Securitisation and other EU regulations: New sanction powers

On 11 July 2019 the Bill of Law 7349, which implements the Securitisation Regulation¹ , the EuVECA Regulation² , the EuSEF Regulation³ , the ELTIF Regulation⁴  and  the Money Market Funds Regulation⁵ , was voted for by the Luxembourg Parliament (Chambre des Députés) (first constitutional vote).

The Bill of Law designates the competent authorities, i.e. the CSSF (Commission de Surveillance du Secteur Financier) and the CAA (Commissariat aux Assurances)⁶ , and provides for their investigative and supervisory powers as well as their powers to impose administrative sanctions for the performance of their missions under the various regulations mentioned above. It also introduces some specific amendments the RAIF Law⁷ and to the amended Law of 5 April 1993 on the financial sector.

Depending on the date of its publication in the Luxembourg Official Gazette, the new law should become applicable either in the course of July, or early August 2019.