Financial Regulatory News Updates – December – Finance and Banking

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European Union: &#13
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Fiscal Regulatory Information Updates – December&#13

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To print this report, all you will need is to be registered or login on Mondaq.com.&#13

An overview in which our Banking and Finance Practice&#13
Team highlights:

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  • Loyens & Loeff publications which may be of&#13
    desire to you
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  • Legislative dates for your diary.
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Loyens & Loeff publications

AIFMD II Proposal: Essential Improvements for Choice Expenditure&#13
Fund Administrators
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On November 25, 2021, the European Fee introduced a&#13
proposal COM(2021)721 to amend Directive 2011/61/EU on Option&#13
Financial investment Fund Administrators (the AIFMD). The proposal&#13
follows the evaluation of the software and the scope of the AIFMD by&#13
the European Fee, as needed beneath Post 69 AIFMD.

To study this update, simply click below.

The non-carrying out financial loans directive is now are living
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On 24 November 2021, the European Parliament permitted the final&#13
edition of Directive 2021/2167 which addresses significant concentrations of&#13
non-undertaking loans held by banking institutions in the European Union.

To go through this update, click on in this article.

Authentic Estate Update – December (Belgium)
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2021 will be remembered on the basis of two buzzwords …&#13
“COVID-19” of course but also “Weather Transform”.&#13
Many initiatives ended up taken to deal with local weather alter…&#13
regional, national, global. Some much more prosperous than&#13
other individuals.

To read through this update, click on in this article.

Luxembourg money – a current market top, agile industry&#13
with sustainability on the horizon (Luxembourg)

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From UCITS to ESG, the Luxembourg expenditure fund field has&#13
advanced drastically considering that having off in the nineties, and&#13
specifically above the very last 10 years with the immediate growth of&#13
substitute investment money.

To study this update, simply click here.

2020 Annual Report of the Luxembourg Economical Intelligence&#13
Device (CRF): Vital findings (Luxembourg)

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As 2021 draws to a shut, the Luxembourg Monetary Intelligence&#13
Device posted its annual report for 2020. This newsflash&#13
summarises the essential conclusions.

To read through this update, simply click below.

New reporting and administration letter demands relating to&#13
Luxembourg financial commitment fund professionals and undertakings for collective&#13
financial commitment (Luxembourg)

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The CSSF published three circulars on 22 December 2021 on new&#13
experiences and administration letters to be accomplished on the CSSF’s&#13
eDesk system by Luxembourg financial commitment fund supervisors (IFMs),&#13
undertakings for collective financial commitment supervised by the CSSF for&#13
AML/CFT applications (UCIs) and their permitted statutory auditors&#13
(réviseurs d’entreprises&#13
agréé, REA).

To browse this update, click here.

Parliament adopts partial revision of the Swiss Federal&#13
Banking Act (Switzerland)

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On 17 December 2021, the Swiss Parliament adopted the partial&#13
revision of the Swiss Federal Banking Act&#13
(Bundesgesetz über die Banken und Sparkassen). The&#13
amendments intend to fortify the defense of client deposits&#13
with banks in the fascination of the money industry security.

To read through this update, click below.

Knowledge Protection & Privacy Updates
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For updates on the GDPR, be sure to go to the webpage of the Loyens & Loeff Information&#13
Safety and Privateness Team.

EDPB publishes suggestions on interaction territorial scope&#13
GDPR and intercontinental transfers

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On 18 November 2021, the European Information Security Board revealed&#13
recommendations on the interplay in between article 3 GDPR, on the&#13
territorial scope of the GDPR, and Chapter V of the GDPR, on&#13
global transfers. The tips make clear the notion of&#13
international transfers and offer clarification on the requirement&#13
of a transfer system as a result of several functional examples.

To examine this update, click in this article.

Update Normal Contractual Clauses for intercontinental individual&#13
info transfers
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Nonetheless wondering about your New Year’s resolution? Pursuant to&#13
the European Fee Utilizing Decision of 4 June 2021 on&#13
common contractual clauses for the transfer of personalized knowledge to&#13
third nations (outside the EEA) pursuant to GDPR, providers have&#13
until 27 December 2022 to substitute their current sets of SCCs.

To go through this update, click on right here.

To see the full short article, be sure to simply click right here.

The information of this posting is intended to give a general&#13
guide to the subject matter make a difference. Specialist suggestions should be sought&#13
about your specific circumstances.

Well-liked Content ON: Finance and Banking from European Union

Back again To 2021 – Forward To 2022

Arendt & Medernach

An overview of the important recent legal and regulatory developments that have taken spot underneath Luxembourg and EU law.

Christopher Lewis

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