Publication of Circular CSSF 19/716 on the “third country” national regime under MiFID II/MIFIR

The CSSF would like to draw the attention of the public to the publication Circular CSSF 19/716 on the provision of investment services or the performance of investment activities and ancillary services (hereinafter, “investment services”) in Luxembourg by third-country firms in accordance with Article 32-1 of the Law of 5 April 1993 on the financial sector, as amended (“LFS”). The purpose of Circular CSSF 19/716 is to outline the different regimes available to these third-country firms under Article 32-1 of the LFS and under MiFIR, as well as the conditions to be met and the information and documentation to be submitted in this respect. One of these conditions is that the CSSF must deem the supervision and the authorisation rules of the third countries as equivalent to the LFS. Moreover, cooperation between the CSSF and the supervisory authority of the third-country firm must be ensured.

In order to benefit from one of the regimes which fall under the competence of the CSSF, the third-country firms concerned must contact the CSSF and submit a file in order to comply with Article 32-1 of the LFS.

Following the entry into force of article 32-1 of the LFS and of Circular CSSF 19/716, Circular CSSF 11/515 dealing in point (4) of Part II with the regime provided for in Article 32(5) of the LFS, is no longer up to date, as this article no longer applies to investment services provided by third-country entities. Circular CSSF 11/515 is currently being reviewed.