Circular CSSF-CODERES 20/11 is a CSSF circular, published 18 November 2020 and updated 23 September 2021. Subject: Single Resolution Fund – Information request by the Single Resolution Board for the calculation of the 2021 ex-ante contribution according to Articles 4 and 14 of the Commission Delegated Regulation (EU) 2015/63. The CSSF marks it as outdated.
\nRelevant for: Credit institutions, Investment firms.
\nKeywords: Resolution, Single Resolution Mechanism (SRM).
\nCircular CSSFCODERES 20/11 Single Resolution Fund – Information request by the Single Resolution Board for the calculation of the 2021 ex-ante contribution according to Articles 4 and 14 of the Commission Delegated Regulation (EU) 2015/63
\nCircular CSSF-CODERES 20/11 RE: Single Resolution Fund – Information request by the Single Resolution Board for the calculation of the 2021 ex-ante contribution according to Articles 4 and 14 of the Commission Delegated Regulation (EU) 2015/63
\nLuxembourg, 18 November 2020
\nLadies and Gentlemen,
\nTo all credit institutions subject to Regulation (EU) No
\nThe purpose of this circular is to collect data for the calculation of the 2021 ex-
\n806/2014 of the European
\nante contribution to the Single Resolution Fund.
\nParliament and of the Council
\nArticle 100 of Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms (hereinafter \"BRRD\"), requires Member States of the European Union to establish one or more national resolution financing arrangements for the purpose of ensuring the effective application by the resolution authority of the resolution tools and powers. In accordance with Article 103(1) of the BRRD ex-ante contributions shall be raised at least annually from all institutions incorporated 1 under Luxembourg law. However, branches established in Luxembourg by institutions which have their head office outside the European Union are not targeted by the present circular as they will be covered by the Luxembourg Resolution Fund. 2
\nAll credit institutions established in Luxembourg with the exception of the branches established in Luxembourg by a credit institution which has its head office outside the EU. Branches established in Luxembourg by a credit institution having its head office in another Member State, participating or not participating, are covered by their head office. See Article 108(1) of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms and Regulation CSSF N° 16-06.
\nArticle 67 of Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010 (hereinafter “SRMR”) establishes a Single Resolution Fund (hereinafter “SRF”) under the responsibility of the Single Resolution Board (hereafter “SRB”) for Member States participating in the SSM. The Commission Delegated Regulation (EU) 2015/63 of 21 October 2014 supplementing Directive 2014/59/EU with regard to ex-ante contributions to resolution financing arrangements (hereinafter \"DR\") and the Council Implementing Regulation (EU) 2015/81 of 19 December 2014 specifying uniform conditions of application of Regulation (EU) No 806/2014 of the European Parliament and of the Council with regard to ex-ante contributions to the Single Resolution Fund (hereafter “CR”) specify together the methodology for the calculation of this contribution and the obligations of the credit institutions as regards the necessary information to be provided in a Single Resolution Mechanism context. In order to determine, in accordance with the provisions of the DR and CR, the annual contribution to be paid by each credit institution in 2021, the SRB needs to obtain a certain amount of information as expressed in its introduction letter (Annex 1). For the purpose of gathering these data the attached template (Annex 2) has been developed by the SRB together with information/instructions on how it has to be filled in.
\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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