Second shareholder rights directive: impact on the Luxembourg banking sector
16 December 2019
The new rules have an impact not only on listed companies but also on intermediaries, institutional investors, asset managers and proxy advisors that are interacting with listed companies.
In particular, a Luxembourg credit institution or investment firm offering (ancillary) custody services to its clients in relation to shares admitted to trading on a regulated market (within the meaning of MiFID II) may have to comply with certain obligations under the Act as an intermediary (1.). Alike, a Luxembourg credit institution or investment firm
offering portfolio management services to its clients (within the meaning of MiFID II) in relation to shares of companies based in the European Union (EU) admitted to trading on a regulated market will be considered as an asset manager and bound by certain obligations under the Act (2.).
This publication will focus on the new requirements applicable to these Luxembourg professionals of the financial sector (PFS).