Circular CSSF-CPDI 18/13 is a CSSF circular, published 3 October 2018 and updated 10 July 2020. Subject: Survey on the amount of covered deposits held on 30 September 2018. The CSSF marks it as outdated.
\nLegal basis: Law of 18 December 2015 on the resolution and liquidation of banks and investment firms.
\nRelevant for: Credit institutions, Investment firms.
\nKeywords: Deposit Guarantee Schemes, Depositor and Investor Protection Board (CPDI), Luxembourg Deposit Guarantee Fund (FGDL).
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nLuxembourg, 3 October 2018 To the members of the Fonds de garantie des dépôts Luxembourg
\nRe: Survey on the amount of covered deposits held on 30 September 2018
\nLadies and Gentlemen, 1. The aim of this circular is to carry out a survey on deposits, and more particularly on covered deposits, as held by credit institutions incorporated under Luxembourg law, the POST Luxembourg for its provision of postal financial services, and Luxembourg branches of credit institutions having their head office in a third country (hereinafter, referred to as “institutions”) as at 30 September 2018. 2. We remind the members of the Luxembourg deposit guarantee fund (“FGDL”) that the data collection is done on a quarterly basis in order to identify throughout the year trends and changes in indicators relevant to the deposit guarantee. The aim of this circular is thus similar to the one of Circular CSSF-CPDI 18/12 and its predecessors. 3. A definition of “covered deposits” and “eligible deposits” can be found in Article 163 of the amended law of 18 December 2015 on the failure of credit institutions and certain investment firms. The provisions of Circular CSSF-CPDI 16/02 shall be taken into account, in particular with regard to the exclusions of structures assimilated to financial institutions, as well as the treatment of omnibus or fiduciary accounts, i.e. accounts which holders are not absolutely entitled to. We remind you that persons who are absolutely entitled shall be covered by the guarantee provided
\nthat they have been identified or are identifiable before the guarantee is triggered. Persons are deemed identifiable if the holder of the account has informed the FGDL member institution who holds the deposits, that he acts on behalf of third parties, that he has communicated the number of persons who are absolutely entitled and the amount owed to each of them and that he is able to provide the institution who holds the deposits or the CPDI with the identity of the persons who are absolutely entitled, upon request of the CPDI in case of the institutions’ failure. In order to allow the CPDI to follow the use of omnibus or fiduciary accounts and prepare the FGDL for their reimbursement, the volume of eligible and covered deposits in such accounts and the number of persons who are absolutely entitled are to be reported through specific rows in the annexed table. 4. FGDL members are requested to provide the data at the level of their legal entity, comprising branches located within other Member States, by 31 October 2018. The requested data shall be reported with utmost care, as it constitutes the basis to determine the contribution to the Resolution Fund. 5. In order to transmit the data, institutions are kindly requested to complete the table attached to this circular, which is also available on the CSSF’s website at: http://www.cssf.lu/fileadmin/files/ESPREP-Bxxxx-yyyy-mm-DCO.xls. The format of the table has not changed with regard to Circular CSSF-CPDI 18/12. It is absolutely necessary to respect the integrity of the file, i.e. not to modify the structure of the table and to input information and data in yellow fields exclusively. The filename of the completed document shall comply with the file naming convention for special enquiries, as defined by Circular CSSF 08/344. The string “xxxx” shall be replaced by the 4 digits identification number of the institution and the string “yyyy” and “mm” shall be replaced by “2018” and “09”, respectively. The completed document shall be transmitted via one of the secured channels (EFile or SOFiE). The relevant document must be in “.xls” or “.xlsx” format. Any other format will not be accepted. Please take note, that the document shall be completed in any cases.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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