Featured Product

    CSSF Issues Multiple Regulatory Updates for Financial Sector Entities

    May 02, 2022

    The Financial Sector Supervisory Commission of Luxembourg (CSSF) published circulars on adoption and application of certain guidelines of the European Banking Authority (EBA), issued a circular on 2022 ex-ante contributions to the Single Resolution Fund, and published a Law on the State guarantee for credit lines contracted by the Luxembourg Deposit Guarantee Fund.

    Below are the key details of the recent updates:

    • CSSF published circular CSSF 22/809 on the adoption of EBA guidelines on criteria for the use of data inputs in the risk-measurement model referred to in the Capital Requirements Regulation or CRR (575/2013). CSSF has integrated the guidelines into its administrative practice and regulatory approach with a view to promoting supervisory convergence in this field at the European level. The circular shall apply, with immediate effect, to all less significant institutions, to all CRR investment firms incorporated under Luxembourg law, and to all Luxembourg branches of credit institutions and of CRR investment firms having their registered office in a third country. 
    • CSSF published circular CSSF 22/808 on the application of EBA guidelines on recovery plan indicators under the Bank Recovery and Resolution Directive or BRRD (2014/59/EU). The EBA guidelines specify the minimum list of quantitative and qualitative recovery plan indicators to be included in the recovery plans developed and assessed in accordance with Articles 5 to 9 of BRRD. The guidelines also set expectations regarding the appropriate arrangements for the regular monitoring of such indicators, the points at which actions referred to in the recovery plans may be taken, and the action to be taken in relation to these indicators. This circular shall apply with immediate effect.
    • CSSF published circular CSSF 22/806 on outsourcing arrangements, along with the related frequently asked questions (FAQs). The main purpose of this circular is to implement the requirements of the EBA guidelines on outsourcing arrangements (EBA/GL/2019/02). Circular 22/806 further aims at providing a transparent, homogeneous, and harmonized national framework for outsourcing arrangements. It also sets out requirements related to the information and communication technology (ICT) related outsourcing arrangements, which were previously disseminated by CSSF.
    • CSSF published circular (CSSF-CODERES 22/14) on information on raising 2022 ex-ante contribution according to Articles 69 and 70 of Single Resolution Mechanism Regulation (806/2014). The Single Resolution Board (SRB) has determined the 2022 ex-ante contribution for all institutions as defined in Article 2 of the SRMR (Annex 1). The amounts are due by June 07, 2022. The individual invoices (Annex 2) will be distributed by CSSF in the coming days.
    • According to the Law on Deposit Guarantee Fund, the government has authorized to grant, in return for adequate remuneration, a State guarantee for credit lines contracted by the Luxembourg Deposit Guarantee Fund up to a total maximum amount of EUR 1 billion, pursuant to the Law on the failure of credit institutions and certain investment firms.

     

    Related Links

     

    Keywords: Europe, Luxembourg, Banking, CRR, Basel, Less Significant Institutions, BRRD, Recovery Plan, Resolution Framework, SRMR, Ex-Ante Contributions, Outsourcing Arrangements, Deposit Guarantee Fund, EBA, Outsourcing Service Providers, SRF, SRB, CSSF

    Featured Experts
    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    FSB and NGFS Publish Initial Findings from Climate Scenario Analyses

    The Financial Stability Board (FSB) and the Network for Greening the Financial System (NGFS) published a joint report that outlines the initial findings from climate scenario analyses undertaken by financial authorities to assess climate-related financial risks.

    November 15, 2022 WebPage Regulatory News
    News

    FSB Issues Reports on NBFI and Liquidity in Government Bonds

    The Financial Stability Board (FSB) published a letter intended for the G20 leaders, highlighting the work that it will undertake under the Indian G20 Presidency in 2023 to strengthen resilience of the financial system.

    November 14, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    EU Finalizes Rules Under Crowdfunding Service Providers Regulation

    The European Union has finalized and published, in the Official Journal of the European Union, a set of 13 Delegated and Implementing Regulations applicable to the European crowdfunding service providers.

    November 08, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8596