The Luxembourg financial supervisor CSSF has published clarifications regarding the implementation of the amendment (pursuant to Directive 2013/50) of the Transparency Directive which was in the Luxembourg Transparency Law.

In anticipation of the implementation of the amended Transparency Directive, the Luxembourg financial supervisor wishes to draw the attention of issuers of securities for which Luxembourg is the home member state and the shareholders who fall under the scope of the Luxembourg Transparency Law to the following points.

Publication of regulated information:

The CSSF will not take measures against issuers which have not:

  • published their quarterly financial information for the period ending on or after 30 September 2015;
  • published information on new loans (and any guarantee or security in respect thereof) issued after 26 November 2015; or
  • communicated to the CSSF after 26 November 2015 any draft amendments to their instrument of incorporation or statutes.

Determination of the home Member State:

The CSSF invites issuers whose securities are already listed on a regulated market and who have not made public their choice of home member state before 27 November 2015, to make public such choice and inform the concerned authorities within a period of 3 months starting from 27 November 2015.

The CSSF promotes in this respect the use of the new standard form recently published by ESMA.

Notifications of major holdings:

The CSSF encourages those subject to major holdings notification requirements to refer to the new provisions of Directive 2013/50 when making such notifications and to use the new standard form recently published by ESMA.