As a reminder, on 1 January 2018, the PRIIPs Regulation entered
into force in the EU. As regards the implementation of the PRIIPs
Regulation in Luxembourg law, an implementing law was published on
19 April 2018 ("PRIIPs Law").
The PRIIPs Law designates the CSSF
(Commission de Surveillance du Secteur Financier) and the
CAA (Commissariat aux Assurances) as the
competent authorities responsible for the supervision of compliance
with the PRIIPs Regulation in the Grand Duchy of Luxembourg and, in
this context, gives them specific supervisory and investigation
powers. In addition, it details administrative sanctions and
measures that can be imposed in case of violation of the PRIIPs
Regulation, such as the prohibition or suspension of the marketing
of the PRIIP, administrative fines that can amount to (i) EUR
5,000,000 or 3% of the revenues for a legal person and EUR 700,000
for a natural person or (ii) twice the profits made or the losses
avoided because of the violation,
