New financial sector legislation: what do you need to know?
On 6 February 2018, the Luxembourg Parliament adopted two long-awaited laws namely draft bill 7024 which amends inter alia rules regarding professional secrecy, facilitates outsourcing and clarifies the depositary regime of Part II funds (the so-called “Omnibus Law”) and draft bill 7128 which implements Directive (EU) 2015/849 of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“AMLD IV”) other than the provisions regarding the ultimate beneficial owner’s register (the “UBO Law”) and which amends inter alia the amended law of 12 November 2004 on the fight against money laundering and terrorist financing (the “AML Law”). To this date, the second vote exemption on the Omnibus Law has not been granted yet (such exemption could be voted as soon as 20 February 2018). The UBO Law has already been signed on 13 February 2018 and published in the Mémorial A on 14 February 2018.
Read more in our summary of the key messages.