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On 1 July 2020, the Commission de Surveillance du Secteur Financier (CSSF) published Circular 20/743 which amends the CSSF Circular 19/716 on the provision of investment services or performance of investment activities and ancillary services, in Luxembourg, in accordance with Article 32-1 of the law of 5 April 1993 of the financial sector, as amended (the LFS). The Circular was addressed to all third-country firms that provide or wish to provide investment services, perform or wish to perform investment activities and that propose or wish to propose ancillary services in Luxembourg.

On 7 July 2020, the Commission de Surveillance du Secteur Financier (CSSF) published a list of questions and answers in relation to the provisions of CSSF Circular 02/77. The Circular concerns the protection of investors in case of net asset value (NAV) calculation errors and correction of the consequences resulting from non-compliance with the investment rules applicable to undertakings for collective investment.

On 4 June 2020, the European Securities and Markets Authority (ESMA) published a supervisory briefing (Briefing) aiming to reduce the risk of regulatory arbitrage and ensure equal levels of investor protection regarding cost-related regulations under the Undertakings for the Collective Investment in Transferable Securities (UCITS) regime and Alternative Investment Funds (AIFs).

Since 10 March 2020, the Commission de Surveillance du Secteur Financier (CSSF) has implemented monitoring of the largest investment fund managers (IFMs) in view of the specific circumstances and risks to which IFMs were exposed as a result of prevailing market conditions. Since then, these IFMs have had to notify the CSSF of any significant developments and/or issues as well related decisions and measures taken by them.

On 13 May 2020, the Commission de Surveillance du Secteur Financier (CSSF) updated its published list of questions and responses in relation to Covid-19.

The Luxembourg Financial Supervisory Authority (CSSF) and European Securities and Markets Authority (ESMA) have published Covid-19-related communications.