Risk management

Communiqué

Published on: 24 December 2020

2020 Survey related to the fight against money laundering and terrorist financing

Topics Financial crime

Relevant for: Credit institutions E-money institution Investment firms Investment fund managers Payment institution Specialised PFS

Topics: AML/CTF Annual declaration eDesk Internal governance International sanctions Proliferation Risk management Terrorism

Studies and reports

Document date: 18 December 2020

CSSF Thematic Review Efficient Portfolio Management by UCITS – Revenues & Costs/Fees results

Following the thematic review on the use by UCITS of efficient portfolio management techniques (EPM), this publication concerns the main observations made by the CSSF together with the related recommendations and improvements. The review was focused on the regulatory provisions on revenues and costs / fees arising from these EPM techniques as well as the related controls in place at the level of the management companies.

Topics Securities Financing Transaction Regulation (SFTR)

Relevant for: Management Companies - Chapter 15 Undertakings for collective investment in transferable securities (UCITS)

Topics: Internal governance Investor protection Risk management Supervisory disclosure UCI prospectus

CSSF FAQ

Document date: 18 December 2020

CSSF FAQ – Use of Securities Financing Transactions by UCITS

This publication is a CSSF FAQ in relation to the use by Luxembourg-domiciled UCITS of the following Securities Financing Transactions: securities lending transactions, reverse repurchase agreement transactions and repurchase agreement transactions. The objective of the FAQ is to bring further clarity concerning the use by UCITS of these SFTs, thereby taking into account the applicable regulatory framework as well as the supervisory experienced gained by the CSSF over the last years.

Topics Securities Financing Transaction Regulation (SFTR)

Relevant for: Investment fund managers Specialised investment funds (SIF) Undertakings for collective investment (UCI) Undertakings for collective investment in transferable securities (UCITS)

Topics: Internal governance Investor protection Risk management Supervisory disclosure UCI prospectus

Communiqué

Published on: 18 December 2020

Publication of the Results of the CSSF Thematic Review on Efficient Portfolio Management – Revenues & Costs/Fees and of the CSSF FAQ on the use of Securities Financing Transactions by UCITS

Topics Securities Financing Transaction Regulation (SFTR)

Relevant for: Investment fund managers Specialised investment funds (SIF) Undertakings for collective investment (UCI) Undertakings for collective investment in transferable securities (UCITS)

Topics: Internal governance Investor protection Risk management Supervisory disclosure UCI prospectus

Studies and reports

Published on: 18 December 2020

Technical standardisation fosters the adoption of Artificial Intelligence (only in French)

Relevant for: Consumers

Topics: Artificial Intelligence (AI) Consumer protection Risk management

Communiqué

Published on: 16 December 2020

Communication on regulatory requirements and fast track procedure in relation to Regulation (EU) 2019/2088 on the sustainability-related disclosures in the financial services sector

Topics About the CSSF Prospectus

Relevant for: Alternative Investment Fund Managers (AIFM) Investment companies in risk capital (SICAR) Management Companies - Chapter 15 Specialised investment funds (SIF) Undertakings for collective investment (UCI) Undertakings for collective investment in transferable securities (UCITS)

Topics: AIF (alternative investment fund) Internal governance Risk management Sustainable finance Transparency Transparency exercise UCI prospectus

Form

Document date: 16 December 2020

SFDR Disclosures Confirmation Letter

Topics Prospectus

Relevant for: Alternative Investment Fund Managers (AIFM) Investment companies in risk capital (SICAR) Management Companies - Chapter 15 Specialised investment funds (SIF) Undertakings for collective investment (UCI) Undertakings for collective investment in transferable securities (UCITS)

Topics: Internal governance Risk management Sustainable finance Transparency Transparency exercise UCI prospectus

Circular CSSF

Document date: 7 December 2020

Circular CSSF 20/759 (only in French)

Update of Circular CSSF 12/552, as amended by Circulars CSSF 13/563, CSSF 14/597, CSSF 16/642, CSSF 16/647, CSSF 17/655, CSSF 20/750 and CSSF 20/759, on the central administration, internal governance and risk management

Relevant for: Credit institutions

Topics: Accounting Audit Committee Central administration Credit risk Information and communications technology (ICT) Information security Internal governance Market risk Operational risk Outsourcing Risk management

CSSF Guidance

Document date: 7 December 2020

Prudential procedure for the appointment of directors, members of the authorised management and key function holders in investment firms (only in French)

Applicable as from 1 January 2021

Topics Markets in Financial Instruments (MiFID II/MiFIR)

Relevant for: Investment firms

Topics: Accounting Audit Committee Central administration Internal governance MiFID Outsourcing Risk management Whistleblowing

Circular CSSF

Document date: 7 December 2020

Circular CSSF 20/758 (only in French)

on central administration central, internal governance and risk management

Topics Markets in Financial Instruments (MiFID II/MiFIR)

Relevant for: Investment firms

Topics: Accounting Audit Committee Central administration Internal governance MiFID Outsourcing Risk management Whistleblowing

Content Keyword: Risk management