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ARTICLE · 04 DECEMBER 2024

Luxembourg CSSF Introduces First Sanction Regarding SFDR

Proskauer Rose LLP
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On 15 October 2024, the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF") imposed a fine of EUR 56,500 against a fund manager...

European UnionWealth Management
John Verwey
John Verwey
Rachel E. Lowe
Rachel E. Lowe
Sulaiman Malik
Sulaiman Malik
Michael Singh
Michael Singh
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On 15 October 2024, the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF") imposed a fine of EUR 56,500 against a fund manager, Aviva Investors Luxembourg S.A. (the "Manager"), with regards to the Sustainable Finance Disclosure Regulation (EU) 2019/2088 (the "SFDR"). This marked the CSSF's first ever sanction with regards to the SFDR.

Background

The CSSF carried out an on-site inspection of the Manager during which the CSSF identified breaches in the Manager's internal governance. The breaches concerned five sub-funds of an investment fund under the Manager's management (the "Fund") which the Manager classified as Article 8 funds under the SFDR. One of the sub-funds failed to comply with disclosures in the pre-contractual disclosures made in accordance with Article 8 of the SFDR by failing to make sure that controls ensured investment exclusion thresholds were met.

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