Professionals

10 January 2013

Press release 13/02

Following the entry into force of the law of 21 December 2012 transposing Directive 2010/78/EU of the European Parliament and of the Council of 24 November 2010 (the “Law of 21 December 2012”), the CSSF would like to draw the attention of all Advisers on the fact that the provisions of Article 1-1(2) of the law of 5 April 1993 on the financial sector (the “LFS”) have been amended by the Law of 21 December 2012. The Advisers are from now on included in the scope of application of the LFS, and must hold an authorisation as investment adviser pursuant to Article 24 of the LFS. This authorisation is granted by the Minister of Finance.

In this context, the CSSF would like to inform all the persons that perform, at the entry into force of this law, the activity of adviser of undertakings for collective investment referred to in the law of 17 December 2010 or of specialised investment funds referred to in the law of 13 February 2007, that they have to comply with the provisions of the LFS by 30 June 2013.

As a consequence, the CSSF invites all the persons concerned that wish to continue carrying on the above activity as Adviser to contact the Commission de Surveillance du Secteur Financier at: agrements.psf@cssf.lu, preferably before 1 March 2013 to allow their authorisation request to be processed within the legal deadlines.