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History
Summary
Timeline
On 17 October 1945, the function Commissaire au Contrôle des Banques (Commissionner for the control of banks) was created. This date marks the beginning of the modern era of Luxembourg’s financial centre supervision. The timeline highlights the key events.
Events linked to Luxembourg
Events linked to Luxembourg
European and international regulations
European and international regulations
National regulations
National regulations
2015
18 December
Law on the failure of credit institutions and certain investment firms. Creation, notably, of the Conseil de Résolution (CODERES, Resolution Board), a new body of the CSSF, exercising the duties and powers conferred on the CSSF as the resolution authority in Luxembourg.
1 April
Establishment of the Comité du Risque Systémique (Systemic Risk Committee, SRC) whose mission is to implement the coordination, by the authorities represented in the SRC (i.e. the Ministry of Finance, the Banque Centrale du Luxembourg, the CSSF and the Commissariat aux assurances), of the macroprudential policy in Luxembourg.
2014
July
Publication of the Single Resolution Mechanism (SRM) Regulation whose objective is the orderly resolution of failing banks with minimal costs for taxpayers and the real economy.
2013
October
Publication of the Single Supervisory Mechanism (SSM) Regulation conferring specific tasks on the European Central Bank (ECB) concerning policies relating to the prudential supervision of credit institutions. In this context, the ECB directly supervises significant institutions.
2012
Creation of the European Banking Union in order to remedy the weaknesses of the banking sector in the euro area.
2011
1 January
The European System of Financial Supervision(ESFS), arising from the lessons learned from the financial crisis, becomes operational. It is composed of the European supervisory authorities (ESAs) — namely the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA) and the European Insurance and Occupational Pensions Authority (EIOPA) — and the national supervisors.
2010
16 December
Publication of the Basel III Recommendations.
2009
The CSSF involved in the management of the Madoff case resolution. Management, in cooperation with the Financial Services Authority (FSA), of the Lifemark case.
2009
18 December
Law concerning the audit profession.
2008/2009
Global financial crisis
The Luxembourg State adopts rescue measures for the banks Dexia and Fortis.
The CSSF places three subsidiaries of Islandic banks in judicial liquidation (Glitnir Bank, Kaupthing and Landsbanki). The deposit guarantee scheme compensates in full the depositors, within the legal provisions applicable in Luxembourg.
2005
5 July
Law on prospectuses for securities. The law sets out the requirements for the drawing up, approval and distribution of the prospectus to be published when securities are offered to the public or admitted to trading on a securities market.
2004
26 June
Publication of the Basel II Recommendations.
1998
23 December
Law establishing the Commission de Surveillance du Secteur Financier (CSSF) (financial sector supervisory commission) which is henceforth the competent authority for the prudential supervision of the financial sector undertakings.
Law relating to the supervision of securities markets.
1 June
Establishment of the Banque Centrale du Luxembourg (Luxembourg Central Bank)
1993
5 April
Transposition into Luxembourg law of the second banking directive introducing, notably, a “European passport“ for banks. Part III of the law groups all the supervisory measures for credit institutions, defining notably that this supervision is henceforth made on an EU-basis by the supervisory authority of the Home Member State. Moreover, Article 41 specifies the scope of application of “bank secrecy”.
1991
July
BCCI case which highlights the need to strengthen coordination among regulators.
1991
10 June
First European Anti-money laundering Directive (91/308/EEC). Luxembourg is the first European country to transpose it into national law in 1993.
1990
21 September
Law creating the Commissariat aux Bourses (Exchange Supervisory Commission) which takes over the supervision of stock exchanges.
1989
25 September
Establishment of the Association pour la Garantie des Dépôts (AGDL) (Deposit Guarantee Association Luxembourg)
7 July
First law on anti-money laundering provisions related to drug trafficking.
1988
30 March
Law on undertakings for collective investment. As the first country that transposed the UCITS I Directive into its national law, Luxembourg was, at that time, the only country offering the “European passport”. Many investment fund promoters domiciled their funds in Luxembourg and used the country as a distribution platform.
1988
1 July
Basel I Accord on an international solvency ratio.
1983
Creation of the International Organization of Securities Commissions (IOSCO).
1983
25 August
Organic law on undertakings for collective investment.
20 May
Law establishing the Institut Monétaire Luxembourgeois (IML, Luxembourg Monetary Institute). The IML takes over all the competences conferred on the Commissaire au Contrôle des Banques by the legal and regulatory texts. The IML is a supervisory authority and a monetary authority.
1982
10 August
Law organising the right of suspension of the Commissaire au Contrôle des Banques towards credit institutions and the suspension of payments, controlled management and winding-up of credit institutions. The law enhances the efficiency of the supervisory measures of the Commissaire au Contrôle des Banques and grants the power to impose sanctions.
1981
Through the transposition of the first banking directive (77/780/EEC), Community law is actually introduced into national law by putting in place a regulatory regime for supervision. It enhances the position of the supervisory authority by confirming the role of the Commissaire au Contrôle des Banques in the procedure for the establishment of banks and appointing it as contact for the foreign supervisory authorities in the context of international cooperation between supervisory authorities. The law also represents a milestone in the consolidation of the legal banking infrastructure by introducing subordinated capital and credit register and confirming bank secrecy.
1977/1978
The European “Contact Group” is created: a forum gathering the European banking supervisory authorities, and predecessor of the European Banking Authority (EBA).
1977
12 December
First EC Council Directive 77/780/EEC on the coordination of the laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions.
1974
The Basel Committee is created. The Committee is notably in charge of ensuring the strengthening and stability of the financial system. Luxembourg is represented in this Committee by the Commissaire au Contrôle des Banques.
1972
22 December
Grand-ducal decree on the supervision of investment funds. Through this regulatory text, investment funds are, for the first time, subject to supervision.
1972
Establishment of a “Contact group” between European banking supervisors.
1967
Many German banks start establishing themselves in the Grand Duchy, thereby strengthening its international position on the Euromarket.
1965
19 June
Grand-ducal decree strenghtening the powers of the Commissaire au Contrôle des Banques by providing a legal framework to the supervisory practice that was in place since the end of WWII. The decree notably sets out the conditions for the access and exercise of certain professions and the conditions for the constitution and management of undertakings.
1964
8 May
Establishment of the Committee of Governors of the EEC Central Banks. Luxembourg is represented in this Committee by the Commissaire au Contrôle des Banques.
1963
1st Eurobond listed in Luxembourg. This instrument, intended to finance significant international credits, represents one of the main areas of development of the financial centre in the 1960s and 1970s.
as from 1960
Internationalisation of the financial centre.
1959
Creation of the fonds commun de placement FCP Eurunion, the first Luxembourg investment fund.
as from 1949
French and Belgian institutions, withdrawn from the Luxembourg market during the occupation, move back to Luxembourg.
1945
27 December
Bretton-Woods Agreement establishing, notably, the International Monetary Fund and the World Bank.
1945
17 October
Grand-ducal decree establishing the function of Commissaire au Contrôle des Banques (Commissioner for the Control of Banks), whose role notably consists in ensuring the application of laws, decrees and regulations relating to financial institutions and their transactions.
Book and documentary
The year 2020 marks the 75th anniversary of prudential control and supervision of the financial centre in Luxembourg. On this occasion, the CSSF wished to contribute significantly to the research on these topics by publishing a book, as well as producing of a documentary.
The book “Surveillance, indépendance et intégrité. 75e anniversaire du contrôle prudentiel et de la surveillance de la place financière au Luxembourg” (Supervision, independence and integrity. 75th anniversary of prudential control and supervision of the financial centre in Luxembourg) was published in cooperation with the C2DH (University of Luxembourg). It is available in bookstores and at the Bibliothèque Nationale du Luxembourg, as well as at the Bibliothèque de la CSSF (access for in situ consultation only upon appointment through bib@cssf.lu).
The documentary “La surveillance de la place financière (1945-2020): une histoire inédite! D’Iwwerwaachung vun der Finanzplaz (1945-2020) – eng onerzielte Geschicht!” (The supervision of the financial centre (1945-2020): an untold story!) directed by Claude Lahr and produced by PTD-Paul Thiltges Distributions looks back on the key developments in prudential supervision in Luxembourg through testimonies of CSSF directors and agents, political leaders and stakeholders of the financial centre. The film is also a valuable testimony of the development of the Luxembourg financial centre. It is inserted in the book.
Annual Report 2022
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Annual report