An overview in which our Banking and Finance Practice Group highlights:
- Loyens & Loeff publications which may be of interest to you;
- Legislative dates for your diary.
Loyens & Loeff publications
AIFMD II Proposal: Key Changes for Alternative Investment
Fund Managers
On November 25, 2021, the European Commission released a
proposal COM(2021)721 to amend Directive 2011/61/EU on Alternative
Investment Fund Managers (the AIFMD). The proposal
follows the review of the application and the scope of the AIFMD by
the European Commission, as required under Article 69 AIFMD.
To read this update, click here.
The non-performing loans directive is now live
On 24 November 2021, the European Parliament approved the final
version of Directive 2021/2167 which addresses high levels of
non-performing loans held by banks in the European Union.
To read this update, click here.
Real Estate Update – December (Belgium)
2021 will be remembered on the basis of two buzzwords ...
"COVID-19" of course but also "Climate Change".
Many initiatives were taken to tackle climate change...
regional, national, international. Some more successful than
others.
To read this update, click here.
Luxembourg funds – a market leading, agile industry
with sustainability on the horizon (Luxembourg)
From UCITS to ESG, the Luxembourg investment fund industry has
evolved significantly since taking off in the nineties, and
especially over the last decade with the rapid development of
alternative investment funds.
To read this update, click here.
2020 Annual Report of the Luxembourg Financial Intelligence
Unit (CRF): Key findings (Luxembourg)
As 2021 draws to a close, the Luxembourg Financial Intelligence
Unit published its annual report for 2020. This newsflash
summarises the key findings.
To read this update, click here.
New reporting and management letter requirements relating to
Luxembourg investment fund managers and undertakings for collective
investment (Luxembourg)
The CSSF published three circulars on 22 December 2021 on new
reports and management letters to be completed on the CSSF's
eDesk platform by Luxembourg investment fund managers (IFMs),
undertakings for collective investment supervised by the CSSF for
AML/CFT purposes (UCIs) and their approved statutory auditors
(réviseurs d'entreprises
agréé, REA).
To read this update, click here.
Parliament adopts partial revision of the Swiss Federal
Banking Act (Switzerland)
On 17 December 2021, the Swiss Parliament adopted the partial
revision of the Swiss Federal Banking Act
(Bundesgesetz über die Banken und Sparkassen). The
amendments intend to strengthen the protection of customer deposits
with banks in the interest of the financial market stability.
To read this update, click here.
Data Protection & Privacy Updates
For updates on the GDPR, please visit the webpage of the Loyens & Loeff Data
Protection and Privacy Team.
EDPB publishes guidelines on interplay territorial scope
GDPR and international transfers
On 18 November 2021, the European Data Protection Board published
guidelines on the interplay between article 3 GDPR, on the
territorial scope of the GDPR, and Chapter V of the GDPR, on
international transfers. The guidelines clarify the concept of
international transfers and provide clarification on the necessity
of a transfer mechanism through several practical examples.
To read this update, click here.
Update Standard Contractual Clauses for international personal
data transfers
Still thinking about your New Year's resolution? Pursuant to
the European Commission Implementing Decision of 4 June 2021 on
standard contractual clauses for the transfer of personal data to
third countries (outside the EEA) pursuant to GDPR, companies have
until 27 December 2022 to replace their current sets of SCCs.
To read this update, click here.
To view the full article, please click here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
