Circular CSSF 20/763 is a CSSF circular on the mandatory use of the IMAS Portal for fit and proper applications submitted by significant credit institutions, published 16 May 2023. It was repealed by Circular CSSF 23/834.
\nRelevant for: Credit institutions.
\nIMAS PORTAL FOR FIT AND PROPER APPLICATIONS SUBMITTED BY SIGNIFICANT CREDIT INSTITUTIONS
\nCircular 20/763 Re: Mandatory use of the IMAS Portal for fit and proper applications submitted by significant credit institutions
\nLuxembourg, 15 December
\nLadies and Gentlemen,
\n2020 To all significant credit institutions incorporated under Luxembourg law
\nOn 27 January 2021, the European Central Bank (‘ECB’) and the CSSF will launch the IMAS Portal for fit and proper (‘FAP’) applications. The IMAS Portal is a new digital gateway for supervisory processes, developed in collaboration with the banking industry. It is part of the ECB’s and NCAs’ commitment to enhance efficiency through digitalisation, as well as to increase communication and transparency during supervisory processes. Significant banks shall use the IMAS Portal to submit their applications for fit and proper assessment, track the status of these assessments and exchange related information with supervisors. The use of the portal does not change the legal environment under which the ECB and the CSSF interact with supervised institutions and does not change in any way the allocation of legal responsibilities between the CSSF and the ECB. The CSSF remains the entry point in line with the SSM Framework Regulation and will have primary availability to all information received via the portal.
\nScope of application The present circular shall apply to all significant credit institutions incorporated under Luxembourg law.
\nMandatory use of the IMAS Portal The CSSF has decided to make the use of the IMAS Portal mandatory for all significant credit institutions. From 27 January 2021, significant credit institutions will have to exclusively use this dedicated portal for submitting new FAP applications regarding members of the management body, both in their management function (executives) and supervisory function (non-executives). Applications sent by mail or e-mail will no longer be accepted.
\nThe FAP Declaration (Word document) previously published on the CSSF website is no longer to be used. It is replaced by an online declaration form (“FAP Luxembourg”) to be completed directly in IMAS.
\nCases where the IMAS Portal should not be used In the following cases, the IMAS Portal should not be used: -
\nNotification of Key Function Holders (who are not expected to also become members of the management body)
\nNotification of renewals (without any change in the executive or non-executive nature of the mandate)
\nCommunication of new material facts regarding appointees previously assessed and approved.
\nPreliminary registration and user permissions The use of the IMAS Portal involves “delegated administrators” and “portal users”. As a first step to use the IMAS Portal, designated delegated administrators have to be formally registered with the ECB. These delegated administrators in turn enrol the portal users that are entitled to work on fit and proper applications in line with the permissions they have been granted. Please note that the request for registration of a delegated administrator with the ECB can only be made at the parent level of the banking groups within the Single Supervisory Mechanism (SSM). The IMAS Portal registration form has been sent by the ECB to the parent entities of the banking groups together with the letter announcing the IMAS Portal launch (‘ECB launch letter’).
\nPractical aspects Access to the IMAS Portal is via the link published on the CSSF website: https://www.cssf.lu/en/authorisation-procedure-credit-institutions/#fap.
\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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