25 May 2021
Law

Law of 20 May 2021 (only in French)

1. transposing:

a) Directive (EU) 2019/878 of the European Parliament and of the Council of 20 May 2019 amending Directive 2013/36/EU as regards exempted entities, financial holding companies, mixed financial holding companies, remuneration, supervisory measures and powers and capital conservation measures; and

b) Directive (EU) 2019/879 of the European Parliament and of the Council of 20 May 2019 amending Directive 2014/59/EU as regards the loss-absorbing and recapitalisation capacity of credit institutions and investment firms and Directive 98/26/EC;

2. implementing Regulation (EU) 2019/876 of the European Parliament and of the Council of 20 May 2019 amending Regulation (EU) No 575/2013 as regards the leverage ratio, the net stable funding ratio, requirements for own funds and eligible liabilities, counterparty credit risk, market risk, exposures to central counterparties, exposures to collective investment undertakings, large exposures, reporting and disclosure requirements, and Regulation (EU) No 648/2012; and

3. amending:

a) the Law of 5 April 1993 on the financial sector, as amended;

b) the Law of 18 December 2015 on the failure of credit institutions and certain investment firms, as amended;

c) the Law of 24 March 1989 on the Banque et Caisse d’Epargne de l’Etat, Luxembourg, as amended;

d) the Law of 23 December 1998 establishing a financial sector supervisory commission (“Commission de surveillance du secteur financier”), as amended;

e) the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended;

f) the Law of 10 November 2009 on payment services, on the activity of electronic money institution and settlement finality in payment and securities settlement systems, as amended; and

g) the Law of 7 December 2015 on the insurance sector, as amended.