The law establishing the CSSF conferred on it the task of representing Luxembourg at EU and international level with respect to issues and negotiations concerning the financial sector.
I. The CSSF is a member of the European System of Financial Supervision (ESFS), created with effect from 1 January 2011. It participates in each of the four entities composing the ESFS:
- the European Banking Authority (EBA);
- the European Securities and Markets Authority (ESMA);
- the European Insurance and Occupational Pensions Authority (EIOPA).
The European supervisory authorities gather representatives of all the supervisory authorities of the EU Member States. They contribute to establishing common regulatory and supervisory standards and practices. Moreover, they ensure that the supervisory authorities of the Member States apply a single set of harmonised rules and consistent supervisory practices.
- the European Systemic Risk Board (ESRB)
The ESRB is responsible for the macro-prudential oversight of the financial system and for the prevention and mitigation of systemic risks to the financial stability within the European Union. Where applicable, it will issue warnings, make recommendations regarding the measures to be taken and monitor their implementation.
II. Furthermore, the CSSF participates in the work of the following fora:
- the Committee on Banking Supervision and various working groups instituted by the European Central Bank, which deal with macro-prudential supervisory issues;
- the Basel Committee on banking supervision under the aegis of the Bank for International Settlements and different working groups set up by the Basel Committee;
- the International Organization of Securities Commissions (IOSCO), which promotes co-operation between supervisory authorities of securities and futures markets and certain working groups under the aegis of IOSCO;
- the Accounting Regulatory Committee (ARC), established by the European Commission, which advises on proposals of the European Commission to adopt international accounting standards in accordance with IAS/IFRS;
- the Institut francophone de la régulation financière (IFREFI, Francophone institute for financial regulation), gathering the financial market regulatory authorities of fifteen French-speaking countries, which aims at furthering exchanges, drawing up studies and exchanging information, in relation to the financial markets;
- the Financial Action Task Force (FATF) and its various working groups;
- the Committee for the prevention of Money Laundering and Terrorist Financing (CPMLTF);
- the Wolfsberg Group;
- the European Group of Auditors’ Oversight Bodies (EGAOB);
- various working groups set up by the Council and the European Commission for the purpose of co-ordinating the laws and regulations relating to the financial sector.
III. The CSSF has signed the Memorandum of Understanding on Cooperation between the Financial Supervisory Authorities, Central Banks and Finance Ministries of the EU on Cross-Border Financial Stability
IV. The CSSF has signed memoranda of understanding (MoUs) with a certain number of supervisory authorities of the financial sector, which lay down the principles and terms relating to the co-operation between authorities on issues relating to prudential supervision. The list of MoUs (only in French) is available here.