The Law of 15 March 2016 on OTC derivatives, central counterparties and trade repositories was published in the Luxembourg Official Journal, the Mémorial, on 17 March 2016. The law entered into force on 21 March 2016.
The law clarifies the respective powers granted to the Luxembourg supervisory authority of the financial sector (Commission de Surveillance du Secteur Financier - CSSF) and the supervisory authority for insurance companies (Commissariat aux Assurances) in the context of Regulation 648/2012/EU (the European Market Infrastructure Regulation - EMIR) and specifies that the CSSF and the Commissariat aux Assurances are vested with powers of supervision, intervention, inspection and investigation to the extent defined in EMIR and that they may impose certain sanctions.
The law also transposes Directive 2013/14/EU on over-reliance on credit ratings and the transposition leads to the amendment of several Luxembourg laws. With respect to their risk-management methodology, Institutions for Occupational Retirement Provision (IORPs), UCITS management companies and AIFMs should avoid relying solely or mechanistically on credit ratings disclosed by credit rating agencies.
The Law is available here (in French).