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ARTICLE · 09 JANUARY 2018

CSSF Clarifies Application Of MiFID/MiFIR

KPMG Luxembourg
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The CSSF clarifies that as foreseen in the Treaty on the Functioning of the European Union for all European Regulations, MiFIR will be binding and directly applicable in Luxembourg from 3 January 2018.

LuxembourgFinance and Banking
Gabrielle Jaminon
Gabrielle Jaminon
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In the context of the fact that the draft law Nr 7157 transposing MiFID II in Luxembourg had not yet been adopted, the Commission de Surveillance du Secteur Financier ("CSSF") issued on December 29, a press release with the objective to clarify certain points concerning the application of MiFID II and MiFIR in Luxembourg as from 3 January 2018.

The CSSF clarifies that as foreseen in the Treaty on the Functioning of the European Union for all European Regulations, MiFIR will be binding and directly applicable in Luxembourg from 3 January 2018. As from that date, MiFIR provisions will replace the corresponding provisions contained in the current Markets in Financial Instruments Law or in the current Law on the Financial Sector. This also covers the use of an approved reporting mechanism.

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