Whistleblowing in Luxembourg
Whistleblowing is a term that was developed in the 1970s in the US and is the process of reporting wrongful, unethical or unlawful behaviour or misconduct internally or externally, i.e. to a third-party organisation.
A company may be seen as being more transparent and trustworthy by having a robust process and protections for people who wish to report misconduct.
It has become an increasingly relevant issue at work in the last few years as it implies labour law issues, data protection issues and regulatory as under CSSF Circular 12/552 banks are required to have appropriate whistleblowing procedures in place…
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Briefings from Wildgen
New CSSF Circular regarding the protection of investors in case of a material change to an open-ended UCI
The CSSF requires that sufficient time shall be provided to the investors in case of a material change to an open-ended UCI.
The CSSF has issued a new circular 14/587 applying to UCITS depositary banks and to the UCITS themselves regarding their relationship with their depositaries.