On 3 July 2026, the European Securities and Markets Authority (ESMA) launched a Common Supervisory Action (CSA) with National Competent Authorities (NCAs) on the risk management function of UCITS Management Companies and authorised Alternative Investment Fund Managers (“IFMs”) across the European Union. The methodology used…

In application of Article 8(1) of Regulation (EU) 2023/1114 (Markets in Crypto Assets Regulation, short MiCAR), offerors, persons seeking admission to trading or operators of trading platforms for crypto-assets other than asset-referenced tokens (ARTs) or e-money tokens (EMTs) notify, in case Luxembourg is the home…

Following ESMA’s decision to withdraw the ESMA Guidelines on the MiFID II/MiFIR obligations on market data, CSSF Circular 21/783, which incorporated these Guidelines into the CSSF’s administrative practice, will become outdated from 23 August 2026. ESMA’s decision to withdraw the Guidelines is based on the…

On 7 July 2026, ESMA published its Supervisory briefing on triangular Passporting (Supervisory Briefing on triangular passporting). Triangular Passporting is the practice by which an entity authorised as an investment firm, under MiFID II, uses a branch or tied agent established through the freedom of…

Recent advances are rapidly expanding the capabilities of frontier AI models across a wide range of domains. While these technologies offer significant opportunities, they also introduce new cybersecurity challenges. The ability of frontier AI models to process vast amounts of information, generate sophisticated code, or…

The CSSF draws the attention of market participants to the fact that Regulation (EU) 2024/3005 of the European Parliament and of the Council of 27 November 2024 on the transparency and integrity of Environmental, Social and Governance (ESG) rating activities (the “ESG Ratings Regulation”) will…