CIRCULAR CSSF 19/716 AS AMENDED BY CIRCULAR CSSF 20/743 5/22 9) Member State means a Member State as defined in Article 1(14) of the LFS, i.e. a Member State of the European Union. The States that are contracting parties to the European Economic Area Agreement other than the Membe The CSSF would like to draw the attention of the public to the publication Circular CSSF 19/716 on the provision of investment services or the performance of investment activities and ancillary services (hereinafter, investment services) in Luxembourg by third-country firms in accordance with Article 32-1 of the Law of 5 April 1993 on the financial sector, as amended (LFS) On April 10, the Commission de Surveillance du Secteur Financier (CSSF) published the new Circular 19/716 (Circular) on the provision of investment services and ancillary activities in Luxembourg by third-country firms On 10 April 2019, the CSSF issued Circular 19/716 (Circular) laying out the regimes applying to third-country firms wishing to provide investment services in Luxembourg or perform investment activities and ancillary services in accordance with Article 32-1 of the Law of 5 April 1993 on the financial sector (Law), which was introduced further to the implementation of MiFID II1 and. Circular 19/716, in particular, lays out the conditions for the provision of investment services by third-country firms to per se professional clients or eligible counterparties in Luxembourg on a cross-border basis in accordance with Article 32-1(1), second paragraph of the 1993 Law (national regime), which applies to the extent that there is no EEA-wide equivalence regime by the European.
Update of Circular CSSF 17/654 on IT outsourcing relying on a cloud computing infrastructure. Flag of France. PDF (256.85Kb CIRCULAR CSSF 19/714 . Re: Update of Circular CSSF 17/654 on IT outsourcing relying on a cloud computing infrastructure . Ladies and Gentlemen, The purpose of this circular is to make substantial amendments to Circular CSSF 17/654, called Cloud Circular in order to take into account the experience gained by the CSSF and th Circular CSSF Circular CSSF 17/654 (as amended by Circular CSSF 19/714) IT outsourcing relying on a cloud computing infrastructure. Flag of France. PDF (189.58Kb) Flag of United Kingdom. PDF (179.33Kb) Keywords. Cloud FinTech Information and communications technology (ICT) Outsourcing In brief: The CSSF Circular 19/716 applies with immediate effect as of 10 April 2019. Where a third country firm (i.e. a firm established in a country outside the European Economic Area) provides MiFID 2 Services in Luxembourg, it shall comply with Article 32-1 of the law of 5 April 1993 on the financial sector, as amended (the Law on the Financial Sector) On 1 July 2020, the CSSF published CSSF Circular 20/743 which amends CSSF Circular 19/716 regarding the provision in Luxembourg of investment services or performance of investment activities and ancillary services in accordance with Article 32-1 of the law of 5 April 1993 on the financial sector, as amended (the LFS) and CSSF Regulation N° 20-02 on the equivalence of certain third countries.
On 10 April 2019, the CSSF provided further guidance by publishing Circular CSSF 19/716 (the Circular) which describes the different regimes available to these third-country firms, as well as the conditions to be met and the information and documentation to be submitted 17 April 2019 - MiFID II /MiFIR - CSSF Circular 19/716 provides Access Regime for Third-Country firms. On April 10, the Commission de Surveillance du Secteur Financier (CSSF) published the new Circular 19/716 (Circular) on the provision of investment services and ancillary activities in Luxembourg by third-country firms The Circular letter 19/716 specifies that the CSSF verifies if the service provider is subject to supervision and authorisation rules which the CSSF deems equivalent to Luxembourg rules. The list of countries which the CSSF considers equivalent will be published by the CSSF and be updated from time to time when the CSSF will receive requests from third country firms to use Article 32-1 of the LFS On 27 March 2019, the CSSF published Circular 19/714 (the Circular) which updates Circular 17/654 on IT outsourcing based on a cloud computing infrastructure. 22 months after the publication of Circular 17/654, in light of more than 60 files submitted and recently published EBA Draft guidelines on outsourcing, the CSSF brings changes to the requirements of IT outsourcing relying on a cloud. On 1 July 2020, the Commission de Surveillance du Secteur Financier (CSSF) published Circular 20/743 (the Circular) which amends the CSSF Circular 19/716 on the provision of investment services or performance of investment activities and ancillary services, in Luxembourg, in accordance with Article 32-1 of the law of 5 April 1993 of the financial sector, as amended (the LFS)
On 27 March 2019, CSSF has published circular CSSF 19/714, which is updating the existing circular CSSF 17/654 on IT Outsourcing relying on a cloud-computing infrastructure. This Circular is applicable to credit institutions, PFS - as defined under the 1993 Law - payment institutions, electronic money institutions - as defined under the 2009 Law - and investment fund managers - as defined in. CIRCULAR CSSF 19/721 . Re: Dematerialisation of requests to the CSSF . Ladies and Gentlemen, 1. Background and purpose of the circular This circular applies to the following supervised entities: a. undertakings for collective investment subject to the Law of 17 December 2010 relatin . CSSF circular 12/552 as amended by CSSF circulars 13/563, 14/597 and 16/642 Central administration, internal governance and risk management. This circular is applicable to investment firms. Consequently, CSSF circulars 95/120, 96/126, 98/143, 04/155, 05/178 and 10/466 shall be repealed for them
The CSSF issued on 23 August 2018 a new circular 18/698 (Circular) repealing CSSF Circular 12/456.. Unlike CSSF Circular 12/546 which was only applicable to UCITS management companies, the new Circular relates to the approval process and organisation of both (i) UCITS management companies subject to chapter 15 of the Luxembourg law of 17 December 2010 concerning undertakings for collective. On 27 March 2019, the Luxembourg supervisory authority for the financial sector (the Commission de surveillance du secteur financier or CSSF) published the long-awaited CSSF Circular 19/714 amending the CSSF Circular 17/654 on IT outsourcing relying on a cloud computing infrastructure (the Revised Cloud Circular)
Following the entry into force of the Law of 25th March 2020 and publication of the CSSF Circular 20/747 of 23 July 2020, please find enclosed a summary of those changes with a special focus on the establishment of a central electronic data retrieval system concerning IBAN accounts and safe-deposit boxes by the CSSF As regards the UCI long form reports to be communicated to the CSSF on the basis of Circular CSSF 02/81 within four months (for UCITS)/six months (for non-UCITS) after the closing date, a period of four months after the ordinary general meeting for SICAVs, as stated in the official CSSF communiqué of 25 March 2020 - Long form reports, or a period of four months after the regulatory. On 20 December 2019, the CSSF published Circular 19/733 on liquidity risk management for open-ended undertakings for collective investment (the Circular). The objective of the Circular is to implement recommendations and good practices of the International Organization of Securities Commissions (IOSCO) on liquidity risk management for undertakings for collective investment (the IOSCO. On January 28 th 2019 the CSSF published Circular 19/708 concerning electronic transmission of documents (Circular).The Circular provides that, as of February 1 st 2019 the following entities are obliged to submit documents only via electronic means to the CSSF: . alternative investment fund managers and alternative investment funds managed internally within the meaning of the Law of 12.
The CSSF Circular 18/698, entered into force on 23 August 2018, mirrors a lot of best practices already existing in the market but also introduces new requirements on the authorization and organization of Luxembourgish investment management companies; specific provisions on the fight against money laundering and terrorism financing applicable to investment fund managers and entities. On 11 October 2016, the CSSF published its new circular 16/644 on UCITS depositaries (the New Circular) which replaces the now former CSSF circular 14/587 (the Former Circular) on the same topic.The Former Circular was grounded on the pre-UCITS V depositary regime The CSSF issued a new Circular 19/714 (the «Circular») in order to update its guidelines on the use of cloud computing infrastructure
CSSF (-) CSSF Circular 11/522 (-) CSSF - Reporting instructions (-) Naming convention for CSSF reportings (-) Manual file transmission (-) Sending types - Examples: Sending Service: EME reportingEME.state=up Reporting EME 2.1.11 34: EMEREP W1.2 Identification of third-party funds held and incorporated in the balance sheet CSSF (-) CSSF Circular. Some weeks ago, the Commission de Surveillance du Secteur Financier (CSSF) issued the circular 18/698 (replacing circular 12/546) defining the conditions to obtain and maintain the authorisation for Investment Fund Managers (IFM) under Luxembourg law.Presented in one single extensive document, the circular clarifies authorisation terms linked to shareholder structure, own fund requirements. Furthermore, the CSSF stresses that Circular 21/769 does not create any entitlements or precedence for employees and other personnel of Supervised Entities to claim a right to telework and emphasises that the use of Teleworking shall not contravene mandatory public policy and shall comply with Luxembourg Labour Code provisions
In August 2018, the CSSF published Circular CSSF 18/698. The new Circular, referred to as the Governance or Substance Circular, sets the tone for the governance standards to be complied with by Luxembourg-based investment fund managers (IFM) and their delegates, as far as delegated duties are concerned On 27 March 2019, the Luxembourg regulator published Circular CSSF 19/714 to update Circular CSSF 17/654 on IT outsourcing relying on a cloud computing infrastructure. This update draws upon the interactions between the CSSF and supervised entities, and takes into account the regulatory developments at EU and Luxembourg levels since entry into force of Circular CSSF 17/654 in May 2017 Introduction to Cloud Officer (CSSF Circular 19/714 in Lux) This course aims to provide a general introduction to cloud computing, within the context of IT outsourcing. The goal is to prepare someone to assume the role of Cloud Officer as per CSSF Circular 17/654 and be responsible for the use of cloud services, understanding the competences of the staff managing cloud computing resource
. Re : Survey on the amount of covered deposits held quarterly during 2016 . Ladies and Gentlemen, 1. The aim of this circular is to carry out a survey on deposits, and more particularly on covered deposits, as held by credit institutions incorporated under Luxembourg law, the . Entreprise des postes et télécommunication While the CSSF insisted on the fact that notification forms shall provide concise information and that notification forms that have been modified by adding, deleting or changing the content of the template will not be accepted, the CSSF allows entities (given the limitations in terms of maximum number of characters of the Excel file), to.
Arendt | Arendt Newsflash | New CSSF Circular on substance requirements of fund management companies in Luxembourg The Commission de Surveillance du Secteur Financier (CSSF) has issued today circular 18/698 concerning (i) the approval process and organisation of Luxembourg fund management companies and (ii) specific requirements applicable to both fund management companies and transfer. . This is the sixth episode of Wildgen COVID-19 podcast series. In this episode Partner Mark Shaw wants to look at CSSF Circular 20/740, which was issued on 10 April 2020, and covers the financial crime, anti-money laundering and counter-terrorist financing issues specific to the COVID-19 pandemic.By Mark Shaw, Partner and Head of.
CIRCULAR CSSF-CPDI 20/21 6/11 Conseil de protection des déposants et des investisseurs Please note that A j, k may take negative or positive values. We then denote by A j the sum of the amounts A j, k over member institutions k that exist at the beginning of year j CIRCULAR CSSF-CPDI 16/03 . Re : Survey on covered claims in connection with investment business Ladies and Gentlemen, 1. Pursuant to Article 197(10) of the amended law of 18 December 2015 on the failure of credit institutions and certain investment firms (hereinafter law of 2015), the CPD
The CSSF Circular 17/650 published in February 2017 provided general guidance for all entities falling under the supervision of the CSSF to raise suspicions of tax evasion or money laundering through a non-exhaustive list of 21 common indicators set out under Annex 1 to the Circular. The new CSSF Circular 20/744 issued by the CSSF on 3 July. Circular CSSF-CPDI 20/24 . Survey on the amount of covered deposits held on 31 December 2020 . Commission de Surveillance du Secteur Financier 283, route d'Arlon - L-2991 Luxembourg - (+352) 26 25 1-1 - email@example.com - TVA LU17756005 www.cssf.lu 2/5 Circular CSSF- CPDI 20/24
The CSSF highlighted that the Circular also applies to active non-compliance with diversification and other rules applicable to the collateral laid down by ESMA  CSSF Circular 91/75 and are less stringent than the stringent ones in application for Part I funds. In addition, specific restrictions are contained in: • CSSF Circular 91/75 f or funds investing in venture capital, futures, options, and real estate. • CSSF Circular 02/80 f or funds adopting an alternative investment strategy CSSF circular on governance and security requirements for teleworking 13/04/2021. On 9 April 2021, the Commission de Surveillance du Secteur Financier (the « CSSF »), the Luxembourg financial supervisory authority, adopted a circular 20/769 on governance and security requirements for supervised entities to perform tasks or activities through telework (the Circular)
CSSF Circulars 20/734, 20/735 and 20/736 on Money Market Funds - stress tests and reporting CSSF Circular 20/744 - Complement to Circular CSSF 17/650 Application of the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended, and Grand-Ducal Regulation of 1 February 2010 providing details on certain provisions of the AML/CFT Law to predicate tax. _The CSSF issued a new Circular 20/758 on 7 December 2020 in respect of central administration, internal governance and risk management. The new Circular will be applicable to investment firms from 1 January 2021, replacing CSSF Circular 12/552. The latter will remain applicable to credit institutions and to some extent, to professionals performing lending operations (as amended by CSSF. CSSF circular on governance and security requirements for teleworking On 9 April 2021, the Commission de Surveillance du Secteur Financier (the « CSSF »), the Luxembourg financial supervisory authority, adopted a circular 20/769 on governance and security requirements for supervised entities to perform tasks or activities..
- FINREP (CSSF circular 08/344) - COFREP (CSSF circular 08/344) - ESP (Special enquiries; CIRCULAR CSSF 08/344) - PFS reporting (Other professionals of the financial sector; CIRCULAR CSSF 08/369) - SICAR (Sociétés d´investissement en capital à risque) - Bank Reporting (CIRCULAR CSSF 10/457; CIRCULAR CSSF 15/624) - Management companies. Excellium services newsletter : CSSF 20/750 : A new circular for your information security risks'management On August 25, 2020, the Commission de Surveillance du Secteur Financier (CSSF) introduced and published a new circular (CSSF 20/750), applicable to all credit institutions, all Professionals of the Financial Sector (PFS), all payment institutions and all electronic money institutions CSSF Circular 18/698 also highlights the fact that IT governance principles shall be embedded in the core functioning of the IFM. In this respect,. The long-awaited circular for financial institutions operating in Luxembourg and leveraging cloud services has been released by Luxembourg's financial authority, the CSSF.. The circular will change the landscape of cloud services in Luxembourg, as from now on cloud service providers (IaaS, SaaS, and PaaS) will not have to be regulated by the CSSF anymore, nor will their data have to be. CSSF Circular 19/732 sheds light on the identification of the ultimate beneficial owners in different structure types. In particular, for trust structures, it clarifies that all parties to a trust which has an ownership interest in a legal entity may qualify as the ultimate beneficial owners of such entity
the scope of CSSF circular 12/552 has been restricted to credit institutions (and for certain aspects to professionals of the financial sector performing lending operations to the public); a new circular with simplified requirements has been introduced for investment firms, i.e. CSSF circular 20/758 together with a new prudential procedure for the appointment of key function holders. CSSF Circular 20/759 - Update Of Circular 12/552, as Amended by Circulars CSSF 13/563, CSSF 14/597, CSSF 16/642, CSSF 16/647, CSSF 17/655, CSSF 20/750 relating to Central Administration, Internal Governance And Risk Management. Please follow this link to read the full text Arendt & Medernach is the leading independent business law firm in Luxembourg. The firm's international team of 325 legal professionals represents clients in all areas of Luxembourg business law., The CSSF published yesterday Circular 15/627 issuing guidance concerning a new monthly reporting to the CSSF - U 1.1 reporting Circular (Circular 07/309) detailing the risk diversification requirements applying to SIFs set up under the 13 February 2007 law (the Law). By way of general introduction, the CSSF recalls the definition of a SIF under the Law, to stres
On 23 August 2018, the Luxembourg supervisory authority, Commission de Surveillance du Secteur Finance (CSSF) issued a circular 18/698 on the authorisation and organisation of Luxembourg investment fund managers and on specific provisions on the fight against money laundering and terrorist financing applicable to investment fund managers and to entities carrying out the registrar agent. CSSF circular 20/759 shakes things up in the Board Room By Anne-Sophie Minaldo in Regulatory/Compliance , 01.02.2021 In December 2020 the CSSF published circular 20/759 (an update of circular 12/552) on central administration, internal governance and risk management The second question provides that breach of the VaR limit (either the maximum limit laid down in CSSF Circular 11/512 (20% for absolute VaR or 200% for relative VaR) or any other more restrictive internal limit set in the prospects of UCITS) resulting from volatility in financial markets can be considered as a passive breach of the investment restrictions Define CSSF Circular 11/512. means the CSSF Circular 11/512 of 30 May 2011 determining the (i) presentation of the main regulatory changes in risk management following the publication of CSSF Regulation 10-4 and ESMA clarifications, (ii) further clarifications from the CSSF on risk management rules and (iii) the definition of the content and format of the risk management process to be. CIRCULAR CSSF-CPDI 17/10. Re: Survey on the amount of covered deposits as of 31 December 2017 . Ladies and Gentlemen, 1. The aim of this circular is to carry out a survey on deposits, and more particularly on covered deposits, as held by credit institutions incorporated under Luxembourg law, th