On 1 July 2020, the Luxembourg supervisory authority (the Commission de Surveillance du Secteur Financier - CSSF) issued the circular n°20/743 (the Circular) amending the existing CSSF circular 19/716 on the provision of investment services or performance of investment activities and ancillary services in accordance with the law of 5 April 1993 on the financial sector, as amended (the LFS).