Circulaire CSSF-CPDI 23/35

Circular CSSF-CPDI 23/35 amends Circular CSSF-CPDI 16/02 regarding the scope of the deposit guarantee and the investor compensation.
The objective of this present circular is to incorporate the provisions of Article 62 of Regulation (EU) 2019/2033, which amends Regulation (EU) No 575/2013, affecting the definition of financial institutions. Financial institutions that fall under this definition are excluded from the scope of the deposit guarantee and investor compensation.
The updated circular applies to various entities, including all credit institutions and investment firms incorporated under Luxembourg law, POST Luxembourg, branches of non-EU credit institutions and investment firms, UCITS management companies, and alternative investment fund managers authorized for discretionary, client-by-client portfolio management.
The amendments also address the application of Articles 174 and 196(5) of the Law of 18 December 2015, which deal with the failure of credit institutions and certain investment firms. Specifically, the circular provides clarification on terms related to the identification and indemnification of accounts where the holder differs from the person absolutely entitled.
Circular CSSF-CPDI 16/02 is amended in accordance with the annex to Circular CSSF-CPDI 23/35. The annex includes tracked changes introduced by the updated circular, to facilitate readability and comprehension. These amendments ensure the safeguarding of the deposit guarantee and investor compensation while providing clarity on the identification and indemnification of accounts.