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By Catherine MARTOUGIN, Partner, Funds Asset Management Sophie ARVIEUX, Professional Support Lawyer, Baker McKenzie Luxembourg
The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) imposed for the first time a fine on a fund manager further to an on-site inspection focused on sustainability and the obligations under the Sustainable Finance Disclosure Regulation (SFDR). It underscores the regulator’s focus on ESG compliance in the financial sector shortly after the entry into force of SFDR as the inspection was undertaken as from 2022.
The fund manager was carrying out the portfolio management function in respect of funds which were classified as promoting environmental and/or social characteristics ...
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