The Luxembourg law which amends the Luxembourg transparency law for issuers of securities, dated 10 May 2016 and published in the official journal on 12 May 2016, entered into force on 15 May 2016 (the “Amending Transparency Law”).

The Amending Transparency Law implements Directive 2013/50/EU of 22 October 2013 and Article 1 of Directive 2014/51/EU of 16 April 2014 and amends the Luxembourg law of 11 January 2008 on transparency requirements of issuers and the Luxembourg law of 10 July 2005 on prospectuses for securities. As a consequence, the Grand Ducal Regulation dated 11 January 2008 on transparency requirements of issuers of securities is amended by the Grand Ducal Regulation dated 10 May 2016.

The principal changes introduced by the Amending Transparency Law include a reduction of administrative requirements in respect of issuers for which Luxembourg is the home Member State, with certain transparency requirements being removed. In respect of certain foreign issuers for which Luxembourg is the home Member State, the Amending Transparency Law foresees new requirement to publish a report on payments to governments.

Furthermore, notification obligations are imposed on investors taking exposure on shares via a much wider range of financial instruments. The definition of financial instruments is significantly broadened. The Amending Transparency Law also introduces aggregation rules and changes with respect to the disclosure of the home Member State.

With the Amending Transparency Law, the Commission de Surveillance du Secteur Financier (CSSF) receives significant new injunction and sanction powers.

Read the accompanying press release 'Entry into Force of the Amended Transparency Law'