Events listed in [CSSF] Commission de Surveillance du Secteur Financier
CSSF Thematic Review: Validation of Value-at-Risk models used by UCITS for global ...
ID 23685
The CSSF conducted a thematic review on the validation of VaR models used by UCITS for global exposure calculation. The review was based on a representative sample of 20 Luxembourg IFMs managing Luxembourg UCITS that use VaR for global exposure calculation. The CSSF observed different approaches to perform the validation of the VaR model depending on the structural set-up of the IFMs. The validation ...
Post-liquidation form for funds dissolved without liquidation & ...
ID 23664
The CSSF launched a set of post-liquidation forms: – A Post-liquidation form for funds dissolved without liquidation to be submitted to opc_liquidation@cssf.lu once all the fund’s post-closure activities are completed. The form requires information about the dissolved fund and its residual cash. It includes questions about the transfer of funds to the Caisse de Consignation, completion of post-dissolution formalities, and closure of custodian and ...
Publication of Q&As by the Commission des normes comptables (CNC) (only in ...
ID 23502
The CSSF would like to disseminate certain publications by the CNC. In this regard, the CNC has released five „Questions/Answers“ (new and revised) that can be accessed online on its website under the “Actualités“ section and under the „Publications“ section, specifically the “Doctrine“ subsection, which we would like to present below in English, full quote: — #### New “Questions/Answers”: **Q&A CNC 23/029 – Accountin ...
Publication of Circulars CSSF 23/836, CSSF 23/837 and CSSF 23/838 adopting the ...
ID 23434
The CSSF has recently released three circulars, namely CSSF 23/836, CSSF 23/837, and CSSF 23/838, which adopt EBA’s guidelines on remuneration data collection exercises for banks and investment firms. These guidelines serve to organize the remuneration data collection exercises in accordance with the CRD and the IFD frameworks. Circular CSSF 23/836 adopts the EBA guidelines on benchmarking exercises for remuneration practices, gender pay gap, ...
Circulaire CSSF 23/835
ID 23386
The present circular aims to notify recipients that the CSSF, as the competent authority, will implement the ESMA Guidelines (ESMA35-43-3172) on specific aspects of the MiFID II suitability requirements from 3 October 2023 onwards. These Guidelines, issued with the intention of fostering supervisory convergence across Europe, will be incorporated into the CSSF’s administrative practices and regulatory approach. The Guidelines, issued by ESMA **in accordance ...
Circulaire CSSF-CPDI 23/35
ID 23366
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 ...
Circulaire CSSF-CPDI 23/36
ID 23363
The CSSF published Circular CSSF-CPDI 23/36, which aims to amend Circular CSSF 13/555 pertaining to the implementation of a decision made by the Board of Directors of the AGDL. The objective of the amendment is to introduce a SCV file within the framework of the deposit guarantee and include a new field that records depositors‘ national identification number. Additionally, the present circular provides further ...
Circulaire CSSF 23/834
ID 23263
Circular CSSF 23/834 mandates the use of the IMAS Portal for specific supervisory processes within the SSM. The IMAS portal serves as a digital interface to enhance efficiency, communication, and transparency in these processes, aligning with the commitment of the ECB and national competent authorities. Importantly, utilizing the IMAS Portal does not alter the legal framework or the distribution of legal responsibilities between the ...
Circulaire CSSF 23/833
ID 23260
The purpose of the present circular is to repeal CSSF Circular 08/334 relative to encryption specifications for declarants, and CSSF Circular 08/344 concerning the provisions regarding the transmission of reporting files to CSSF. The CSSF hereby aims to inform professionals about the applicable communication methods from now on. Depending on the approach or reporting involved, professionals will be able to utilize the following means ...
Circulaire CSSF-CODERES 23/16 (uniquement en anglais)
ID 23251
On 15 May 2023, Circular CSSF-CODERES 23/16 was published by the CSSF, providing an announcement about the Single Resolution Fund and raising the 2023 ex-ante contributions as per Articles 69 and 70 of Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014. The SRB has determined the 2022 ex-ante contribution for all institutions as defined in Article ...