) during the reference period.
ESMA issued updates of its Q&A on the Application of the AIFMD and its Q&A on the Application of the UCITS Directive by ESMA. The topics addressed, mainly reconciliation by depositaries and marketing, are the same in both Q&As (Sections VI and VIII in the AIFMD Q&As, Sections X and XIII in the UCITS Q&As).
How these guidelines will be integrated into Luxembourg rules has not been determined yet.
CSSF Regulation No 22-04 amends CSSF Regulation No 20-02 on the equivalence of certain third countries with respect to supervision and authorisation rules for the purpose of providing investment services or performing investment activities and ancillary services by third-country firms. For the purposes of the second subparagraph of Article 32-1(1) of the Law of 5 April 1993 on the financial sector, two third countries, i.e. the People’s Republic of China and Australia, have been added on the list of third countries and territories considered as applying equivalent supervision and authorisation rules as those laid down in the Law of 5 April 1993.
The CSSF has issued a communiqué containing additional clarifications on the completion and submission of the reports foreseen by Circular 21/790 in the “CICERO” (Collective Investment Sector Reporting Tool) module on the eDesk platform. With regard to the organisation of the operational processes for the completion of the self-assessment questionnaire (“SAQ”) and of its submission, the communiqué confirms that different options are available (including the automatic access for authorised users in case of reliance on a service provider or the investment fund manager by “dirigeants” of UCIs. Regardless of the operational model chosen, dirigeants have to perform a formalised review and validation of the content of the SAQ before its submission to the CSSF. More details on the steps to be followed for providing access of authorised user(s) to the reports of regulated UCIs in the CICERO module are also given in this communication.
The final text of the regulatory technical standards for SFDR was published in the Official Journal of the European Union.
An upcoming data collection exercise.
CSSF Regulation No 22-05 amends CSSF Regulation No 10-04 by adding, among other points, provisions with respect to sustainability risk and sustainability factors (in French only).
The ESAs have issued the first annual report on the extent of voluntary disclosure of principal adverse impact as foreseen by art. 18 of the Sustainable Finance Disclosure Regulation (SFDR; Regulation (EU) 2019/2088). In the report, the ESAs provide a preliminary, indicative and non-exhaustive overview of examples for best and less good practices. The information is based on a survey of local regulators.
The report further contains recommendations for local regulators to ensure appropriate supervision of financial market participants’ practices, such as running regular surveys in their own market to determine whether supervisory entities comply with Article 4 SFDR disclosures.
A new letter (e) has been added in point (12) of Article 2(1), in order to widen the scope of the AML/CFT Law which is applicable now also to persons acting as depositary of bearer shares. Article 3(2a) has been amended so as to stress that the obligation to identify customers and beneficial owners is always applicable irrespective of the professionals’ risk assessment.
The addition made in Article 3(4) links the professionals’ obligation to consult the Beneficial Owner Register and the Register of fiducies and trusts, when verifying the identity of the beneficial owners before entering into a business relationship or when executing a transaction, with the professionals’ obligation to report to the manager of the Beneficial Owner Register or to the AED, respectively, so as to detect the existence of erroneous data or the absence of all or part of the data in the register, or the failure of a registration, modification or deletion of data. In addition, professionals must proceed in a similar manner in the framework of ongoing due diligence of the business relationship. The objective of the amendment in Article 3-2(4) is to further clarify the scope of application of the enhanced due diligence measures regarding politically exposed persons (PEPs) by explicitly including persons purporting to act on behalf of or for customers among the persons to take into account.
The new paragraphs 8 and 9 of Article 9-2a further specify the CSSF’s cooperation with foreign counterpart authorities.
the third party is vested with the power and the duty, in respect of which he or she is accountable, to administer, manage or dispose of the assets placed under his or her control in accordance with the terms of the legal arrangement and the special rules imposed upon him or her by law.
It should also be stressed that professionals who act as relevant trustee or fiduciaire have legal obligations to inform the Register of fiducies and trusts or to provide information to competent authorities or to the Register of fiducies and trusts, under penalty of administrative sanctions foreseen by the RFT Law. The Law of 29 July 2020 has now, via two amendments, specified that the reasonable delay laid down in Articles 2(2) and 3(1) of the RFT Law shall be understood as one month maximum.
The coordinated version of the RFT Law is available at: https://www.cssf.lu/en/Document/law-of-10-july-2020/. The Law is available at: https://legilux.public.lu/eli/etat/leg/loi/2022/07/29/a429/jo.
This cigar has some of the weirdest packaging I've ever encounteted. The band and cigar are completely wrapped with what I guess is supposed to look like a doctors prescription. No way to leave the band on when you remove this off putting gimmick.
Based on the wrapper this brand is made in California with a combo of tobacco from Mexico, Honduras, Dominican Republic, Ecuador, Nicaragua, and Puru. How the heck you get that much leaf into one cigar is beyond me.
Once you actually, it is a firmly packed, well rolled cigar work a nice maduro wrapper. It's a shame that the gimmick wrapper hides such a pretty cigar.
This cigar has a really nice flavor profile and consistent throughout the smoke. Holds a really tight ash. Very smooth draw and loads of rich smoke. The wrapper started my rating in the negative territory, but this one truly reflects the saying of don't judge a book by its cover.
I'd recommend this cigar.Nadia Caidi
2016 ASIS&T President
Associate Professor
iSchool
University of Toronto
nadia.caidi@utoronto.ca
Editor’s Summary
Building connections between ASIS&T and other information-oriented organizations is progressing through collaborations with the Society for the Social Studies of Science (4S), the Council of Scientific Society Presidents (CSSP) and the Association for Library and Information Science Education (ALISE). With data management a critical issue for scientific societies, the CSSP will focus its spring meeting in May 2016 on theoretical and practical issues around data, having ASIS&T and 4S jointly present the opening session. ASIS&T president Nadia Caidi serves on the CSSP executive board and co-chairs its scholarly publications and data committee. ASIS&T ties with ALISE are growing stronger through their joint hosting of a Presidential Session on Accreditation at the ASIS&T Annual Meeting in Copenhagen in October 2016. That meeting will also feature sessions on diversity and inclusion and opportunities to meet journal editors and to hear keynote speakers exploring bridges between industry and research. Other upcoming meetings include the ASIS&T Regional (East Coast) Meeting and ASIS&T Taipei Chapter workshop, both in April 2016.
Keywords
Association for Information Science and Technology
information associations
collaboration
meetings
workshops
information resources management
data
In my last column, I reflected on the importance of building more bridges between ASIS&T and sister societies. I am happy to report that ASIS&T has already embarked on such collaborations with several organizations, among them the Society for the Social Studies of Science, known as 4S; the Council of Scientific Society Presidents (CSSP), an umbrella organization representing a broad array of scientific disciplines; and the Association for Library and Information Science Education (ALISE).
In conversations with 4S president Lucy Suchman, ASIS&T and 4S embarked in the co-sponsorship of a session for the May meeting of CSSP (- 2016-meeting/) on the topic of the challenges of managing data (big and small). There is evidence that many scientific societies and/or their members are greatly concerned about the integrity, security and re-use of their data, as well as about effective data access. The panel will examine the issues surrounding digital curation methods and practices; approaches to long-term data management; and policies, costs and mechanisms for ensuring data resilience, accessibility and reusability in the context of information risk and change.
The CSSP board subsequently decided to introduce this panel as the opening session for its May meeting in Washington, DC, and made data the central theme of the meeting. Suchman noted, “The Society for Social Studies of Science (4S) welcomes the opportunity for interdisciplinary dialogue and debate, with ASIS&T and related scientific societies. Our concerns include the question of what we mean by data,.”
The speakers we selected for the panel are no strangers to ASIS&T. They include Liz Lyon, University of Bath, UKOLN Director and a recent Visiting Professor at the iSchool at Pittsburgh; Reagan Moore, chief scientist for data intensive cyber environments with RENCI and member of the DICE