CSSF says SFDR thresholds reflect ‘binding commitment‘
CSSF says SFDR thresholds imply ‘binding commitments’
Luxembourg’s financial supervisor CSSF has made clear that it expects investment funds that commit to sustainability objectives will stick to these commitments. If a fund
Bank of Singapore headquarter. Photo: Bank of Singapore.
CSSF hits Bank of Singapore unit with €210,000 AML fine
BOS Wealth Management SA, the Luxembourg-based European wealth management arm of Bank of Singapore, has been handed a 210,000 euro fine by Luxembourg’s financial regulator
Without clear game rules, funds will never get it right
Without clear game rules, funds will never get it right
Europe’s asset management industry finds itself under a public magnifying glass after a team of international investigative journalists discovered that the most sustainable funds are still investing in polluting companies. Earlier warnings on possible reputation risks, also from specialists inside the sector, now echo loudly, but so does the observation that a lack of clarity in the current sustainability regulations poses significant challenges, both for the industry and investors.
Depositary, custody banking in Luxembourg ‘heavily concentrated’
Depositary, custodian services ‘heavily concentrated’
Markets for depositary and custodian banking services in Luxembourg are “heavily concentrated”, with the top ten banks holding more than three quarters of all assets
New ESG product governance rules under Mifid2 take effect
New ESG product rules under Mifid2 take effect
A new set of rules - part of an update to the EU’s Mifid 2 directive - took effect in Luxembourg on Tuesday that will
CSSF’s Marx: Efficiency focus is also in the interests of investors
CSSF’s Marx: Efficiency focus also in interests of investors
Financial regulators across the European Union next year will embark on a comprehensive review of costs that investment firms charge to investors for their investment funds. Claude Marx, director general of Luxembourg financial supervisor CSSF, speaking at the Alfi private assets conference on Wednesday, elaborated on some of the next steps. The industry, he said, needs to maintain its focus on efficiency, which also is in the interests of investors.
Michael Reinhard, Chief Executive Officer, Universal Investment, and Katja Müller, Chief Customer Officer, Universal Investment
With EFA, UI pushes assets administrated above €900 bln
By successfully closing its acquisition of European Fund Administration, Universal Investment has pushed its assets under administration by more than a fifth to above 900
As CSSF cost review draws ire, ministry points to fund law upgrade 
CSSF’s Ucits, AIF fund cost review draws ire
Luxembourg financial supervisor CSSF, a long-time ally for Luxembourg’s booming fund industry, is drawing reluctant criticism from some people in the sector over its recently announced initiative to review pricing mechanisms for Ucits and AIF investment funds. Responding to press questions in this context, the finance ministry signalled that “certain features” of Luxembourg’s fund legislation will be modernised “in the near future”.
Kempen cuts classification of three sustainability funds 
Kempen cuts classification of three sustainability funds 
Dutch investment bank Kempen Capital Management has reclassified three of its sustainability funds to “light green” from “dark green/most sustainable” ahead of increasingly stringent requirements
FCA proposes three labels for sustainability funds
FCA proposes three ESG labels, sets threshold at 90%
The UK's Financial Conduct Authority on Wednesday presented its long-awaited proposal for sustainable investment rules, going a step further than similar rules in the EU and US by suggesting three different sustainability labels for investment funds instead of two. And unlike the EU, the FCA now has proposed a 90% threshold for the most sustainable investment funds.