CSSF guidance for third country investment firms

On 10 April 2019 the CSSF published guidance on the rules applicable to third country firms with respect to licence requirements for investment services and investment activities applicable in the Luxembourg financial sector (Circular 19/716). This guidance follows the implementation of MiFID2 into Luxembourg law and the amendments made to the Luxembourg legislation as a consequence thereof. The Circular provides guidance on:

• the rules when carrying out activities/providing services to retail vs. per se professional clients and eligible counterparties
• the CSSF equivalence decision and the conditions to be fulfilled and procedure to be followed by a third country investment firm wishing to benefit from this regime
• reverse solicitation and the possibility to provide services on this basis, and
• the key issues with respect to the types of services and types of clients to be considered by a third country firm wishing to provide investment services or perform investment activities in Luxembourg.

Read the full version here.