Luxembourg CSSF published FAQ concerning swing pricing mechanism On 30 July 2019, the Commission de Surveillance du Secteur Financier (CSSF) published a FAQ on the topic of the swing pricing mechanism. The principles outlined below apply to all regulated funds in Luxembourg (UCITS, UCI part II, SIF) which implement the swing pricing mechanism (hereafter “UCI”). […]

Supreme Court, 26 March 2015, N°3420 In recent years, the Court of Appeal had to decide some times whether the non-compliance with certain rules of conduct resulting e.g. from the Financial Sector Law, the AML Law or certain rules of conduct by banks or other players in the financial sector could be considered as a […]

5/5 – 2011 – Luxembourg Court of Appeals (Court d’Appel du Grand-Duché de Luxembourg 5ème chambre) decision of 28 June 2011, docket number 340/11 In a 31 October 2013 decision, the 18th Criminal Chamber of Luxembourg’s District Court imposed a fine of EUR 5000 on a Luxembourg notary for violation of his professional obligations because […]

4/5 – 2011 – Luxembourg-qualified lawyer was given a 2-year suspended sentence and an 8,000-euro fine In a 28 June 2011 Luxembourg Court of Appeals decision, a well-known Luxembourg-qualified lawyer was given a 2-year suspended sentence and an 8,000-euro fine for allowing his bank account to be used for transferring money related to international drug […]

3/5 – 2010 – Bank account manager, his superior and a Luxembourg lawyer were convicted of aiding and abetting in the handling of stolen goods In a decision of 2 June 2010, a bank account manager, his superior and a Luxembourg lawyer were convicted of aiding and abetting in the handling of stolen goods (complicité […]

2 /5 – 2010 – Luxembourg notary was fined EUR 5000 for not performing sufficient due diligence In a 04 May 2010 Luxembourg District Court decision, a Luxembourg notary was fined EUR 5000 for not performing sufficient due diligence with respect to a Cyprus company, in violation of Articles 3 and 9 of the Law […]

1/5 – May 2006, a Luxembourg lawyer was fined EUR 1,250 – CDD failures  In a District Court of Luxembourg decision of 8 May 2006, a Luxembourg lawyer was fined EUR 1,250, as well as his court costs, by the Law of 12 November 2004, as amended, for not having respected the due diligence obligations […]

What penalties are available to the courts for violations of corruption laws by individuals? According to Articles 246 and 247 of the Criminal Code, active and passive bribery can result in five to ten years’ imprisonment and a fine of between €500 and €187,000. Influence peddling can result in five to ten years’ imprisonment and […]