In the context of the new regulatory framework established by
MiFID II, the Commission de Surveillance du Secteur
financier ("CSSF") issued a Press Release on 29 December 2017 which sets
out the key aspects of MiFID II.
The CSSF also highlights that, in accordance with the
fundamental principles of EU law (notably the principle of direct
effect of EU law, the principle of precedence of EU law and the
obligation to interpret national law in conformity with EU law),
MiFID II provisions which confer new rights or which are more
favourable than the applicable national rules and regulations would
apply from 3 January 2018 and existing provisions of the Law on the
Financial Sector1 and of the Markets in
Financial Instruments Law2 have to be interpreted
accordingly. This is notably the case for provisions of MiFID II
which strengthen investor protection, such as the more stringent
rules regarding organisational requirements, inducements and
research.
