The Luxembourg Financial Sector Supervisory Authority (the CSSF)
issued a regulation and a circular on 1 July 2020 to establish
additional clarifications for third country firms providing or
aiming to provide investment services in Luxembourg.
Circular 20/743
The CSSF circular 20/743 amends the circular CSSF 19/716 on the
provision in Luxembourg of investment services or performance of
ancillary services in accordance with Article 32-1 of the Law on
the financial sector (the LFS). The purpose of this modification is
to include details concerning the location of the services
provided, under the principle of territoriality.
Article 32-1 of the LFS establishes specific regimes for third
country firms based on whether investment and ancillary services
are provided to retail clients, professional clients (per
se and upon request) or eligible counterparts in Luxembourg,
and its application depends on the interpretation of the concept of
Luxembourg territory. The CSSF
