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CSSF Circular 16/647 - Shadow banking entities | Deloitte

The CSSF guidelines apply a notion of proportionality, which means flexibility for both the regulated entities and the regulator itself. Cécile Gellenoncourt, CSSF: We have to keep in mind that there is a proportionality principle. It is key, and it can be applied in both directions: some requirements can be implemented with less controls or less granularity, where risky companies will have to apply the proportionality principle the other way around. It applies mainly on the. The CSSF Regulation, published on August 20, 2020, amends the former 12-02 Regulation (the Regulation) of December 14, 2012, on the fight against money laundering (ML) and terrorist financing (TF). The amendment was made following the publication of the new Anti-Money Laundering (AML) law of March 25, 2020, (the Law). Changes set out in the amended Regulation are effective immediately The CSSF Regulation specifies the functions of person responsible for compliance with the obligations in AML-CTF matters (the Person Responsible for Compliance or RR ) and that of the person responsible for the control of compliance with such obligations (the Person Responsible for Control or RC ) No, the CSSF has clarified that, in order to facilitate a rapid implementation of solutions chosen by regulated entities to adapt their working environment in response to the Covid-19 situation, prior authorisation or notification to the CSSF to implement a cloud based solution are waived as long as this exceptional situation last. A simple communication by email to the CSSF contact agent of the concerned entity is sufficient at this stage This Circular applies to all CSSF supervised entities, including their branches in Luxembourg or abroad, as well as Luxembourg branches of entities originating from another Member State or outside the European Economic Area. No approval is required from the CSSF to implement telework solutions. PDF - 765kb

The CSSF provides that the above extensions applicable to all regulated entities are subject to the following conditions: Where the submission can be performed within the ordinary deadlines without compromising the quality of the reporting and in line with the health rules to contain the spread of COVID-19, a timely submission is encouraged The list published by the CSSF in Regulation CSSF 20-2 on 1 July 2020 includes: Canada; Switzerland; USA; Japan; Hong Kong; and; Singapore. This means that entities from these jurisdictions will be able to rely on article 32-1 of the Luxembourg Financial Sector Law and will be able to provide investment services and activities to eligible counterparties and per se professional clients on a. The CSSF, conscious of the impending deadline, has issued guidance in the form of this press release to ensure UK entities as well as the Luxembourg funds they manage and / or market are aware of the state of play from 1 January 2021 along with the steps they should take to ensure business continuity and minimise operational impact

CSSF - The Commission de Surveillance du Secteur Financier

  1. This new Regulation (the New Regulation), of 14 August 2020, amends Commission de Surveillance du Secteur Financier (CSSF) Regulation 12 02 of 14 December 2012 ( 12-02) on the fight against money laundering and terrorism financing. This is the first amendment of 12-02. It provides further details on certain provisions of the amended Law of 12 November 2004 (the AML Law.
  2. The CSSF Circular defines governance and security requirements for the implementation and utilisation by entities under the supervision of the CSSF (e.g. credit institutions, investment firms, management companies, payment and electronic money institutions, specialised and supports PFS, etc.) (defined as Supervised Entities) of work processes based on Telework solutions. More generally, the CSSF Circular applies to
  3. Regulatory News Alert. CSSF amends CSSF Regulation n°12-02 of 14 December 2012 on the fight against money laundering and terrorist financing 1 September 2020. Context and objectives . On 20 August 2020, CSSF Regulation n°20-05 of 14 August 2020 amending CSSF Regulatio
  4. As of 1 January 2020, all entities which are subject to the CSSF supervision and which are using benchmarks are restricted to the use of the following types of benchmarks: An index that does not fall within the scope of Regulation (EU) 2016/1011 on indices used as benchmarks (the Benchmark Regulation or BMR) as it is exempted from the BMR's.
  5. Since 2018, the Luxembourg financial regulator (La Commission de Surveillance du Secteur Financier or CSSF) has conducted an annual cross-sector AML/CTF online survey as part of its implemented Anti-money laundering and counter-terrorist financing (AML/CTF) risk-based supervision approach

The Latest CSSF Communications to Regulated Entities

Following Luxembourg's Law of 28 May 2019 transposing the NIS Directive, the Commission de Surveillance du Secteur Financier (CSSF) published its Regulation N° 20-04 of 15 July 2020 on the list of services considered as essential for maintaining critical societal and economic activities Besides integrating the ICT Guidelines into its administrative practice and its regulatory approach, the CSSF expects all entities authorised according to the 1993 Law and the 2009 Law - whether or not they are also within the scope of these Guidelines - to implement the content of such ICT Guidelines in order to manage their ICT and security risks. In addition, the Circular 20/750 amends. Capital Requirements Regulation (CRR) The EBA guidelines (GL/2015/20) on limits on exposures to shadow banking entities which carry out banking activities outside a regulated framework have been transposed into the CSSF circular 16/647.This circular amends the Circular CSSF 12/552 on matters relating to the management of risks. The Circular.

Regulatory initiatives by the CSSF and the EBA entail an impact on contractual aspects of cloud outsourcing frameworks. Both set of rules still show differences in terms of the content, institutions should aim to comply with both regulations. While the EBA guidelines take intra-group specificities into account, the CSSF puts them on the same level as any other outsourcing. Development of a. Circular 21/769 focuses on financial sector regulatory requirements, while contractual relations between Supervised Entities and their employees remain out of its scope. Furthermore, the CSSF stresses that Circular 21/769 does not create any entitlements or precedence for employees and other personnel of Supervised Entities to claim a right to telework and emphasises that the use of. Investors are regulated by the Law dated February 13, 2007 (the SIF Law) (CSSF). Thus, among other far-reaching changes, the law will significantly reduce time to market for these funds. The range of eligible assets is unlimited: private equity, alternative strategies, real estate and commodities are just a few examples. The law now allows high net worth individuals and their. All Luxembourg entities that manage AIFs (based in Luxembourg, in another EU country or outside the European Union) are subject to the AIFM Law and, must be (i) regulated and supervised by, or (ii) at least registered with, the CSSF. Investment managers managing the portfolio of an AIF may be located abroad. For Regulated Funds, the appointment of a manager is subject to CSSF approval. If. The CSSF supervises regulated funds on a continuous basis. Regulated funds must apply for prior approval with respect to each change in their fund documentation (ie, constitutive document and.

CySEC | Obligations of the regulated entities - AGP Law

All the financial sector entities within a financial conglomerate, whether regulated or whether established in a member state or in a third country, fall under the scope of the supplementary supervision of the CSSF. However, there exist certain derogations to this rule, such as partial or total exemptions for a financial conglomerate that is a subgroup of another financial conglomerate [CO 04/829] US CFTC regulated entities; [CO 04/1313] German BaFin regulated financial service providers; and; ASIC Corporations (CSSF-Regulated Financial Services Providers) Instrument 2016/1109 ; Limited Connection Relief. This refers to the ASIC Corporations (Foreign Financial Service Providers - Limited Connection) Instrument 2017/182 . Eligible Jurisdiction . This refers to the following.

Investment firms - CSS

06 Number allocated by the BCL to non-resident entities 6 23 Number allocated by the CSSF to banks B 26 Number allocated by the CSSF to the UCIs (5 digits) and to the compartments (4 digits). O 27 Number allocated by the CSSF to the SICAR (sociétés d'investissement à capital risque) K 30 Number allocated by the CSSF to management companies Luxembourg entities must further comply with Luxembourg laws, regulations and CSSF circulars regarding anti-money laundering (AML) and counter-terrorist financing (CTF), in particular, the law of 12 November 2004 relating to the fight against money laundering and the financing of terrorism, as amended, and the law of 13 January 2019 creating the register of beneficial owners, as amended This list displays the significant supervised entities, which are directly supervised by the ECB (part A) and the less significant supervised entities which are indirectly supervised by the ECB (Part B). Based on Article 2(20) of Regulation (EU) No 468/2014 of the European Central Bank of 16 April 2014 establishing the framework for cooperation within the Single Supervisory Mechanism between. entities registered with the Luxembourg Trade and Company Register (the RCS). The RBE Law also implements the transparency requirements of Directive 2018/843/EU on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (AMLD V), which require the RBE to be publicly available. SCOPE OF THE RBE LAW Luxembourg impacted entities The RBE Law.

Description. Investment fund managers (IFMs) or gestionnaires de fonds d'investissement) is a term that was introduced by CSSF Circular 18/698 of 23 August 2018 on the authorisation and organisation of Luxembourg investment fund managers. It refers to UCITS management companies, other management companies, Luxembourg branches of IFMs, self-managed investment companies, authorised Alternative. The CSSF notes that Luxembourg's fund legislation permits delegation of investment fund manager functions including investment or portfolio management and risk management to entities outside the EU as long as the delegate entities are authorised or registered for asset management and are subject to prudential supervision, that supervisory co-operation is in place between the CSSF and the. Luxembourg CSSF: Final Brexit Preparations December 2020 . On 7 December 2020, Luxembourg's financial regulator, the Commission de Surveillance du Secteur Financier ( CSSF) issued a press release. 1. to clarify and reiterate the actions that management entities located in the United Kingdom ( UK) 2. and which manage and / or market Luxembourg funds on a cross -border basis need to take. The long-awaited circular for financial institutions operating in Luxembourg and leveraging cloud services has been released by Luxembourg's financial authority, the CSSF.. The circular will change the landscape of cloud services in Luxembourg, as from now on cloud service providers (IaaS, SaaS, and PaaS) will not have to be regulated by the CSSF anymore, nor will their data have to be. Direct lending can be made through: the acquisition of loans or participations in the secondary market; debt/receivables purchase and subscription for debt instruments; or. the granting of loans. This client briefing will focus on loan origination by regulated or non-regulated entities in Luxembourg

Concerned entities . The Weekly IFM Questionnaire applies to the following types of IFMs, provided that they manage at least oneundertaking for collective investment in transferable securities (UCITS), regulated or non-regulated alternative one investment fund (AIF) and/or one other undertaking for collective investment (UCI) not qualifying as AIF. 2: Luxembourg Chapter 15 ManCos, i.e. For entities that are included in the non-regulated structures, investors have the possibility of incorporating the company as a private limited company or as a public limited company. Other legal entities are available and you may find out more information on how to register any of the business forms available for real estate funds in Luxembourg from our team of financial experts. What is the.

ILA welcomes CSSF clarification on the maximum number of Director mandates for directors of fund management entities. Committee article. On 23 August 2018, the CSSF published a new Circular 18/698 to replace and update its Circular 12/546 which dealt, amongst others, with the organisational requirements of fund management entities such as UCITS management companies, AIFM, and self-managed. pandomus is an independent, CSSF regulated, Luxembourg based service company which offers high-end Luxembourg company domiciliation and fund administration services. Due to our continuous growth and expansion, pandomus is looking to recruit a: AML/KYC & Transfer Agent Officer (M/F) More. Corporate Assistant (M/F) More. Senior Accountant (M/F) More. Senior Corporate Officer (M/F) More. the United Kingdom) includes two FCA regulated entities; CSSF Regulation N° 16-07 relating to out-of-court complaint resolution, and CSSF circular 17/671 relating to Specifications regarding CSSF Regulation N° 16-07 of 26 October 2016 relating to out-of-court complaint resolution as may be amended from time to time, and any other relevant laws, circulars and regulations. 3. ADDITIONAL. CSSF: Secure electronic transmission of documents. At the end of January 2019, the CSSF published a new circular ( CSSF Circular 19/708 ) which extends the obligation to transmit documents by secure electronic means to the CSSF to the following entities: investment fund managers (e.g. alternative investment fund managers (AIFMs), management.

Commission de Surveillance du Secteur Financier - Wikipedi

ICT and security requirements for regulated entities : key

The 2020 CSSF revamp of the 12-02 Regulation, a small

The assessments made in the Analysis follow the general CSSF risk assessment approach defined in the CSSF's AML/CFT risk assessment policy and focuses on the collective investments sub-sector. In this respect, a separate entity-level risk assessment for each regulated undertaking for collective investment and a clustering for three main classes have been made, namely: UCITS ManCo, AIFM and. CSSF increases its rates. Luxembourg's financial supervisory commission, the CSSF, has introduced new tariffs to help it respond to an increasing workload and pay a growing workforce. The changes came into effect on 22 December 2017 and concern the fees collected by the CSSF from regulated entities such as credit institutions, collective. In this section, the CSSF will publish and give access to information regarding the texts of laws, regulations, administrative rules and general guidance adopted in the field of prudential regulation and supervision in Luxembourg. The supervisory disclosure requirements cover options and national discretions available in EU banking legislation, as well as general criteria and methodologies.

AMLCTF amended regulation for the Luxembourg financial and

• Law of 23 September 2020 relating to measures on the holding of meetings in companies and other legal entities (EN version || FR version) Fund Formation Investment fund managers and regulated products • Law of 12 July 2013 on alternative investment fund managers (EN version || FR version || DE version) • Law of 17 December 2010 on undertakings for collective investments (EN version || Introduction Earlier this year, Luxembourg's financial services regulator, the Commission de Surveillance du Secteur Financier (the CSSF) announced a year-long transitional period, to take effect from the date of a no-deal Brexit Many translated example sentences containing cssf responsible - Chinese-English dictionary and search engine for Chinese translations The CSSF expects that UK firms and entities have already taken the necessary steps to prepare and anticipate the consequences of a possible hard Brexit. Should it not be the case, CMS Luxembourg Investment Funds and Regulatory teams are at your disposal to answer any questions you may have on this process Authorisation and organisation of Luxembourg investment fund managers Specific provisions on the fight against money laundering and terrorist financing applicable to.

Important aspects for regulated entities in the financial

Cryptocurrency exchanges or virtual currency platforms in Luxembourg are regulated by the CSSF and new crypto businesses (i.e. service providers or intermediaries that are receiving or transferring) must obtain a payments institutions license if they wish to begin trading.. The licenses impose AML/CFT reporting obligations under Luxembourg's electronic money statutes: the first crypto. Note: some services strictly related to the central administration, registrar agent and client communication for regulated entities are provided by external related parties duly licensed by C.S.S.F Regulatory Status Disclosure: Authorised and regulated by Commission de Surveillance du Secteur Financier (CSSF) and jointly supervised by the European Central Bank (ECB) and the CSSF. J.P. Morgan Bank Luxembourg S.A. is authorised as a credit institution in accordance with the Law of 5th April 1993. When acting through the Milan branch, J.P. Morgan Bank Luxembourg S.A. is also subject to the.

CSSF sets telework requirements for financial sector

  1. BofAML Entities List Version 1.0 Effective 3 January, 2018 . Version 1.0 - January 2018 ©2017 Bank of America Corporation . 1 . Proprietary. 1 Entity Details . 1.1 Merrill Lynch International (MLI) MLI is a private unlimited company incorporated under the laws of England and Wales with registered number 02312079 and its registered address and principal place of business in the United.
  2. Waystone Management (UK) Limited is regulated by the Financial Conduct Authority (ref 429093), Waystone Capital Solutions (UK) Limited is regulated by the Financial Conduct Authority (ref 554229), Waystone Asset Management (IE) Limited is regulated by the Central Bank of Ireland (ref C39544), and registered as a Commodity Trading Advisor (CTA), Commodity Pool Operator (CPO) and Introducing.
  3. This page allows you to search all Central Bank of Ireland registers for a particular financial service provider. To search you simply type in the name or partial name of the financial service provider you are looking for
  4. All entities that are both governed by the law of a member state and listed on an EU regulated market All credit institutions in the EU, irrespective of whether listed or not All insurance undertakings in the EU, regardless of whether they are listed or not and regardless of whether they are life, non-life, insurance or reinsurance undertakings Entities designated by member states as public.
  5. The following group entities are regulated by the Cayman Islands Monetary Authority: Vistra (Cayman) Limited; Vistra Cayman Trust Limited; Vistra Corporate Services (Cayman) Limited; The entities listed above are located at P. O. Box 31119 Grand Pavilion, Hibiscus Way, 802 West Bay Road, Grand Cayman, KY1 - 1205 Cayman Islands. Curaçao. Vistra Curaçao N.V. is a Limited Liability Company.
  6. The CSSF charges an annual fee for its supervisory activity. The draft documents and information to be submitted to the CSSF - via e-file (see www.e-file.lu) or email (setup.uci@cssf.lu) - for approval are set out in Articles 42, 42bis and 42ter of the SIF Law (as modified). The documents and information are generally compiled and submitted to the CSSF with the assistance of lawyers.

Coronavirus (COVID-19): Extension of CSSF reporting

CSSF publishes Circular CSSF 21/769 on Teleworking. The Circular covers specific governance and security requirements for supervised entities to perform tasks or activities through telework. The Circular enters into force on 30 September 2021 and is addressed to all Supervised Entities of the financial sector The CSSF explains that, as securities or partnership interests issued by Luxembourg regulated investment funds are likely to qualify as PRIIPs, the regulator would like to obtain an overview of the impact of the PRIIPs Regulation on Luxembourg-related investment funds. The CSSF required completion of an online assessment first by October 31, 2019 and extended the deadline until December 31.

Simmons & Simmons CSSF publishes list of third country

The Latest CSSF Communications to Regulated Entities . Wildgen.lu DA: 14 PA: 50 MOZ Rank: 78. If, however, for operational reasons supervised entities experience difficulties to prepare or validate their CSSF reporting due to staff not being available, for example because they work remotely without having full access to all systems, then the supervised entities should contact the CSSF through. Bitstamp Europe S.A. is a payment institution authorised and regulated by the Luxembourg financial regulator, the Commission de Surveillance du Secteur Financier (hereafter CSSF), registered with the Luxembourg Trade and Companies Register under the number B196856, VAT number LU 27823117, with its registered address at 21-25, Allée Scheffer, L-2520, Luxembourg (Bitstamp).. Regulated entities in Luxembourg need to submit their annual AML survey to the CSSF by 15 March 2021 For definitions of these, see Article 1(1) of CSSF Regulation No.12-02 It is important to note that, while it is possible to assign the completion of the survey to another entity employee or a third party within the CSSF eDesk porta

Steven Curfs | Paperjam Business GuideAML Collaboration: Why Regulated Entities Are Still

Luxembourg CSSF - Maple

Financial Services Regulatory Authority - Regulated EntitiesLuxembourg regulator issues guidance on AML/CFTAuthoritative Literature / Guidance for Preparation ofStart & Pandomus

On 23 August 2018, the CSSF published a new Circular 18/698 to replace and update its Circular 12/546 which dealt, amongst others, with the organisational requirements of fund management entities such as UCITS management companies, AIFM, and self-managed UCITS or AIF. Both regulation and global corporate governance trends have continued to evolve greatly since 2012, and ILA welcomes the. On 1 July 2019, the CSSF published Circular 19/721 (the Circular) regarding dematerialisation of requests to the CSSF. The Circular establishes an eDesk portal to serve as a tool of communication between the CSSF and all Luxembourg regulated funds (UCITS, Part II UCIs, SIFs, SICARs) as well as securitisation vehicles, management companies and AIFMs Registered in France No. 419 838 545. Astorg Partners is a fund management company approved and regulated by the AMF in France (approval number GP 98-36). Astorg Partners is a registered trademark. Astorg Asset Management is a fund management company approved and regulated by the CSSF in Luxembourg (approval number N. A00001441). Astorg Asset Management is a registered trade mark. Terms. About Us. The December 2001 enactment of the Financial Services Commission Act, 2001 established the British Virgin Islands Financial Services Commission as an autonomous regulatory authority responsible for the regulation, supervision and inspection of all financial services in and from within the BVI

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