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ARTICLE · 07 JANUARY 2022

Back To 2021 – Forward To 2022

Arendt & Medernach
Arendt & Medernach
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Arendt & Medernach

Arendt & Medernach

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An overview of the major recent legal and regulatory developments that have taken place under Luxembourg and EU law.

LuxembourgFinance and Banking
Arendt & Medernach
Arendt & Medernach
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BANKING & FINANCIAL SERVICES

CRD - CRR - BRRD

The law of 20 May 2021 aims to implement two Directives: Directive (EU) 2019/878 (CRD 5) and Directive (EU) 2019/879 (BRRD). It also amends the law of 5 April 1993 on the financial sector (LFS). In particular, the law introduces changes in respect of: (i) capital conservation measures, by providing flexibility in the use of the systemic risk buffer; (ii) the new approval process for (mixed) financial holding companies, whether existing or newly established (with possible exemptions under certain conditions); and (iii) EU institutions belonging to third-country groups, which must now put in place an intermediate parent undertaking if certain conditions are met. Furthermore, the law introduces new provisions regarding variable remuneration, clarifies remuneration requirements in a group context and provides that remuneration should be gender neutral. The Commission de Surveillance du Secteur Financier (CSSF) published a

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