Agefi Luxembourg - juin 2026

AGEFI Luxembourg 14 Juin 2026 Économie & Banques L e Luxembourg a conclu la première édition des International Climate Finance Days (ICF Days) sur une note ambitieuse, en confirmant son rôle croissant dans la finance climatique internationale et en annonçant un engagement majeur en faveur de la protection des forêts tropicales. Organisé du 3 au 5 juin par le ministère de l’Environnement, du Climat et de la Biodiversité, l’événement a réuni plus de 2.000 participants, une quarantaine de délégations internationales et plus de 80 intervenants venus dumonde entier. Les discussions ont porté sur les moyens de renforcer le financement cli­ matique, de mobiliser les investisse­ ments privés et d’accélérer la coopéra­ tion internationale face aux défis envi­ ronnementaux. Au cours de ces trois journées, leminis­ tre de l’Environnement, Serge Wilmes, a multiplié les rencontres bilatérales avec plusieurs partenaires européens et internationaux, ainsi qu’avec des orga­ nisations majeures du secteur clima­ tique. Ces échanges ont mis en avant la stratégie luxembourgeoise visant à relier action climatique, protection de la biodiversité, résilience des écosystèmes et mécanismes de financement. Parmi les annonces marquantes figure également le lancement de la troisième phase de la Blue Natural Capital Finan­ cingFacility(BNCFF),développéeenpar­ tenariat avec l’Union internationale pour la conservation de la nature (UICN). Ce programme soutient des projets liés aux écosystèmes marins et côtiers, avec un accent particulier sur les populations vul­ nérables et la pêche artisanale. Mais lemoment fort de cette édition a été l’annonce de l’adhésion du Luxembourg àlaTropicalForestForeverFacility(TFFF), uneinitiativeinternationaledestinéeàpré­ server les forêts tropicales grâce à des mécanismesfinanciersinnovants.Lepays accueillera également le Fonds d’investis­ sement pour les forêts tropicales (TFIF), bras financier de cette initiativemondiale. Pour soutenir ce projet, le Luxembourg investira 50millionsd’euros entre 2026 et 2030 via son Fonds pour le climat et l’énergie,avantdepoursuivresonsoutien audelà de cette période. L’objectif est de garantir un financement durable aux pays engagés dans la conservation de leurs forêts, tout en favorisant ledévelop­ pementéconomiquelocal.Unepartiedes ressources sera également destinée aux peuples autochtones et aux communau­ tés locales. Selon le ministre des Finances, Gilles Roth, lapréservationdes forêts tropicales constitueunenjeuessentiel pour la stabi­ lité du climat mondial et la protection de labiodiversité.De soncôté, SergeWilmes a souligné que cette initiative permettrait de combler une lacune importante du financement climatique international en créant des incitations économiquesdura­ bles à la conservation. Le ministre brésilien des Affaires étran­ gères, MauroVieira, a salué une initiative devenuemondiale,capablederassembler pays du Nord et du Sud autour d’un objectif commun : donnerunevaleur éco­ nomique aux forêts tropicales intactes. Avec cettepremière éditiondes ICFDays et l’accueil du TFIF, le Luxembourg confirme sa place parmi les acteurs majeurs de la finance durable. La prochaine édition de l’événement est déjà prévue du 24 au 27mai 2027. Source :ministère luxembourgeoisde l’Environnement, duClimatetde laBiodiversité Le Luxembourg renforce son leadership en finance climatique ©SIP/EmmanuelClaude Key changes and practical implications By Laurent MASSINON, Partner & Katerina CHALKA, Associate, Banking & Restructuring, Herbert SmithFreehillsKramer LuxembourgSCS O n 30 April 2026, bill n. 8627 was passed by the Luxembourg Parliament transposing Directive (EU) 2024/1619 (CRDVI) into Luxembourg law (Law). The Lawwas published in the Journal officiel du GrandDuché de Luxembourg on 6 May 2026 and entered into force on 10 May 2026. Thenewregimeintroducesaharmonisedframework forthirdcountryundertakings(TCUs)providingcore bankingservicesinLuxembourg.Thenewregimeap­ plies to (i) deposittaking and other repayable funds activities, and (ii) lending (including, inter alia, con­ sumercredit,mortgagecredit,factoring,withorwith­ out recourse, financing of commercial transactions (includingforfeiting))andgrantingofguaranteesand commitments (Core Banking Services). In respect of the activities referred tounder item(ii), the obligation to establish a thirdcountry branch (TCB) in Luxem­ bourg arises only where the relevant TCU would qualify, if established in the EU, as an EU credit insti­ tutionor a large investment firmwithin themeaning of Regulation (EU)No 575/2013 (CRR) (Institutions). Prior to the amendments to the Law of 5April 1993, asamended(LFS),thirdcountrycreditinstitutionsas well as professionals of the financial sector incorpo­ rated under foreign lawother than investment firms could provide services in Luxembourg (i) via the establishment of a TCBor (ii) on a crossborder basis, subject to certain conditions. The key new require­ ment is that TCUswishing to commence or continue providing theCore Banking Servicesmust, inprinci­ ple,establishaTCBinLuxembourgandobtainautho­ risation fromthe Commissionde Surveillance duSecteur Financier (CSSF) before providing such services in Luxembourg. Important exemptions nevertheless apply. The TCB requirement does not apply to investment services and activities falling within the scope of Directive 2014/65/EU,asamended(MiFIDII),includingrelated ancillary services. Exemptions also apply to services provided to EU credit institutions, intragroup trans­ actions, and services providedon the basis of reverse solicitation, although the latter exemption is framed narrowlyunder the Law. Under the new regime, TCBs are classified as either class 1 or class 2, with regulatory requirements cali­ bratedtotheirsize,complexityandriskprofile.Class 1 TCBs include larger or more complex branches, namely thosewith total assets booked or originated of at least EUR 5 billion, those engaged in material retail deposittaking above specified thresholds (5% of liabilities or EUR50million), or thosewhose par­ ent undertaking is not established in a qualifying third country, i.e. a jurisdictionmeeting EUequiva­ lent prudential, supervisory confidentiality and AML/CFTstandards. Bycontrast, class 2TCBs com­ prise smaller and less complex branches that do not meet the above criteria and are therefore subject to a lighter prudential framework. ThenewTCBregimewill become fullyapplicableon 11 January 2027, except for (i) the new reporting requirements,whichenteredintoforceon11January 2026, and (ii) the grandfathering provisions, which will enter into force on 11 July 2026. Key practical implications and scenarios: what is changing inpractice? Qualification test While the new TCB regime introduces a formal authorisation requirement for certainTCUs provid­ ing Core Banking Services in Luxembourg, a sig­ nificant number of market participants and trans­ action structures remain outside its scope. This is particularly the casewhere the relevant TCU intends to provide lending activities or grant guar­ antees and would not qualify as an Institution if it were established in theEU. Suchentities fall outside the perimeter of the new regime andmay continue toprovide the relevant serviceswithout establishing aTCB. Thiswill typically include, for example, lend­ ing activities performed by thirdcountry invest­ ment funds or other nonbank entities acting on a crossborder basis. Determining the Luxembourg nexus For inscope entities, the analysis then turns to whether the relevant Core Banking Service is con­ sidered tobeprovided“inLuxembourg”.While the Lawdoes not define this concept, theparliamentary commentary indicates that it should be interpreted by reference to the“characteristicperformance” test, used to determine whether a TCU is providing ser­ vices in Luxembourg. On that basis, where a Core BankingService isprovidedentirelyandexclusively on a remote basis from outside Luxembourg, with­ out any relevant territorial nexus, itwill generallybe regarded as taking place outside Luxembourg and willthereforefalloutsidethescopeoftheTCBautho­ risation requirement. AUS bank providing a loan to a Luxembourg bor­ rower entirely from its New York offices would re­ quire a TCB analysis. Where all key functions, such as credit approval, documentation and clientmanagement, are carried out outside Luxembourg and there is no local pres­ ence or booking activity, the service could be considered as being provided outside Luxembourg andwouldnot, inprinciple, trigger the requirement to establishaLux­ embourg TCB. Similar considerations may arise in the context of syndicated lending, acquisition finance, fund finance and secondarymarket transactions involving Luxembourg borrowers orLuxembourg fundstructures. In suchcases,theanalysiswilldepend in particular on whether the TCU performs active origination, nego­ tiationorclientfacingfunctionsvisàvis the Luxembourg entity, or instead participates on a passive basis fromoutside Luxembourg. The analysismaybe less clearwhere aLuxembourg entity subsequently accedes as borrower or cobor­ rower, as the accession may constitute a new rele­ vant point in time for assessingwhether a service is being provided in Luxembourg. In that case, it is necessary to determine whether the accession cre­ ates a sufficient Luxembourgnexus, inparticular in light of how the transaction is structured and exe­ cuted. Likewise, material amendments, extensions, or refinancings of existing facilities may require a freshassessmentwhere they involve renewed inter­ action with a Luxembourg borrower or otherwise create a stronger Luxembourg nexus. In all cases, a factual assessment of whether a Core Banking Service is provided in Luxembourg shall be conducted by the TCU on an ad hoc basis and duly documented. Exceptions facilitating outofscope treatment Where a Luxembourgbased client approaches a TCU on its own initiative, the TCU may provide Core Banking Services without establishing a TCB under the reverse solicitation exemption. However, the burden of proof that the relationship was gen­ uinely clientinitiated rests with the TCU relying on this exemption. TCUs are therefore expected to maintain adequate records evidencing the origin of the relationshipand, inparticular, the circumstances inwhichtheclientapproachedtheTCUandrequest­ ed the specific services. The statutory carveout further confirms that client initiative is interpretedstrictly: serviceswill not qual­ ify as being provided “on the sole initiative of the client” where the client has been solicited or approached through intermediaries or related enti­ ties acting on behalf of the TCU. However,theTCBrequirementdoesnotapplywhere Core Banking Services are necessary for, or closely related to, the performance of the initially requested service,includingwheresuchrelatedservicesarepro­ vided at a later stage. For example, where a TCU is initiallymandatedtoprovideafinancing,subsequent drawdowns, adjustments to terms and conditions, portfolioservicing,orancillaryhedgingarrangements maybecarriedoutwithouttriggeringaseparateTCB requirement, provided they remain functionally and commercially connected to the original transaction. FurtherexemptionsalsoapplyinthecontextofMiFID II services, aswell as interbankand intragroupactiv­ ities, which may fall outside the scope of the TCB requirement depending on the structure and coun­ terparties involved. Grandfathering in transitional scenarios Key implementationmilestones of theLawinclude a grandfathering cutoff on 11 July 2026, after which contracts entered into beforehand benefit from tran­ sitional protection. Grandfathering may give rise to certain boundary cases in practice. For instance, amendments made after11July2026toanexistingfacilityagreementmay jeopardise the benefit of grandfathering where such amendments are material in nature. In particular, changes that increase the committedor drawn expo­ sure or otherwise amendkey commercial termsmay be viewedas giving rise to anewagreement, thereby potentiallydisapplyingthegrandfatheringtreatment. Bycontrast,purelytechnicaloradministrativeamend­ ments should, in principle, not affect the grandfa­ theredstatus,althoughthiswillultimatelydependon a casebycase assessment of the substance of the amendment inquestion. Next steps In light of the new regime, TCUs with existing or planned Luxembourgfacing Core Banking Services should first assess, on a casebycase basis, whether their activities fallwithin the scopeof thenewregime and, where relevant, whether they would qualify as InstitutionsundertheCRRbasedtestforlendingand guaranteeactivities,whether the relevant services are consideredtobeprovidedinLuxembourgand,final­ ly, whether any exemption may apply. Where in scope, affected groupswill need to evaluatewhether aTCBauthorisation is requiredand, if so, prepare for theestablishmentprocess.TheTCBauthorisationpro­ cess is subject to a number of minimum regulatory requirements, which vary depending on the classifi­ cation of the TCB (please see above on class 1 or class 2 status) and its associated riskprofile. Againstthisbackdrop,severalgroupsarealreadycon­ sidering adjustments to their operating models, including the potential relocation or redistribution of Core Banking Services within group structures. In some cases, the provision of Core Banking Services may be reallocated from a thirdcountry entity to an EUestablished group entity (for example, shifting origination or booking functions froma UK entity to anEUsubsidiary)inordertoavoidtriggeringthenew TCBperimeter. At the supervisory level, the evolving framework is alsoexpectedtobeaccompaniedbyenhancedreport­ ing obligations. In particular, the EBAhas published its final report on draft ITS on supervisory reporting for TCBs. TheCSSF is expected to issue further guid­ ance on the implementation of the TCB regime. In any case, market participants should closelymonitor regulatory developments, as further guidance may materially affect the analysis of specific cases. Ultimately, access to the Luxembourg market by TCUswillremainpossiblewithouttheestablishment of a TCB, albeit on amore limitedbasis. Navigating Luxembourg’s new third-country branch regime