Clifford Chance
New Luxembourg Licence Requirement for Non-EU/EEA Finance Professionals
28 June 2011
The Luxembourg legislator has introduced a new license requirement for banks, investment firms and other professionals which are incorporated in a non-EU/EEA country and which are not established in Luxembourg, but which come occasionally and temporarily to Luxembourg, notably to collect deposits or other repayable funds from the public and to provide any other services within the scope of Luxembourg financial sector legislation in Luxembourg. The new licence requirement for non-EU/EEA professionals was introduced by a law dated 28 April 2011 that has come into force on 9 May 2011. It has been further explained by the recent Circular 11/515 dated 14 June 2011 issued by the Luxembourg financial sector regulator Commission de Surveillance du Secteur Financier (CSSF).
Clifford Chance has prepared a briefing paper discussing the new licence requirement rules.
