Queen Máxima of the Netherlands has called on European financial supervisors to review financial services for their health impact and urged the banking, payments and
Citing inflation, Máxima wants action on financial literacy
Best of the week: NAV errors challenge industry, regulators
We're finishing a productive week at Investment Officer Luxembourg in terms of news stories, with surprisingly strong and growing interest from international readers. Mike Gordon
CSSF drafting EU best practice for handling NAV errors
Financial regulators across Europe are keeping a close eye on their Luxembourg counterpart CSSF, which is reviewing its rules that tell investment firms how to handle errors in calculations of Net Asset Values, or NAVs. “I think that we may consider the CSSF approach as a best practice.”
Fuchs pressed into action on compliance, IT problems
Following 1.55 million euro in regulatory fines, Luxembourg investment firm Fuchs & Associés Finance SA is stepping up efforts to address internal compliance problems, adding additional directors and compliance staff to bring its governance back in line with legal requirements.
CSSF finds AML compliance shortcomings at Maitland
Luxembourg’s financial regulator CSSF has found shortcomings in the application of measures to fight money laundering and terrorism finance at fund services provider Maitland Luxembourg
Merit Capital is subject to criminal probe, linked to H2O
Belgian police authorities have launched a criminal investigation in Antwerp-based stockbroker Merit Capital, a Belgian press report said on Thursday. The probe is linked to
Triodos IM: EU taxonomy places ESG funds at disadvantage
The European Union, under its taxonomy, requires SRI funds to declare what part of their portfolio is green by 1 January 2023, but there is
CSSF imposed €4.3 mln in fines, biggest for BLI's parent
Luxembourg’s financial regulator CSSF imposed a total of 4.3 million euro in fines on financial services companies in the Grand Duchy last year, less than
Nearly half of complaints to CSSF come from Germany, UK
The number of complaints received about financial services in Luxembourg last year rose by 25 percent, with clients in Germany and the U.K. accounting for almost half of them, according to the latest CSSF annual report.
Firms reluctant to discuss sustainability with clients
One month after the EU ordered the investment sector to ask clients for their sustainability preferences, investment firms appear to show limited enthusiasm for complying with the new requirements as complexity around the EU's ESG rules persists and greenwashing fears linger.