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ESMA has compiled the information on published sanctions on the basis of notifications made to it by the national competent authorities of the Member States [of the European Economic Area (EEA)]. This compilation has been carried out with utmost care and to the best of its ability and ESMA endeavours to continuously update the information provided. For further information please refer to the website of the competent national supervisory authorities. In addition to the above provisions, attention is also drawn to the Legal Notice of the ESMA website. |
Nevertheless, ESMA is not able to provide any representation or warranty that the available content is complete, accurate or up to date. The information on published sanctions is based on reports of such sanctions made by the national competent authorities of the relevant Member State to ESMA. The information made available may thus vary substantially according to the applicable provisions of the national law of the relevant Member State.
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Sanction details
Sanction
- Sanction legal framework
- UCITS
- Member state
- LUXEMBOURG
- Sanctioning authority
- Commission de Surveillance du Secteur Financier (CSSF)
- Sanction nature
- Administrative sanction and measure
- Sanction date
- 20/12/2017
- Sanction expiration date
- 20/12/2022
- Sanctioned entity name
- VICTORY ASSET MANAGEMENT S.A.
- Sanctioned entity legal framework
- UCITS
- Sanctioned entity LEI
- Free Text 1 (English)
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On 15 December 2017, the CSSF has imposed a fine to Victory Asset Management S.A., an investment fund manager subject to Chapter 15 of the Law, within the context of the management of portfolios of investments, in accordance with mandates given by investors on a discretionary, client-by-client basis (article 101 (3) (a) of the Law). The fine has been imposed on the basis of Articles 148(1)(f), 148(2)(k) and 148(4)(e) of the Law for non-compliance with several professional obligations with regard to AML/CFT requirements as set forth in the Law of 12 November 2004 on the fight against money laundering and financing of terrorism, the Grand-ducal regulation of 1 February 2010 providing details on certain provisions of the Law of 12 November 2004 and the CSSF Regulation 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing. For further details, please refer to http://www.cssf.lu/fileadmin/files/Publications/Communiques/Communiques_2017/CP1744_panama_papers_201217.pdf.
- Free Text 2 ()
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- Last update
- 08/01/2018
On 15 December 2017, the CSSF has imposed a fine to Victory Asset Management S.A., an investment fund manager subject to Chapter 15 of the Law, within the context of the management of portfolios of investments, in accordance with mandates given by investors on a discretionary, client-by-client basis (article 101 (3) (a) of the Law). The fine has been imposed on the basis of Articles 148(1)(f), 148(2)(k) and 148(4)(e) of the Law for non-compliance with several professional obligations with regard to AML/CFT requirements as set forth in the Law of 12 November 2004 on the fight against money laundering and financing of terrorism, the Grand-ducal regulation of 1 February 2010 providing details on certain provisions of the Law of 12 November 2004 and the CSSF Regulation 12-02 of 14 December 2012 on the fight against money laundering and terrorist financing. For further details, please refer to http://www.cssf.lu/fileadmin/files/Publications/Communiques/Communiques_2017/CP1744_panama_papers_201217.pdf.