On 19 April 2018, the law implementing PRIIPs was published in
the Luxembourg official gazette (Mémorial). The draft bill
was submitted to the Chambre des Députés on 25
October 2017 [see our article
here].
As PRIIPs came as a regulation, this law does not bring any
changes to the text.
By this law, the Commission de Surveillance du Secteur Financier
(CSSF) and of the Commissariat aux Assurances (CAA) are designated
as the authorities competent for the supervision of the compliance
with the PRIIPs Regulation at a national level. As such, they are
vested with controlling and investigation powers.
The law also indicates the administrative sanctions and the
administrative measures at the disposal of the CSSF and the CAA in
case of breaches. These range from the suspension of the marketing
of a PRIIPs to dissuasive fines: up to 5.000.000 euros or 3% of the
revenues for moral person; up to 700.000 euros for physical
person.
