On 3 July 2017, the Chamber of Deputies of the Grand-Duchy of Luxembourg issued a draft law 7157 (the Draft Law) aiming at:
- transposing the Directive 2014/65/EU on markets in financial instruments (MiFID II);
- transposing article 6 of the Delegated Directive 2017/593 (EU) and;
- implementing the Regulation n° 600/2014 (EU) on markets in financial instruments (MiFIR).
The Draft Law transposes the provisions related to the markets in financial instruments into a specific sector law which recasts the Law of 13 July 2007 on markets in financial instruments. In addition, the Draft Law implements the provisions relating to investment services or activities by amending the Law of 5 April 1993, namely the Law on the Financial Sector (LFS).
As regards specific provisions of MiFID II having an impact on the investment management activity, it is worth noting that the Draft Law does not bring any substantial amendment to the text of the Directive.
The Draft Law will now have to be voted by the Luxembourg Parliament. Further to the vote the law will be published in the Memorial and enter into force.
The text of the Draft Law is available at the following link.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
