Luxembourg: Corporate Governance

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Article
ESMA’s Supervisory Expectations For Investment Firms And Credit Institutions In The Context Of Triangular Passporting
The European Securities and Markets Authority has issued new supervisory guidance on triangular passporting under MiFID II, addressing how authorized entities can use branches or tied agents in one host Member State to provide investment services in another. This briefing establishes principles to prevent regulatory arbitrage while clarifying supervisory responsibilities among national competent authorities across multiple jurisdictions.
Luxembourg Finance
CL
CMS Luxembourg
Article
Involvement Of External Support In The Portfolio Management Of Luxembourg IFMs
Luxembourg's fund industry has long relied on external portfolio managers and investment advisors, but recent regulatory scrutiny raises fundamental questions about how investment decision-making is organized and where authority truly resides. The distinction between delegation and advisory models is not merely formal—it reflects a deeper tension between commercial reality and regulatory expectations, with direct consequences for sponsors seeking to maintain control while meeting substance requirement
Luxembourg Finance
LL
Loyens & Loeff
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