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Date:
09 Mar 2018

Newsflash

By:
Dorothée David

New law modifying the rules governing professional secrecy

The law of 27 February 2018 published in the Mémorial on 1 March 2018 modifies, among other things, the legal system governing professional secrecy laid out in article 41 of the law of 5 April 1993 on the financial sector. To this end, the law stipulates, in particular, new exceptions to professional secrecy governed by certain conditions, which help to facilitate outsourcing to an intra-group or external supplier based outside Luxembourg. Within this context, the law stipulates that the statutory provisions governing data protection remain fully applicable.

Law of 27 February 2018

CSSF Circulars on checking staff skills and knowledge

The CSSF has published two Circulars on the strategies implemented by the European Securities and Markets Authority for the assessment of knowledge and skills stipulated within the context of Directive 2014/65/EU (“MiFID II” Directive), which came into force on 3 January 2018. Since this date, the professionals affected by the MiFID II Directive must comply with the provisions of the two CSSF Circulars.

Circular 17/665 of 31 July 2017 lays down the general provisions applicable to professionals in terms of checking the knowledge and skills of staff who provide information about investment products, investment services or ancillary services, and of staff who provide investment advice.

Circular 17/670 of 13 October 2017 lays down specific provisions for external training, including in particular the minimum criteria to be included in external training programmes provided by a training institution registered on the list published on the CSSF website.

CSSF Circulars 17/665 and 17/670