Circular CSSF 18/679 is a CSSF circular, published 23 January 2018. Subject: Update of Circular CSSF 08/337 on the entry into force of the Law of 11 January 2008 and of the Grand-ducal Regulation of 11 January 2008 on transparency requirements for issuers, as amended.
\nLegal basis: Law of 11 January 2008 on transparency requirements for issuers, Loi du 10 mai 2016.
\nRelevant for: Investment firms, Support PFS.
\nMain topic: Information requirements for issuers of securities. Keywords: Transparency.
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nLuxembourg, 23 January 2018
\nTo all the persons concerned
\nCIRCULAR CSSF 18/679 Re: Update of Circular CSSF 08/337 on the entry into force of the Law of 11 January 2008 and of the Grand-ducal regulation of 11 January 2008 on transparency requirements for issuers, as amended Ladies and Gentlemen,
\nYours faithfully,
\nAnnex 1; Annex 2
\nIn case of discrepancies between the French and the English text, the French text shall prevail
\nLuxembourg, 22 23 JanuaryJune 20168
\nTo all the persons concerned
\nCIRCULAR CSSF 08/337 as amended by Circulars CSSF 12/542, and CSSF 16/637 and CSSF 18/679
\nRe:
\nLaw of 11 January 2008 and Grand-ducal Regulation of 11 January 2008 on transparency requirements for issuers, as amended
\nLadies and Gentlemen, We are pleased to draw your attention to the provisions of the Law of 11 January 2008 on transparency requirements for issuers 1, as amended, notably, by the Law of 10 May 2016 2 (the “Law”). The principal purpose of the Law is to transpose Directive 2004/109/EC of the European Parliament and of the Council of 15 December 2004 on the harmonisation of transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, as amended, notably, by Directive 2013/50/EU of the European Parliament and of the Council of 22 October 2013 (the “Transparency Directive”). We also draw your attention on Grand-ducal Regulation of 11 January 2008 implementing the Law, as amended by Grand-ducal Regulation of 10 May 2016 3 (the “Grand-ducal Regulation”). This Grand-ducal Regulation transposes Commission Directive 2007/14/EC of 8 March 2007 laying down detailed rules for the implementation of certain provisions of the Transparency Directive, as amended by Directive 2013/50/EU of the European Parliament and of the Council of 22 October 2013 (the “Implementing Directive”). 1 Published in Mémorial A – No 5 of 15 January 2008.
\n2 3
\nPublished in Mémorial A – No 89 of 12 May 2016. Published in Mémorial A – No 89 of 12 May 2016.
\nThis circular sets out and specifies the regulatory framework that follows from the Law and the Grand-ducal Regulation. 4 1. Introduction Pursuant to the Transparency Directive, the issuers that are governed by that directive are required to provide ongoing and periodic information which the directive defines as “regulated information”. The scope of that term is defined in point 3 of this circular. As regards that regulated information, the Transparency Directive imposes three obligations on issuers: -
\neffective dissemination of regulated information (Article 20 of the Law);
\nmaking this information available to an Officially Appointed Mechanism (“OAM”) for the central storage of regulated information (OAM) (Article 20 of the Law); and
\nfiling the regulated information with the competent authority of the relevant home Member State (Article 18(1) of the Law).
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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