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LU - Designation of competent authorities for the supervision of SFTR

25/09/2018

On 6 June 2018, the Luxembourgish legislator issued a new law to locally implement the European Securities Financing Transactions Regulation (SFTR).

On 06 June 2018, the Luxembourgish legislator issued a new law to locally implement the European Securities Financing Transactions Regulation (SFTR). This document, the SFT Law, shall give appropriate competence to the “Commission de Surveillance du Secteur Financier” (CSSF) and “Commissariat Aux Assurances” (CAA) for the supervision of compliance with SFTR in the Grand Duchy of Luxembourg. The SFT law offers the competent authorities a broad range of sanctions in case of non-compliance. In addition to those listed below, most notably, they may temporary prohibit a person accountable for a violation to exercise managerial functions. The SFT Law entered into force on 12 June 2018.

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