EU Authorities

The financial crisis showed that it was necessary to re-organise the supervisory framework in order to anticipate efficiently any possible financial turbulence. In this context, the European System of Financial Supervision (ESFS) was created on 1 January 2011 in order to enhance the control of the financial activities in the European Union. It brings together the national supervisory authorities together in a solidly linked community network of which the CSSF is part.

The CSSF participates in each of the four entities which compose the ESFS:

  • the European Systemic Risk Board (ESRB);
  • the European Supervisory Authorities (ESA) (European Banking Authority (EBA), European Securities and Markets Authority (ESMA), European Insurance and Occupational Pensions Authority (EIOPA));
  • the Joint Committee.

The missions of the ESFS are, among others:

  • to remedy shortcomings in the financial supervision which were highlighted by the financial crisis;
  • to draw up a common regulation in relation to supervision;
  • to ensure that the regulation is applied by the national authorities;
  • to ensure the sound functioning and the integrity of the financial markets as well as the stability of the EU financial system;
  • to follow up and assess the development of the markets and to detect the trends, the possible risks and the vulnerabilities at the microprudential level.

Banking supervision

Basel Committe on Banking Supervision

The Basel Committee on Banking Supervision is a committee of the Bank for International Settlements. The CSSF takes also part in different working groups set up by the Basel Committee.

www.bis.org/bcbs/index.htm

Securities and futures markets

International Organization of Securities Commissions (IOSCO)

The International Organization of Securities Commissions (IOSCO) promotes co-operation between supervisory authorities of securities and futures markets. The CSSF takes also part in different working groups created under the aegis of IOSCO.

www.iosco.org

Financial market

Institut francophone de la régulation financière (IFREFI)

The Institut francophone de la régulation financière (Francophone institute for financial regulation, IFREFI) gathers the financial market regulatory authorities of fifteen French-speaking countries. Its purpose is to further exchanges, develop studies and exchange information in relation to the financial markets.

www.ifrefi.org

Anti-money laundering and countering the financing of terrorism

Financial Action Task Force (FATF)

The Financial Action Task Force is an inter-governmental body. Its objectives are to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. The CSSF takes also part in different FATF working groups.

www.fatf-gafi.org

Wolfsberg Group

The Wolfsberg Group is an association with the purpose of developing financial industry standards and products relating to know-your-customer and anti-money laundering and counter-terrorist financing.

www.wolfsberg-principles.com

Accounting

Accounting Regulatory Committee (ARC)

The Committee was established by the European Commission. It gives its opinion proposals of the European Commission to adopt International Accounting Standards (IAS/IFRS).

Audit

Committee of European Auditing Oversight Bodies (CEAOB)

The aim of the Committee of European Auditing Oversight Bodies is to ensure effective coordination of public oversight systems of statutory auditors and audit firms within the European Union.

https://ec.europa.eu/info/business-economy-euro/company-reporting-and-auditing/auditing-companies-financial-statements_en

International monetary system

International Monetary Fund (IMF)

The CSSF cooperates with the IMF whose primary purpose is to ensure the stability of the international monetary system.

www.imf.org/external/

Financial consumer protection and education

IOSCO

Recognised as the global standard setter for the securities sector, the International Organization of Securities Commissions (IOSCO) is an international body made up of the world’s securities regulators. IOSCO develops, implements and promotes adherence to internationally recognised standards for securities regulation. It works intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda. The IOSCO Investor Education Gateway provides information on the on-line investor education activities of some IOSCO members, as well as IOSCO publications and presentations regarding investor education.

http://www.iosco.org/investor_protection/?subsection=investor_education_gateway

OECD/INFE

Awareness of the importance of financial education is gaining momentum among policy makers in economies the world over. The OECD and its International Network on Financial Education (INFE) provide a unique policy forum for governments to exchange views and experiences on this issue.

http://www.oecd.org/finance/financial-education/

FinCoNet

The International Financial Consumer Protection Organisation (FinCoNet) is an international organisation of supervisory authorities which have responsibility for financial consumer protection. FinCoNet promotes sound market conduct and strong consumer protection through efficient and effective financial market conduct supervision.

http://www.finconet.org/home/

Child & Youth Finance International

Dedicated to increasing the economic citizenship of children and youth, Child and Youth Finance International (CYFI) connects the world’s largest network of organisations within the field of Child and Youth Finance. http://www.childfinanceinternational.org/

Memorandum of Understanding

List of MoUs signed with EU authorities

Date of signature Authority Country
19.05.1993 Autorité de contrôle prudentiel (ACP) (Banque de France) France
14.05.1993 Bank of England / Financial Services Authority (FSA) United Kingdom
19.05.1993 Bundesaufsichtsamt für das Kreditwesen / BAFin Germany
21.06.1993 Banco de Portugal Portugal
06.07.1993 Commission bancaire, financière et des assurances (CBFA) Belgium
01.09.1993 Banca d’Italia Italy
19.07.1994 Finansinspektionen Sweden
19.07.1994 Finanssivalvonta (Fiva) Finland
19.07.1994 Finanstilsynet Norway
01.02.1995 De Nederlandsche Bank Netherlands
31.10.1995 Banco de España Spain
10.07.1996 Central Bank of Ireland Ireland
07.10.1997 Central Bank of Hungary Hungary
20.07.2001 Czech National Bank (CNB) Czech Republic
20.03.2001 Financial and Capital Market Commission Latvia
25.10.2001 Polish Securities and Exchange Commission Poland
29.09.2003 National Bank of Slovakia Slovakia
12.12.2003 Securities Market Agency Slovenia
14.11.2003 Romanian National Securities Commission Romania
04.02.2013 Financial and Capital Market Commission Latvia

List of MoUs signed with non-EU authorities

Date of signature Authority Country
02.12.1996 Securities and Futures Commission (SFC) Hong Kong
18.05.1998 China Securities Regulatory Commission China
17.05.2012
09.11.2000 Financial Services Board South Africa
06.10.2000 Comissão de Valores Mobiliarios Brazil
01.06.2004 Commission de Contrôle de la Gestion de Portefeuilles et des Activités Boursières Assimilées Monaco
31.05.2005 Bermuda Monetary Authority Bermuda
10.01.2006 Israel Securities Authority Israel
26.02.2007 Monetary Authority of Singapore Singapore
02.05.2007 Dubai Financial Services Authority Dubai
09.11.2007 Central Bank of Bahrain Bahrain
25.01.2008 Superintendencia de Valores y Seguros Chile
01.02.2008 China Banking Regulatory Commission China
20.01.2009 National Bank of Ukraine Ukraine
13.03.2009 Banking Regulation and Supervision Agency Turkey
29.01.2010 National Bank of Kazakhstan Kazakhstan
29.01.2010 Securities Commission Malaysia Malaysia
23.08.2010 Financial Supervisory Commission Taiwan
28.03.2011 Central Bank of Russia Russia
06.04.2011 Federal Financial Markets Service Russia
18.01.2012 Emirates Securities and Commodities Authority (ESCA) United Arab Emirates
28.02.2012 Financial Supervision Commission Isle of Man
13.03.2012 Qatar Financial Centre Regulatory Authority Qatar
17.05.2012 Egyptian Financial Supervisory Authority Egypt
28.11.2012 Securities and Exchange Commission Thailand
31.01.2013 State Securities Commission Vietnam
02.08.2013 Financial Services Agency of Japan (JFSA) / Certified Public Accountants and Auditing Oversight Board (CPAAOB) Japan
15.09.2013 Conseil Déontologique des Valeurs Mobilières Kingdom of Morocco
17.09.2013 Capital Market Authority Sultanate of Oman
19.09.2013 Australian Securities and Investments Commission Australia
04.10.2013 Swiss Federal Audit Oversight Authority (FAOA) Switzerland
20.01.2014 Autorité fédérale de surveillance des marchés financiers (FINMA) Switzerland
23.07.2014 Autorità di Informazione Finanziaria (AIF) Vatican
14.08.2014 Banco Central do Brasil Brazil
30.01.2015 Guernsey Financial Services Commission Guernsey
17.09.2015 Public Company Accounting Oversight Board United States
05.10.2015 Qatar Financial Markets Authority (QFMA) Qatar
06.02.2017 Financial Services Regulatory Authority of the Abu Dhabi Global Market Abu Dhabi
03.10.2018 Autralian Securities & Investments Commission (ASIC) Australia
25.10.2018 Autoritat Financera Andorrana Principality of Andorra
15.01.2019 Securities and Futures Commission (SFC) Hong Kong

List of MoUs signed with international counterparties

Date of signature/date of entry into force Counterparty
01.01.2001 ECB/Payment Systems
01.03.2003 ECB/Cooperation in crisis situations
08.05.2007 Multilateral MoU IOSCO
27.05.2014 Multilateral MoU ESMA

Documentation

Last update: 04 May 2020