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

    BIS and Central Banks Experiment with GenAI to Assess Climate Risks

    A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe

    March 20, 2024 WebPage Regulatory News

    Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures

    Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.

    March 18, 2024 WebPage Regulatory News

    Singapore to Mandate Climate Disclosures from FY2025

    Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies

    March 18, 2024 WebPage Regulatory News

    SEC Finalizes Climate-Related Disclosures Rule

    The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.

    March 07, 2024 WebPage Regulatory News

    EBA Proposes Standards Related to Standardized Credit Risk Approach

    The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU

    March 05, 2024 WebPage Regulatory News

    US Regulators Release Stress Test Scenarios for Banks

    The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).

    February 28, 2024 WebPage Regulatory News

    Asian Governments Aim for Interoperability in AI Governance Frameworks

    The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.

    February 28, 2024 WebPage Regulatory News

    EBA Proposes Operational Risk Standards Under Final Basel III Package

    The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.

    February 26, 2024 WebPage Regulatory News

    EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS

    The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.

    February 23, 2024 WebPage Regulatory News

    ECB to Expand Climate Change Work in 2024-2025

    Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.

    February 23, 2024 WebPage Regulatory News
    RESULTS 1 - 10 OF 8957