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The Luxembourg supervisory authority Commission de Surveillance du Secteur Financier (CSSF) released a new Circular on the Substance Requirements of Luxembourg Management Companies (ManCo). According to the new Circular 18/698, in addition to money laundering regulations (AML, Anti - Money Laundering) for transfer and registration offices, extended requirements are placed on the substance and corporate governance of the Luxembourg management company. The CSSF is thus further tightening its substance and corporate governance requirements and placing greater demands on ManCos operators.
For example, very specific requirements are made for the shareholders, the share capital and the management and their employment with ManCo. The number of board mandates is basically...
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