{"id":"circulars/cssf-20-743","title":"Circular CSSF 20/743","type":"circular","date":"2020-07-01","kind":"circular","html":"<p>Circular CSSF 20/743 is a CSSF circular, published 1 July 2020. Subject: 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.</p>\n<p>Legal basis: <a href=\"/lhoft?page=laws%2F1993-04-05-n1\" class=\"wikiLink\" data-target=\"laws/1993-04-05-n1\">Law of 5 April 1993 on the financial sector</a>.</p>\n<p>Relevant for: Credit institutions, Investment firms.</p>\n<p>Main topic: MiFID II.</p>\n<p>Amends <a href=\"/lhoft?page=circulars%2Fcssf-19-716\" class=\"wikiLink\" data-target=\"circulars/cssf-19-716\">Circular CSSF 19/716</a>.</p>\n<h2>Text</h2>\n<p>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</p>\n<p>In case of discrepancies between the French and the English text, the French text shall prevail.</p>\n<p>Circular CSSF 20/743 Re: 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</p>\n<p>Luxembourg, 1 July 2020</p>\n<p>To all third-country firms that provide or wish to provide investment services, perform or wish to perform investment activities and that propose or wish to propose ancillary services in Luxembourg</p>\n<p>Françoise KAUTHEN</p>\n<p>Claude MARX</p>\n<p>Annexe I Circular CSSF 19/716 as amended by Circular CSSF 20/743 Re: Provision in Luxembourg of investment services or performance of investment activities and ancillary services in accordance with Article 32-1 of the LFS Luxembourg, 1 July 2020</p>\n<p>Ladies and Gentlemen,</p>\n<p>To all third-country firms that provide</p>\n<p>wish</p>\n<p>provide</p>\n<p>investment services, perform or wish</p>\n<p>perform</p>\n<p>investment</p>\n<p>activities and that propose or wish</p>\n<p>propose</p>\n<p>ancillary</p>\n<p>services in Luxembourg</p>\n<p>The purpose of this circular is to lay out the different regimes that apply to thirdcountry firms that wish to provide, in Luxembourg, investment services or perform investment activities together with ancillary investment services in accordance with Article 32-1 of the Law of 5 April 1993 on the financial sector, as amended (LFS). In doing so, this circular clarifies the procedure that thirdcountry firms must comply with in order to benefit from the regime in Article 32-1(1), second subparagraph of the LFS. These clarifications became necessary with the entry into force of the Law of 30 May 2018 on markets in financial instruments which introduced a new Article 32-1 into the LFS in order to implement the relevant provisions of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFID II) 1 and Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFIR) 2.</p>\n<p>The text above is the opening of the document; the PDF carries the whole.</p>\n<p><a href=\"https://www.cssf.lu/en/Document/circular-cssf-20-743/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/cssf20_743eng.pdf\" target=\"_blank\" rel=\"noreferrer\">PDF</a>. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.</p>"}