Working group

Legal and Regulatory Watch

The main purpose of the Legal and Regulatory Watch Working Group is to monitor legislative and regulatory developments, both at national level and on the broader European and international level.
Our work also involves interacting with entities and associations that are involved or consulted in the policy decision making and legislative process. 
In addition, the WG aims to take positions on legal questions addressed to the LuxCMA by its members and produce position papers.

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> Monitoring legislative and regulatory developments

In order to monitor legislative and regulatory developments, the WG closely tracks proposals for new policy and legal frameworks as well as proposed changes to those already existing; in particular the WG provides comments through the relevant channels on proposals for new Luxembourg legislation and provides responses to public consultations launched by key institutions such as the European Commission and ESMA.

> Interacting with entities that are involved/consulted in the legislative process

Based on the rich and varied experience of members of the WG and based on feedback received from participants in the Luxembourg capital markets industry, we consider possible policy or legislative changes that could be made in order to address practical issues, which are caused by current legislation or the lack thereof.

Where appropriate, the WG proposes solutions to implement these changes, e.g. addressing the relevant ministries on the issues or highlighting possible changes, which may become the subject of draft laws in the future.

> Future Plans

The WG is currently planning to hold workshops/conferences in which we will invite experts to speak on capital markets subject matters which are topical national level and abroad.


Marc Mehlen

Clifford Chance


Paula Redondo Pereira

Luxembourg Stock Exchange


Nuala Doyle



  • Legal & Regulatory Watch
MiCA l Provisional agreement reached between the Council presidency and the European Parliament

2 September 2022

The proposal for a Regulation on 𝗠𝗮𝗿𝗸𝗲𝘁𝘀 𝗶𝗻 𝗖𝗿𝘆𝗽𝘁𝗼-𝗔𝘀𝘀𝗲𝘁𝘀 (“𝗠𝗶𝗖𝗔”) is moving forward after a provisional agreement was reached between the Council presidency and the European Parliament on 30 June 2022. Our Legal & Regulatory Watch Working Group worked on this subject.

Women on Boards Proposed Directive l A significant step towards gender equality on boards

29 July 2022

Significant step towards gender equality on boards, LuxCMA welcomes the political agreement on the proposal for a Directive on improving the gender balance among non-executive directors of companies listed on stock exchanges and related measures, the so-called 𝗪𝗼𝗺𝗲𝗻 𝗼𝗻 𝗕𝗼𝗮𝗿𝗱𝘀 𝗗𝗶𝗿𝗲𝗰𝘁𝗶𝘃𝗲. Find out more about the proposed measures of this important piece of legislation in our newsflash.

CSDD l Proposal for a EU Corporate Sustainability Due Diligence Directive

20 July 2022

Published on 23 February 2022, the proposal for a 𝙉𝙚𝙬 𝘿𝙞𝙧𝙚𝙘𝙩𝙞𝙫𝙚 𝙤𝙣 𝘾𝙤𝙧𝙥𝙤𝙧𝙖𝙩𝙚 𝙎𝙪𝙨𝙩𝙖𝙞𝙣𝙖𝙗𝙞𝙡𝙞𝙩𝙮 𝘿𝙪𝙚 𝘿𝙞𝙡𝙞𝙜𝙚𝙣𝙘𝙚 is aiming to foster sustainable and responsible corporate behavior throughout global value chains. It provides for new due diligence obligations, tightening the existing requirements under the Luxembourg laws. Getting sustainability due diligence implemented is not going to happen overnight and a number of shortcomings need to be addressed in order for this…

ESAP l LuxCMA feedback on the establishment of a single access point

8 April 2022

The establishment of an European Single Access Point (ESAP) by 2024 is a flagship action of the Capital Markets Union (CMU) Action Plan adopted by the European Commission in September 2020. Aiming to provide an EU wide access to company information, the proposed regulation could have a positive impact on local capital markets. However, a number of significant shortcomings need to be addressed in order for this objective…

Listing Act l LuxCMA response to the EU Commission Consultation

24 February 2022

How to improve the access to capital markets by companies in the EU and on the functioning of primary and secondary markets in the EU? This is the question that LuxCMA answered through the online targeted consultation conducted by the European Commission open until 25 February 2022.

Supervisory convergence and the single rulebook l LuxCMA responses to EU Commission Consultation

25 May 2021

On 21 May 2021, LuxCMA - Luxembourg Capital Markets Association responded to the European Consultation on supervisory convergence and the single rule book, which was published by the European Commission on March 2021. This consultation aimed to gather targeted views on certain aspects related to the 2019 ESAs review and will contribute to a wider debate on supervisory convergence and the single rulebook.