EU Banking and Finance Regulatory Newsletter - January 2020 - Key regulatory developments in Luxembourg

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Source/Date Brief description

CSSF1

16/12/2019

Outsourcing of information technology (“IT”)

New and updated templates for IT outsourcing released by the CSSF

The CSSF has provided a new form to be used for an authorization request for IT outsourcing of material activities and updated the form for notifying the outsourcing of cloud computing.

To access the text of the relevant forms, please click here.

CSSF1

12/12/2019

Banks

Circular 19/731 published on the documents to be submitted to the CSSF and the European Central Bank (the “ECB”) on an annual basis

The circular amends Circular 19/710 by listing the different documents to be filed by Luxembourg banks and branches of non-Luxembourg banks with the CSSF and the ECB, including the relevant deadlines. From now on, only the securitized channels e-file or SOFiE can be used for documents that have to be submitted to the CSSF.

To access the text of the circular (only available in French), please click here.

CSSF1

11/12/2019

Investment funds / PRIIPs2

New guidance on the PRIIPs assessment for investment funds provided by the CSSF

The CSSF has clarified that SIFs3, Part II UCIs4, and SICARs5 (the “Funds”) launched after October 2019 also have to complete the assessment through the eDesk portal. Moreover, all information fields in the assessment have to be kept up to date. Now, it is also possible that legal advisors fill in the assessment on behalf of the Funds.

To access the text of the press release 19/60, please click here.

Luxembourg Parliament

09/12/2019

Banks

Law of 4 December, 2019, on macro-prudential measures in relation to residential mortgages entered into force

The law gives powers to the CSSF to set conditions for the granting of residential mortgages. The CSSF can only use these powers to counter malfunctions in the domestic financial system or to reduce risks for the national financial stability stemming from developments in the Luxembourg real estate sector, under the further condition that no other available measures could do the job.

To access the text of the law (only available in French), please click here.

CSSF1

06/12/2019

Payment services

Deadline for implementing strong customer authentication (“SCA”) extended by the CSSF

Under the new deadline, payment service providers need to implement the SCA requirements under Commission Delegated Regulation (EU) 2018/389 for e-commerce card payments transactions until 31 December 2020.

To access the text of the relevant press release, please click here.

CSSF1

04/12/2019

IT outsourcing

Frequently asked questions on the assessment of IT outsourcing materiality (“FAQ”) updated by the CSSF

The CSSF added two new answers regarding the concept of IT outsourcing and the assessment of the materiality of an IT outsourcing.

To access the text of the FAQ, please click here.

CSSF1

29/11/2019

CRR6

Regulation CSSF N° 19-09 on systemically important institutions (“SIIs”) authorized in Luxembourg published

Following consultation with the Luxembourg Central Bank, the CSSF has not qualified any Luxembourg entity subject to the CRR (a “CRR Entity”) as a global SII. On the other hand, eight CRR Entities remain qualified as other SIIs. The CSSF has decided not to change any of the capital buffers applicable to those CRR Entities.

To access the text of the regulation (only available in French), please click here.

CSSF1

28/11/2019

AML7

AML survey to be launched by the CSSF on 3 February 2020

The CSSF announced that it will launch an online survey taking stock of AML risks to which the entities under its supervision are exposed, as well as the implementation of related risk mitigation measures and targeted financial sanctions. After the survey’s release, the supervised entities will have to submit it within six weeks, except for the banking sector, which will have to submit it within four weeks.

To access the text of the press release 19/57, please click here.

CSSF1

26/11/2019

PRIIPs

Deadline for PRIIPs assessment extended

The CSSF extended the deadline for Luxembourg credit institutions and investment firms, as well as Luxembourg branches of non-Luxembourg credit institutions and investment firms, to complete the assessment on the impact of the PRIIPs Regulation on their business until 31 December 2019. The concerned entities have to carry out the exercise through the eDesk portal.

To access the text of the press release 19/56, please click here.

CSSF1

25/11/2019

AML

FAQ on persons involved in AML for Luxembourg investment funds published by the CSSF

The CSSF provided guidance on the appointment of two different persons in charge of AML and the requirements that apply to those persons.

To access the text of the FAQ, please click here.

CSSF1

19/11/2019

Consumer protection

Financial education platform “letzfin” launched by the CSSF

Within the framework of the CSSF’s consumer protection mission, the initiative seeks to promote financial education in Luxembourg. The topics covered include money in everyday life, insurance, credit, saving and investment, pensions, prudence and over-indebtedness. The websites also offers practical tools, such as a simulator for credit calculations, budget apps and informative games.

To access the website, available in French and German, please click here.


  1. Commission de Surveillance du Secteur Financier, the Luxembourg financial supervisory authority.
  2. Packaged retail and insurance-based investment products subject to Regulation (EU) No 1286/2014 (the “PRIIPs Regulation”).
  3. Specialized investment funds subject to the Law of 13 February, 2007, on specialized investment funds.
  4. Undertakings for collective investment subject to the Law of 17 December, 2010, on undertakings for collective investment.
  5. Investment companies in risk capital (Sociétés d’Investissement en Capital A Risque) subject to the Law of 15 June 2004.
  6. Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June, 2013, on prudential requirements for credit institutions and investment firms.
  7. Anti-money laundering.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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