Law on EU account preservation order

The Law of 17 May 2017 on the implementation of Regulation (EU) 655/2014 of 15 May 2014 establishing a European Account Preservation Order procedure entered into force on 27 May 2017.

Although the Regulation is directly applicable in Member States, with the exception of the United Kingdom and Denmark, from 18 January 2017 it has been necessary to adapt national procedural law in order to ensure its application in Luxembourg.

In particular, regarding the obtaining of account information provided for in Article 14 of the Regulation, Luxembourg has opted for the obligation on all banks in its territory to disclose, upon request by the competent authority, whether the debtor holds an account with them.

The banking authority (Commission de Surveillance du Secteur Financier) is designated as the authority responsible for obtaining and transmitting account information at the request of a court of a Member State.