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    CSSF Adopts EBA Guide on Threshold Monitoring for IPUs Under CRD IV

    May 25, 2022

    The Financial Sector Supervisory Commission of Luxembourg (CSSF) published a circular on the application and adoption of the European Banking Authority (EBA) guidelines for limited network exclusion Payment Services Directive (PSD2) and for threshold monitoring on the establishment of an intermediate parent undertaking under the Capital Requirements Directive (CRD IV).

    Circular CSSF 22/814 applies EBA guidelines on the monitoring of the threshold and other procedural aspects of the establishment of an intermediate European Union (EU) parent undertaking under Article 21b of CRD IV. The EBA guidelines aim to specify a common methodology to calculate the total value of assets (in the European Union) of the third-country group with the aim to establish a consistent application of the intermediate EU parent undertaking requirement. CSSF has integrated the guidelines into its administrative practices and regulatory approach with a view to promote supervisory convergence in this field at the European level. The CSSF circular shall apply to less significant institutions and investment firms that are part of a third-country group, to all branches of credit institutions or investment firms incorporated in a third-country, and to financial holding companies, mixed financial holding companies, and investment holding companies incorporated in Luxembourg. This circular shall apply with immediate effect.

    Circular CSSF 22/812 adopts EBA guidelines on the limited network exclusion under PSD2. The guidelines aim to clarify the scope and limits of the limited network exclusion as well as the criteria and indicators to be considered by competent authorities in the assessment of whether the activities should fall or not under the said exclusion. They clarify the specific provisions applicable to the authorized payment services providers listed in article 1 of PSD2 and electronic money issuers that would like to benefit from the exclusion. Additionally, the guidelines clarify the notification process as per PSD2 and the description of the activities to be made publicly available on the national registers and central register of EBA. The circular applies to all persons providing in Luxembourg services based on specific instruments that can be used only in a limited way as per Article 3(k) of the law on payment services. This circular became applicable as of June 01, 2022.


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    Keywords: Europe, Luxembourg, Banking, CRD IV, Basel, Intermediate Parent Undertakings, Third-Country Groups, PSD2, CSSF

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