CSSF’s communications and initiatives in the COVID-19 context

Faced with the coronavirus crisis, the CSSF continues its missions of prudential supervision and accompanies professionals of the financial sector. All CSSF communications intended for the supervised entities in this context are accessible here.
Since the beginning of the COVID-19 crisis, the CSSF has made…
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Annual Report on Sanctioning Activities in the SSM in 2020

This report has been prepared by the SSM Network of Enforcement and Sanctions Experts to present comprehensive statistics on the sanctioning activities in relation to breaches of prudential requirements carried out in 2020 by the ECB and the national competent authorities (NCAs) of participating Member…

MoU between Luxembourg and Monaco regarding the fight against money laundering and the financing of terrorism (only in French)

Press release 21/19
Coopération renforcée sur le terrain La lutte contre la criminalité financière ne s’arrête pas aux frontières d’un pays. En effet, le plus souvent, les criminels mettent en place des schémas complexes au niveau international pour camoufler leurs opérations. Des accords de coopération…

Changes intended to optimise the authorisation processes of new UCI and new sub-funds added to existing fund structures

The CSSF hereby informs you of some procedural changes intended to optimise the authorisation process of new UCI and/or new sub-funds added to existing fund structures. A new questionnaire named “Fund Pre-Inception Readiness Review” is introduced and will need to be submitted with the application…

FAQ CBDF - Notification procedures

List of questions/answers in relation to the CBDF Regulation highlighting the changes for notifications to the CSSF

European Commission announcements related to Regulation (EU) 2019/2088 - SFDR

The CSSF would like to bring to the attention of financial market participants and financial advisers some recent publications made by the European supervisory authorities (the ESAs) in respect of Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (SFDR). Q&A The ESAs…

Circular CSSF 21/779

Adoption of the Guidelines of the European Securities and Market Authority (“ESMA”) on certain aspects of the MiFID II compliance function requirements (ESMA35-36-1952)

Communication related to the publication of the Law of 21 July 2021 transposing Directive (EU) 2019/1160

The CSSF informs that Circular CSSF 11/509 has been updated in order to include amendments relating to the Law of 21 July 2021 transposing Directive (EU) 2019/1160 with regard to cross-border distribution of collective investment undertakings (“CBDF Directive”), and in particular the process of de-notification…

Warning concerning the website www.rdf-investissement.com

The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the website www.rdf-investissement.com, where an entity offers investment services under the name of RDF Investissement and pretends to be established at 19 Boulevard Royal, Luxembourg. Moreover, the entity offers a so-called savings account…

Luxembourg IFMs compliance with the Benchmarks Regulation

BMR Thematic Review July 2021
In 2020, the CSSF’s “UCI On-site Inspection” department carried out a thematic review in relation to Regulation (EU) 2016/1011 of 8 June 2016 (“Benchmarks Regulation” or “BMR”). The BMR was published in the European Official Journal on 29 June 2016…

AML/CFT controls applied to unregulated AIFs by the IFM

Thematic review June and July 2020
Recent years have seen an increasing trend for the management of alternative investment funds (“AIF”) not supervised by the CSSF for anti-money laundering and countering the financing of terrorism (“AML/CFT”) purposes by Luxembourg investment fund managers (“IFM”). In this…

Global situation of undertakings for collective investment at the end of June 2021

Press release 21/18
As at 30 June 2021, the total net assets of undertakings for collective investment, comprising UCIs subject to the 2010 Law, specialised investment funds and SICARs, amounted to EUR 5,487.526 billion compared to EUR 5,332.392 billion as at 31 May 2021, i.e.…

SEC Thailand and CSSF sign a Fintech information sharing agreement

Press release 21/17
The Securities and Exchange Commission, Thailand (SEC Thailand) and the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) have signed a Memorandum of Understanding on information sharing regarding Fintech and Innovation in their respective financial markets. The Memorandum of Understanding provides a…

Circular CSSF 21/778

Update of Circular CSSF 11/509 in accordance with Directive (EU) 2019/1160

Warning concerning the website www.lunav-invest.com

The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the website www.lunav-invest.com where an entity named “Lunav-Invest” offers investment services, including in particular a so-called term savings account called “Lunav Invest 2021”, and pretends to be established at 11, avenue de la…

Warning concerning the website www.ainainvestment.com

The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the website www.ainainvestment.com where an entity offers investment services and pretends to be established at 20 Boulevard Emmanuel Servais, L-2535 Luxembourg. The CSSF informs the public that the entity presenting itself on this…

A new approval framework for (mixed) financial holding companies of banking groups

Anne-George Kuzuhara, Deputy Head of the Banking Supervisory Policy and Single Supervisory Mechanism Coordination, and Nicolas Bernon, expert on banking regulation at the CSSF, explain what the new framework introduced by the CRD V means for (mixed) financial holding companies that are parents of EU…

CSSF COVID-19 reportings relating to investment fund managers end on 30 July 2021

On 10 March 2020, the CSSF implemented a specific monitoring of the largest investment fund managers (“IFM”) by collecting data on significant developments/issues as well as large redemptions for the investment funds they manage. The scope of the ad hoc reporting installed in that context…

Warning concerning fraudulent activities misusing the name of the Luxembourg credit institution HSBC Private Bank (Luxembourg) S.A.

The Commission de Surveillance du Secteur Financier (CSSF) warns the public against unknown persons misusing the name and address of the Luxembourg credit institution HSBC Private Bank (Luxembourg) S.A. These persons which fraudulently pose as advisors of “Banque HSBC” contact without solicitation possible investors offering…

Circular CSSF 21/777

Implementation of the Guidelines of the European Securities and Markets Authority (ESMA) on outsourcing to cloud service providers by amending the scope of Circular CSSF 17/654, as amended

Warning regarding the activities of an entity named "primecryptocapital"

The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the activities of an entity named “primecryptocapital” which, on the website www.primecryptocapital.com, offers investment services and indicates that it has a relationship with an entity named “Banc de Luxembourg”. In this context, the…

Warning regarding the activities of an entity named "Grandefex"

The Commission de Surveillance du Secteur Financier (CSSF) warns the public of the activities of an entity named “Grandefex” (website: www.grandefex.com), which offers investment services and pretends to be established at 412, route d’Esch, L-1471 Luxembourg. The CSSF informs the public that an entity named…

Circular CSSF 21/776

on the conditions for the application of the alternative treatment of institutions’ exposures related to ‘tri-party repurchase agreements’ for large exposures purposes (EBA/GL/2021/01)

ESMA provides clarification on the reporting of risk measures under AIFMD

The CSSF draws attention to the publications dated 28 May 2021 concerning new ESMA Q&As and an updated Opinion “Collection of information for the effective monitoring of systemic risk under Article24(5), first subparagraph, of the AIFMD”, in order to provide clarifications on the risk measures…

Circular CSSF 21/775

FATF statements concerning 1) high-risk jurisdictions on which enhanced due diligence and, where appropriate, counter-measures are imposed 2) jurisdictions under increased monitoring of the FATF

Circular CSSF-CPDI 21/26

Survey on the amount of covered deposits held on 30 June 2021

Climate-related risk and financial stability

A long-term scenario analysis for EU banks, investment funds and insurers suggest that credit and market risk could increase as a result of a failure to effectively counteract global warming, according to a joint report by the European Central Bank (ECB) and the European Systemic…