In the context of the new regulatory framework established by MiFID II, the Commission de Surveillance du Secteur financier ("CSSF") issued a Press Release on 29 December 2017 which sets out the key aspects of MiFID II.
The CSSF also highlights that, in accordance with the fundamental principles of EU law (notably the principle of direct effect of EU law, the principle of precedence of EU law and the obligation to interpret national law in conformity with EU law), MiFID II provisions which confer new rights or which are more favourable than the applicable national rules and regulations would apply from 3 January 2018 and existing provisions of the Law on the Financial Sector1 and of the Markets in Financial Instruments Law2 have to be interpreted accordingly. This is notably the case for provisions of MiFID II which strengthen investor protection, such as the more stringent rules regarding organisational requirements, inducements and research.
In addition to the Press Release, the CSSF published an FAQ on the application of the new markets in
financial instruments framework in Luxembourg. The FAQ will be
updated by the CSSF from time to time.
Footnotes
1. "Law on the Financial Sector" refers to the Law dated 5 April 1993 on the Financial Sector, as amended.
2. "Markets in Financial Instruments Law" refers to the Law of 13 July 2007 on the markets in financial instruments, as amended.
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.
