{"id":"circulars/cssf-21-768","title":"Circular CSSF 21/768","type":"circular","date":"2021-03-12","kind":"circular","html":"<p>Circular CSSF 21/768 is a CSSF circular, published 12 March 2021. Subject: Update of Circular CSSF 03/113, as amended by Circular CSSF 10/486, on the practical rules concerning the role of réviseurs d’entreprises (statutory auditors) in investment firms and communication relating to Circular CSSF 07/325 (as amended by Circular CSSF 21/765) on the provisions relating to credit institutions and investment firms of EU origin established in Luxembourg by way of branches or exercising activities in Luxembourg by way of free provision of services following the amendments made to CSSF Regulation No 12-02.</p>\n<p>Relevant for: Investment firms.</p>\n<p>Keywords: Statutory auditor (réviseur d'entreprises).</p>\n<h2>Text</h2>\n<p>Circular CSSF 21/768 UPDATE OF CIRCULAR CSSF 03/113 (AS AMENDED BY CIRCULAR CSSF 10/486) ON THE PRACTICAL RULES CONCERNING THE ROLE OF RÉVISEURS D’ENTREPRISES (STATUTORY AUDITORS) IN INVESTMENT FIRMS AND COMMUNICATION RELATING TO</p>\n<p>CIRCULAR CSSF 07/325 (AS AMENDED BY CIRCULAR CSSF</p>\n<p>21/765) ON THE PROVISIONS RELATING TO CREDIT INSTITUTIONS AND INVESTMENT FIRMS OF EU ORIGIN ESTABLISHED IN LUXEMBOURG BY WAY OF BRANCHES OR EXERCISING ACTIVITIES IN LUXEMBOURG BY WAY OF FREE PROVISION OF SERVICES FOLLOWING THE AMENDMENTS MADE TO CSSF</p>\n<p>REGULATION NO 12-02 CIRCULAR CSSF 21/768</p>\n<p>In case of discrepancies between the French and the English texts, the French text shall prevail.</p>\n<p>Circular CSSF 21/768 Re: Update of Circular CSSF 03/113 (as amended by Circular CSSF 10/486) on the practical rules concerning the role of réviseurs d’entreprises agréés (approved statutory auditors) in investment firms and communication relating to Circular CSSF 07/325 (as amended by Circular CSSF 21/765) on the provisions relating to credit institutions and investment firms of EU origin established in Luxembourg by way of branches or exercising activities in Luxembourg by way of free provision of services following the amendments made to CSSF Regulation No 12-02</p>\n<p>Luxembourg, 12 March 2021</p>\n<p>Ladies and Gentlemen,</p>\n<p>To all investment firms</p>\n<ol>\n<li>The purpose of this circular is to update the content of Part 8 on the professional obligations as regards the prevention of money laundering and terrorist financing of the long form audit report, as defined in Circular CSSF 03/113 on the practical rules concerning the role of réviseurs d’entreprises agréés (approved statutory auditors) of investment firms, in order to take into consideration the amendments to Articles 49(2) and 49(3) of CSSF Regulation No 12-02 on the fight against money laundering and terrorist financing, as amended. It should be stressed that this update of Circular CSSF 03/113 only concerns AML/CFT elements and that the remaining part of Circular CSSF 03/113 will be fundamentally revised. 2. As from the financial year ending on 31 December 2020, this circular shall define Part 8 of the long form audit report as follows (cf. Annex 1 for details on the amendments to Circular CSSF 03/113): “The long form report shall describe the procedures set up by the investment firm in the context of the prevention of money laundering and terrorist financing as required for compliance with or as defined in: Chapter 5 of Part II of the Law on the financial sector, the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended, Grandducal Regulation of 1 February 2010 providing details on certain provisions of the amended Law of 12 November 2004 on the fight against money laundering and terrorist financing (hereinafter the “Grand-ducal Regulation”), Regulation (EU) 2015/847 of the European Parliament and of the Council of 20 May 2015 on information accompanying transfers of funds, international acts on the fight against terrorist financing brought to the attention of the professionals through CSSF circulars, CSSF regulations on the fight against money laundering and terrorist financing and CSSF circulars in these matters. The long form report shall provide, in particular: • the description of the AML/CFT policy implemented by the professional in order to prevent money laundering and terrorist financing, the verification of its compliance with the provisions of Chapter 5 of Part II of the Law of 5 April 1993 on the financial sector, as amended, the Law of 12 November 2004 on the fight against money laundering and terrorist financing, as amended, the Grand-ducal Regulation, Regulation (EU) 2015/847, CSSF regulations and CSSF circulars relating to AML/CFT and the control of their sound application; • the evaluation of the professional's assessment of money laundering and terrorist financing risks to which it is exposed.</li>\n</ol>\n<p>The text above is the opening of the document; the PDF carries the whole.</p>\n<p><a href=\"https://www.cssf.lu/en/Document/circular-cssf-21-768/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/cssf21_768eng.pdf\" target=\"_blank\" rel=\"noreferrer\">PDF</a>. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.</p>"}