results in an interruption of cash flows and increased costs for collection. Lenders can mitigate credit risk by analyzing factors about a borrower's creditworthiness, such as their current debt load and income.

Currency risk is commonly referred to as exchange-rate risk. It arises from the change in price of one currency in relation to another. Investors or entities that have assets or business operations across national borders are exposed to currency risk that may create unpredictable profits and losses.

Cyber risk means any risk of financial loss, disruption or damage to the reputation of an entity from some sort of failure of its information technology systems.

Interest rate risk is the potential for investment losses that can be triggered by a move upward in the prevailing rates for new debt instruments. If interest rates rise, for instance, the value of a bond or other fixed-income investment in the secondary market will decline. The change in a bond's price given a change in interest rates is known as its duration.

Issuer risk means a risk of the issuer’s insolvency, changing of credit and other ratings of the issuer, bringing suits or claims against the issuer that may result in dramatic decrease of value of the issuer’s securities or failure to redeem the debt securities.

Key Person Risk indicates the Risk generated when significant organizational knowledge, visibility, status or performance rely to a significant degree on a single individual. The reliance on a key person exposes the organization to the risk of significant financial or reputational loss if (1) the individual ceases to be part of the organization (e.g. due to health, career choices etc.), or (2) stops performing or behaving according to expectations and agreements, issues and challenges.
Key person risk is a form of concentration risk, but it is not traditionally discussed alongside the traditional types of concentration as the structure of an organization is usually not subject to formal risk analysis.

The risk that a counterparty to a transaction will not be liable to meet its obligations under law. Such difficulties may arise from a number of causes, one of the most common being that the transaction was not sufficiently well-documented to be legally enforceable.

Liquidity risk refers to the potential difficulty an entity may face in meeting its short-term financial obligations due to an inability to convert assets into cash without incurring a substantial loss.
Liquidity risk is often characterized by two main aspects: market liquidity risk and funding liquidity risk. Market liquidity risk is associated with an entity's inability to execute transactions at prevailing market prices due to insufficient market depth or disruptions. On the other hand, funding liquidity risk pertains to the inability to obtain sufficient funding to meet financial obligations.
Unterforen: Funding Liquidity Risk, Market Liquidity Risk, Liquidity Management Tools (LMTs)

Market risk is the possibility that an individual or other entity will experience losses due to factors that affect the overall performance of investments in the financial markets.

considering (aggressive) marketing has been identified as a risk by the NCAs
Unterforen: Bluewashing Risk, Greenwashing Risk, Pinkwashing Risk (aka Rainbow Washing), Purplewashing Risk

the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations; employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk

the risk posed to an entity by non-performance, or poor performance, by a service provider of a function transferred to the service provider under a material outsourcing arrangement

Regulatory risk is the risk that a change in laws and regulations will materially impact a security, business, sector, or market. A change in laws or regulations made by the government or a regulatory body can increase the costs of operating a business, reduce the attractiveness of an investment, or change the competitive landscape in a given business sector. In extreme cases, such changes can destroy a company's business model.

uncertain social or environmental event or condition that, if it occurs, can cause significant negative impact; it also includes the opportunity that may be available to an organisation because of changing social or environmental factors

Volatility risk is the risk of an adverse change of price, due to changes in the volatility of a factor affecting that price. It usually applies to derivative instruments, and their portfolios, where the volatility of the underlying asset is a major influencer of option prices. It is also relevant to portfolios of basic assets, and to foreign currency trading.

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set of criteria used to evaluate a company's operations and performance in these three areas; helps investors assess how risks and opportunities related to environmental, social, and governance factors are managed
Unterforen: Environmental, Social, Governance

classification system established by the EU to provide a clear and consistent framework for defining which economic activities can be considered environmentally sustainable; a crucial tool for promoting sustainable investment, ensuring transparency, and supporting the EU's environmental objectives
Unterforen: Do No Significant Harm (DNSH), Minimum Safeguards

set of EU regulations aimed at increasing transparency in the market for sustainable investment products, to prevent greenwashing and to ensure that investors can make informed decisions
Unterforen: Principal Adverse Impact (PAI), Transparency Requirements

In early May 2024, the Hong Kong Monetary Authority (HKMA) published the Hong Kong Taxonomy for Sustainable Finance, enabling informed decision making on sustainable finance in the local market and driving impactful cross-border green investments.
Currently, the Hong Kong Taxonomy encompasses 12 economic activities under four sectors, but it is expected that HKMA will expand the scope of the Taxonomy over time to cover wider environmental objectives and further alight its interoperability with other taxonomies, including the Common Group Taxonomy.
The introduction of this taxonomy framework has implications for asset managers and banking institutions operating in Hong Kong and China.

The Swiss Climate Scores (SCS), launched on 29 June 2022 by the State Secretariat for International Financial Matters, enable the comparison of financial investments in relation to the Paris Climate Agreement and its goal of decarbonizing the economy by 2050 and limiting global temperature rise to 1.5°C. They aim to achieve greater transparency and comparability of the climate compatibility of financial investments. The Asset Management Association Switzerland (AMAS) supported the federal government in drawing up the SCS and promoted their implementation among Swiss asset managers.

The UK Financial Conduct Authority (FCA) released its final Policy Statement (final rules) on Sustainability Disclosure Requirements and investment labels (PS23/16) on 28 November 2023, together known as the UK SDR.
The UK SDR introduces a set of sustainability-related product labels, product- and entity-level disclosures, an anti-greenwashing rule and additional rules regarding sustainable investing for the UK. The current UK SDR is only applicable to UK-domiciled funds. However, guidance on overseas funds, such as undertaking for collective investment in transferable securities (UCITS) funds domiciled in the European Union (EU), is expected in 2024.
Unterforen: Anti-Greenwashing Rule

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Unterforen: Corporate Income Tax, Municipal Business Tax, Net Wealth Tax, Value Added Tax (VAT)

Unterforen: Income Tax, Social Security Contributions

Unterforen: Real Estate Tax (Prélèvement Immobilier), Subscription Tax (Taxe d'Abonnement), Value Added Tax (VAT), Withholding Tax

Unterforen: Anti-Tax Avoidance Directive (ATAD), Base Erosion and Profit Shifting (BEPS), Directive on Administrative Cooperation in Direkt Taxation (DAC)

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According to Circular CSSF 22/811, the client communication function is comprised of the production and delivery of the confidential documents intended for investors.
Unterforen: Premium Content, Drawing-up of Financial Reports and Other Documents intended for Investors, Correspondence and Dispatch of Offering Documents and Financial Reports and Other Documents intended for Investors, Drawing-up of the Subscription or Redemption Contract Notes, Maintenance of Adequate Records

According to Circular CSSF 22/811, the NAV calculation and accounting function covers the legal and fund management accounting services and, the valuation and pricing (including tax returns).
Unterforen: Premium Content, Collection of Legal Texts, Training Courses and Certifications, Identification and Correct Recording of all Accounting Movements, Valuation of Liquid Investments, Valuation of Complex and Illiquid Investments, Determination of the Amount of Unrealised and Realised Gain/Loss, Calculation of Income to be Distributed to Investors, Compilation, Provision, and Allocation of Fees, Commissions, Taxes and Incomes, Conversion of Operations in Foreign Currencies in the Reference Currency, Calculation and Validation of the total NAV of the UCI per Unit/Share, Calculation of the Exchange Ratio in Case of Merger and Subscription, Redemption or Distribution in Kind, Publication of the UCI’s NAV per Unit/Share, Drawing-up of Financial Reports and Other Documents intended for Investors, Maintenance of Adequate Records

According to Circular CSSF 22/811, the registrar function encompasses all tasks necessary to the maintenance of the UCI’s unit-/shareholder register. The reception and execution of orders relating to units/shares subscriptions and redemptions, and the distribution of income (including the liquidation proceeds) are part of the registrar function.
Unterforen: Premium Content, Collection of Legal Texts, Training Courses and Certifications, Investor Onboarding, Anti-Fraud Measures, Technology and Systems, Reception and Execution of the Subscription, Redemption, Transfer and Cancellation Orders, Application of the Subscription and Redemption Prices, Calculation of the Number of Outstanding Units/Shares and Maintenance of the Unit-/Shareholder Register, Reconciliation of the Subscription and Redemption Orders with the Related Cash Flows, Distribution of the Income generated to Investors according to the Provisions of the Prospectus, when applicable, Drawing-up of the Subscription or Redemption Contract Notes, Application of the Exchange Ratio in Case of Merger, Subscription, Redemption or Distribution in Kind, Distribution of Proceeds to the Public Trust Office (Luxembourg: Caisse de Consignation), Maintenance of Adequate Records

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collection of legal texts related to the topic; no claim to completeness

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Unterforen: General Obligations, Specificities related to the Internal Performance of the Valuation Function, Specificities related to the Delegation of the Valuation Function

Asset valuation is the process of determining the fair market or present value of assets, using book values, absolute valuation models like discounted cash flow analysis, option pricing models or comparables. Such assets include investments in marketable securities such as stocks, bonds and options; tangible assets like buildings and equipment; or intangible assets such as brands, patents and trademarks.
Unterforen: Cost Approach, Discounted Cash-Flow Analysis (DCF), Income Approach, Market Approach

financial statement disclosures, investor reporting requirements

oversees the process of determining the value of assets; maintains the integrity and reliability of asset valuations

internal controls and audits

frequency of valuations, independent valuation providers, use of internal vs. external valuation models
Unterforen: External Valuer

Unterforen: Asset Backed Securities (ABS), Mortgage Backed Securities (MBS), Collateralized Debt Obligations (CDO)

Unterforen: Bonds with Fixed, Regular Interest Rates (Classic Bonds), Bonds with Variable Interest Rates (Floaters), Convertible Bonds and Warrant-Linked Bonds, Foreign Currency Bonds, Inflation-Linked Bonds, Low-Interest Bonds, Participation Certificates, Structured Bonds, Subordinated Bonds, Zero Coupon Bonds

Unterforen: Bonus Certificates, Discount Certificates, Express Certificates, Outperformance Certificates, Tracker Certificates, other Certificates

Unterforen: Commodity Derivatives, Forwards, Futures, Options, Swaps, other Derivatives

Unterforen: Exchange-Traded Funds (ETFs), Fund of Funds (FOF), Hedge Funds, Mutual Funds

Sukuk are generally regarded as Shari'ah compliant alternatives to bonds. Sukuk are financial instruments linked to an underlying asset that generates an income for the holder of the Sukuk. According to the standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Sukuk can be of many types depending on the type of Islamic modes of financing and trades used in the structure. The most important and common among those are ijarah, musharakah, mudarabah, hybrid, salam and istisna.

Unterforen: Antiques, Art, Cars, Films, Wine, Watches, other

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