Published on 23 February 2026
Communiqué

Launch of a dedicated page for the Luxembourgish covered bonds (“lettres de gage”) framework on the CSSF website

Following the transposition of Directive (EU) 2019/2162 into the Law of 8 December 2021 (as amended by the Law of 20 December 2024), the Luxembourg covered bonds regime has undergone major changes in recent years, notably with the opening up of covered bond issuance activities to all Luxembourg credit institutions.

In this context, the CSSF has published Regulation CSSF No 25-03 of 25 July 2025 on the issuance of covered bonds, Circular CSSF 25/895 on the information to be provided in connection with the issuance of covered bonds, as well as Circular CSSF 26/907, which specifies the requirements applicable to issuing credit institutions and their special “réviseur d’entreprises agréé” (approved statutory auditor).

To enhance transparency, the CSSF has launched a new webpage dedicated to the regulatory and operational framework for the issuance of covered bonds. Through this initiative, the CSSF centralises all essential resources and reference documents for issuing credit institutions in a single location. The webpage will be regularly updated to ensure permanent access to the latest information and regulatory developments in the sector.