Task Force

NPL Directive

The primary objective of this task force is to thoroughly evaluate the NPL Directive and related legislation and subsequently develop an actionable roadmap for its implementation by the end of the year.

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As part of its ongoing efforts to strengthen the resilience of the banking sector and promote financial stability, the European Parliament and the Council have adopted Directive (EU) 2021/2167 on credit servicers and credit purchasers which is to be implemented into national law by 29 December 2023 (the NPL Directive).

The implementation of this Directive in Luxembourg requires careful consideration, analysis and reasoned action. The NPL Directive Task Force is a dedicated team responsible for ensuring the effective implementation of the NPL Directive in Luxembourg.

This group, composed of experts from various financial institutions and regulatory bodies, works to develop and implement strategies to align Luxembourg’s regulations and procedures with the requirements of the NPL Directive and to create a post-implementation market practice.


Frank Mausen

A&O Shearman


David van Gaever

A&O Shearman


Catherine Trapani

United Trust


  • Infrastructure
Proof-of-Concept l Structuring a DLT debt insurance in Luxembourg

1 April 2022

Distributed Ledger Technologies (#dlt ) will be a major development in the digital transformation and have a significant impact on the financial sector in the decade to come. Our LuxCMA Infrastructure Working Group has the pleasure to release today their latest paper illustrating how DLT can be leveraged by the entire value chain to support the issuance, transfer and servicing of a debt instrument in the capital markets.

Infrastructure l Luxembourg Capital Markets Landscape for Debt Instruments

8 November 2021

Luxembourg is widely recognised as a major player in the international debt capital markets, with a strong market infrastructure, a responsive regulator and unparalleled economic stability. However, navigating this ecosystem is not always easy. To assess and understand the different components of the Luxembourg primary market value chain with a comprehensive review of each of the related main activities and key, have a look to our Luxembourg Capital…

Infrastructure l Recommendations for a smooth transition to risk-free rates

13 July 2021

With the announced discontinuation date for London Inter-bank Offered Rates (LIBOR) at the end of 2021, LuxCMA - Luxembourg Capital Markets Association invites the different stakeholders across the securities value chain, from issuers to investors, to consider taking the necessary actions in order to ensure, where appropriate, a smooth transition to Alternative Reference Rates (ARR) / Risk-Free Rates (RFR) in replacement of Interbank Offered Rates (IBOR), in both…

Blockchain l Newsflash on Bill 7637

22 January 2021

Luxembourg’s legal framework now recognises the use of #DLT technology to issue and settle dematerialised securities. Bill 7637 (to be referred to as the Blockchain II Act 2021) was approved by the #Luxembourg Parliament on 21 January 2021.