Circular CSSF-CPDI 19/18 is a CSSF circular, published 16 October 2019 and updated 10 July 2020. Subject: Survey on the amount of covered deposits held on 30 September 2019. The CSSF marks it as outdated.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, 16 October 2019 To the members of the Fonds de garantie des dépôts Luxembourg
\nRe: Survey on the amount of covered deposits held on 30 September 2019
\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 2019. 2. We draw your attention to the changes compared to Circular CSSF-CPDI 19/17 and ask you to consult the specifications (Appendix 2). The changes concern the reporting of deposits whose holders are different from the persons absolutely entitled to the deposits (i.e.: omnibus, fiduciary or trust accounts, together referred to as “omnibus accounts”). The apportionment of these aforementioned deposits and the number of rights thereof is not anymore to be made according to the legal status (natural/legal person) of the person who is absolutely entitled but rather according to the legal status of the holder of such accounts. 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
\nassimilated to financial institutions, as well as the treatment of omnibus accounts. We remind you that persons who are absolutely entitled shall be covered by the guarantee provided that 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 institution’s failure. 4. FGDL members are requested to provide the data at the level of their legal entity, comprising data from branches located within other Member States, by 22 November 2019. The requested data shall be reported with utmost care, as it also 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 19/17. 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 “2019” 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. If you consider that there is no amount to be reported, the transmission to the CSSF remains nevertheless mandatory and value “0” (= zero) must be indicated in the corresponding table.
\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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