Working group
Legal and Regulatory Watch
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> Monitoring legislative and regulatory developments
In order to monitor legislative and regulatory developments, the WG closely tracks proposals for new policy and legal frameworks as well as proposed changes to those already existing; in particular the WG provides comments through the relevant channels on proposals for new Luxembourg legislation and provides responses to public consultations launched by key institutions such as the European Commission and ESMA.
> Interacting with entities that are involved/consulted in the legislative process
Based on the rich and varied experience of members of the WG and based on feedback received from participants in the Luxembourg capital markets industry, we consider possible policy or legislative changes that could be made in order to address practical issues, which are caused by current legislation or the lack thereof.
Where appropriate, the WG proposes solutions to implement these changes, e.g. addressing the relevant ministries on the issues or highlighting possible changes, which may become the subject of draft laws in the future.
> Future Plans
The WG is currently planning to hold workshops/conferences in which we will invite experts to speak on capital markets subject matters which are topical national level and abroad.
Publications
- Legal & Regulatory Watch
Discover the latest initiatives recently added to ourย ๐๐ฒ๐ด๐ฎ๐นย &ย ๐ฅ๐ฒ๐ด๐๐น๐ฎ๐๐ผ๐ฟ๐ย ๐ง๐ฟ๐ฎ๐ฐ๐ธ๐ฒ๐ฟ. This useful tool has been designed to inform of potential and/or upcoming developments in the capital markets legal and regulatory landscape with a particular focus on draft laws, open consultations and calls for evidence. The tracker will be updated on a monthly basis. We encourage all interested parties to explore this valuable resource and reach out to info@luxcma.lu if you…
Recently, the Council of the European Union (EU) officially passed the Regulation on European Green Bonds, including optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds.ย Check outย LuxCMAโs view on the matter.
The proposal for a Regulation on ๐ ๐ฎ๐ฟ๐ธ๐ฒ๐๐ ๐ถ๐ป ๐๐ฟ๐๐ฝ๐๐ผ-๐๐๐๐ฒ๐๐ (โ๐ ๐ถ๐๐โ) is moving forward after a provisional agreement was reached between the Council presidency and the European Parliament on 30 June 2022. Our Legal & Regulatory Watch Working Group worked on this subject.
Significant step towards gender equality on boards, LuxCMA welcomes the political agreement on the proposal for a Directive on improving the gender balance among non-executive directors of companies listed on stock exchanges and related measures, the so-called ๐ช๐ผ๐บ๐ฒ๐ป ๐ผ๐ป ๐๐ผ๐ฎ๐ฟ๐ฑ๐ ๐๐ถ๐ฟ๐ฒ๐ฐ๐๐ถ๐๐ฒ. Find out more about the proposed measures of this important piece of legislation in our newsflash.
Published on 23 February 2022, the proposal for a ๐๐๐ฌ ๐ฟ๐๐ง๐๐๐ฉ๐๐ซ๐ ๐ค๐ฃ ๐พ๐ค๐ง๐ฅ๐ค๐ง๐๐ฉ๐ ๐๐ช๐จ๐ฉ๐๐๐ฃ๐๐๐๐ก๐๐ฉ๐ฎ ๐ฟ๐ช๐ ๐ฟ๐๐ก๐๐๐๐ฃ๐๐ is aiming to foster sustainable and responsible corporate behavior throughout global value chains. It provides for new due diligence obligations, tightening the existing requirements under the Luxembourg laws. Getting sustainability due diligence implemented is not going to happen overnight and a number of shortcomings need to be addressed in order for this…
The establishment of an European Single Access Point (ESAP) by 2024 is a flagship action of the Capital Markets Union (CMU) Action Plan adopted by the European Commission in September 2020. Aiming to provide an EU wide access to company information, the proposed regulation could have a positive impact on local capital markets. However, a number of significant shortcomings need to be addressed in order for this objective…
How to improve the access to capital markets by companies in the EU and on the functioning of primary and secondary markets in the EU? This is the question that LuxCMA answered through the online targeted consultation conducted by the European Commission open until 25 February 2022.
On 21 May 2021, LuxCMA - Luxembourg Capital Markets Association responded to the European Consultation on supervisory convergence and the single rule book, which was published by the European Commission on March 2021. This consultation aimed to gather targeted views on certain aspects related to the 2019 ESAs review and will contribute to a wider debate on supervisory convergence and the single rulebook.
On 29 January 2021, LuxCMA responded to the consultation on the review of the Alternative Investment Fund Manager Directive (AIFMD), which was published by the European Commission in October last year.