Circular CSSF-CODERES 21/12 is a CSSF circular, published 23 April 2021 and updated 25 April 2022. Subject: Single Resolution Fund – Information on/announcement of raising 2021 ex-ante contributions according to Articles 69 and 70 of Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014. The CSSF marks it as outdated.
\nRelevant for: Credit institutions, Investment firms.
\nKeywords: Resolution, Single Resolution Mechanism (SRM).
\nCircular CSSFCODERES 21/12 Single Resolution Fund – Information on/announcement of raising 2021 ex-ante contributions according to Articles 69 and 70 of Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014
\nCircular CSSF-CODERES 21/12 RE: Single Resolution Fund – Information on/announcement of raising 2021 ex-ante contributions according to Articles 69 and 70 of Regulation (EU) No 806/2014 of the European Parliament and of the Council of 15 July 2014
\nLuxembourg, 23 April 2021
\nLadies and Gentlemen,
\nTo all credit institutions subject
\nBased on Title V, Chapter 2 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 (hereafter “SRMR”), the Single Resolution Board (hereafter “SRB”) has determined the 2021 ex-ante contribution for all the institutions as defined in Article 2 of the SRMR 1 (see Annex 1).
\nto Regulation (EU) No 806/2014 of the European Parliament and of the Council
\nThe amounts are due by 7 June 2021. Pursuant to Article 2 of the law of 18 December 2015 implementing the agreement on the transfer and mutualisation of contributions to the Single Resolution Fund 2, the concerned credit institutions have to transfer upon instruction given by the CSSF, the requested amounts to an account of the Fonds de résolution Luxembourg, which in return will transfer the collected amounts to the Single Resolution Fund (hereafter “SRF”). The individual invoices (see Annex 2) will be distributed by the CSSF in the coming days. The computation is based on:
\nCommission Delegated Regulation (EU) 2015/63 of 21 October 2014 supplementing Directive 2014/59/EU of the European Parliament and of the Council with regard to ex ante contributions to resolution financing arrangements (hereafter “DR”)
\nCouncil 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”)
\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. Law of 18 December 2015 implementing the agreement on the transfer and mutualisation of contributions to the Single Resolution Fund signed in Brussels on 21 May 2015.
\nThe amount to be paid has been calculated pursuant to the following provisions:2021 contribution – risk adjusted (Articles 5 to 9 DR) or • • • • •
\n2021 contribution – lump-sum (Article 8(5) CR) or 2021 contribution – lump-sum (Article 10 DR) minus 1/5 of the remaining 2015 contribution (deduction according to Article 8(2) CR) (where applicable) plus/minus data adjustments concerning previous years (Article 17(3) and (4) DR) (where applicable) plus partial contribution of newly supervised institutions (Article 12(1) DR)
\nThe 2021 ex-ante contribution has been determined by taking into account the data provided by the credit institutions according to Circular CSSF-CODERES 20/11. In Annex 1 the SRB describes the details of the calculation.
\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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