Featured Product

    CSSF-CPDI Issues Circular on Survey for Deposit Guarantee Fund Members

    July 05, 2019

    The CSSF-CPDI (the Council for the Protection of Depositors and Investors) published a circular with the aim to carry out a survey on deposits, particularly on covered deposits, as held by credit institutions incorporated under the Luxembourg law, the POST Luxembourg for its provision of postal financial services, and the Luxembourg branches of credit institutions that have their head office in a third country as at June 30, 2019. The circular has been issued to the members of the Luxembourg deposit guarantee fund (FGDL).

    The circular states that the data collection is done on a quarterly basis to identify, throughout the year, trends and changes in indicators relevant to the deposit guarantee. FGDL members are requested to provide data at the level of their legal entity, comprising branches located within other member states, by July 31, 2019. To transmit the data, institutions are being requested to complete the table attached to the circular.

    A definition of “covered deposits” and “eligible deposits” can be found in Article 163 of the amended law of December 18, 2015 on the failure of credit institutions and certain investment firms. The circular mentions that persons who are absolutely entitled shall be covered by the guarantee, provided that they have been identified or are identifiable before the guarantee is triggered. Persons are deemed identifiable if the holder of the account has informed the FGDL member institution that holds the deposits, that he acts on behalf of third parties, that he has communicated the number of persons who are absolutely entitled and the amount owed to each of them, and that he is able to provide the institution that holds the deposits or the CPDI with the identity of the persons who are absolutely entitled, upon request of the CPDI in case of the institutions’ failure. To allow the CPDI to follow the use of omnibus or fiduciary accounts and prepare the FGDL for their reimbursement, the volume of eligible and covered deposits in such accounts and the number of persons who are absolutely entitled are to be reported through specific rows in the annexed table. 

     

    Related Link: Circular (PDF)

     

    Keywords: Europe, Luxembourg, Banking, Covered Deposits, Deposit Guarantee Fund, Data Collection, FGDL, CPDI, CSSF

    Related Articles
    News

    ESMA Updates Q&A on Credit Rating Agencies Regulation

    ESMA updated questions and answers (Q&A) document on the Credit Rating Agencies (CRA) Regulation.

    February 17, 2020 WebPage Regulatory News
    News

    EC Announces Funding for Sustainable Finance Project in France

    EC announced an investment for the latest projects, including a project on sustainable finance, under the LIFE program for the environment and climate action.

    February 17, 2020 WebPage Regulatory News
    News

    FDIC Releases Economic Scenarios for Stress Testing in 2020

    FDIC released the hypothetical economic scenarios for use in the upcoming stress tests for covered institutions with total consolidated assets of more than USD 250 billion.

    February 14, 2020 WebPage Regulatory News
    News

    EBA Acknowledges EC Adoption of Amended Supervisory Reporting Standard

    EBA acknowledged the adoption, by EC, of an Implementing Act with regard to the common reporting (COREP) and financial reporting (FINREP) changes, in accordance with the Capital Requirements Regulation or CRR.

    February 14, 2020 WebPage Regulatory News
    News

    APRA and ASIC Welcome Proposed Reforms for Superannuation Sector

    APRA and the Australian Securities and Investments Commission (ASIC) have jointly welcomed the proposed legislative reforms increasing the role of ASIC in the superannuation sector.

    February 14, 2020 WebPage Regulatory News
    News

    ESMA Responds to EC Consultation on Review of Benchmarks Regulation

    ESMA published its response to EC consultation on review of the Benchmarks Regulation in EU.

    February 14, 2020 WebPage Regulatory News
    News

    OSFI on Guide and Form for Replicating Portfolio Information Summary

    OSFI revised the instruction guide and form related to filing the Replicating Portfolio Information Summary.

    February 14, 2020 WebPage Regulatory News
    News

    ISDA Guide on Smart Contracts for Equity and Interest Rate Derivatives

    ISDA has published the fourth and fifth installments in a series of legal guidelines for smart derivatives contracts.

    February 13, 2020 WebPage Regulatory News
    News

    FED Paper Describes FLARE, A Top-Down Model for Stress Testing

    FED published a technical paper that describes the Forward-Looking Analysis of Risk Events (FLARE) model.

    February 13, 2020 WebPage Regulatory News
    News

    EC Rule Updates Data for Calculations Under Solvency II Reporting

    EC published the Implementing Regulation 2020/193, which lays down technical information for the calculation of technical provisions and basic own funds for reporting with reference dates from December 31, 2019 to March 30, 2020, in accordance with the Solvency II Directive (2009/138/EC).

    February 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4680