Regulatory Alerts2020-07-01
Added · Updated
Amendment of Circular CSSF 19/716 on the provision in Luxembourg of investment services or performance of investment activities and ancillary services in accordance with Article 32-1 of the LFS
Circular CSSF 20/743 amends Circular CSSF 19/716 to specify the concept of investment services provided "in Luxembourg" for third-country firms. It establishes that a service is considered provided in Luxembourg if the firm has an establishment there, serves a retail client in Luxembourg, or supplies the characteristic service in Luxembourg. The amendment clarifies that reverse solicitation, where a client initiates the service at their own exclusive initiative, exempts the firm from requiring authorization or establishing a branch. These rules apply to third-country firms providing investment services, performing investment activities, or proposing ancillary services in Luxembourg.
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