Circular CSSF 21/781 is a CSSF circular, published 23 September 2021 and updated 16 May 2023. Subject: Mandatory use of the IMAS Portal for banking qualifying holding and passporting notifications. It was repealed by Circular CSSF 23/834.
\nRelevant for: Credit institutions.
\nKeywords: Single Supervisory Mechanism (SSM).
\nCircular CSSF 21/781 Re: Mandatory use of the IMAS Portal for banking qualifying holding and passporting notifications
\nLuxembourg, 23 September 2021
\nLadies and Gentlemen,
\nTo all the persons concerned
\nEarly this year the European Central Bank (ECB) and the national competent authorities (NCAs) launched the IMAS Portal 1. From 27 January 2021, the IMAS Portal became mandatory in Luxembourg for processing the fit and proper applications for all significant banks/groups under the Single Supervisory Mechanism 2. As of 27 September 2021, the IMAS Portal will be extended to the processing of passporting notifications from significant banks/groups (SIs) and less significant banks/groups (LSIs) and applications for the acquisition or increase of a qualifying holding in an SI or LSI. Those new modules will be open for receiving submissions from SIs, LSIs or other applicants. Proposed acquirers shall use the IMAS Portal to submit their applications for banking qualifying holding assessments, track the status of these assessments and exchange related information with supervisors. Supervised entities shall also use the IMAS Portal for submitting their passporting notifications (new notification, change of notification or cancellation of notification).
\n1 The IMAS Portal is a digital gateway for initiating authorisation processes. The portal is a communication channel. It does not change the legal environment under which the ECB and NCAs interact with applicants and does not change in any way the allocation of legal responsibilities between NCAs and the ECB.
\nThe IMAS Portal project is part of the ECB’s and NCAs’ commitment to enhance digitalisation and increase communication and transparency during supervisory processes. 2
\nScope of application The present circular is applicable to acquisitions of qualifying holdings in Luxembourg incorporated credit institutions 3 as well as to all passporting notifications exercised under the freedom of establishment or under the freedom to provide services. The IMAS Portal should not be used for qualifying holdings applications for thirdcountry banks operating a branch in Luxembourg.
\nMandatory use of the IMAS Portal The CSSF has decided to make the use of the IMAS Portal mandatory for all notifications in scope. From 27 September 2021, proposed acquirers have to exclusively use this dedicated portal for submitting new qualifying holding applications and supervised entities for submitting new passporting notifications. Applications sent by mail or e-mail will no longer be accepted.
\nPractical aspects Access
\nthe
\nIMAS
\nPortal
\nvia
\nthe
\nfollowing
\nlink:
\nhttps://www.bankingsupervision.europa.eu/banking/portal/imas/html/index.e n.html. The CSSF will no longer accept original paper documents and there is no need to send them by mail either. However, the proposed acquirers have the obligation to ensure that the electronically uploaded documents constitute a true copy of the original and that the original documents are available upon request. We would like to point out that the proposed acquirers and supervised entities have to use the IMAS Portal not only to submit their initial applications but also for the subsequent related exchange of information with supervisors. E-mails outside the IMAS Portal may be unavoidable; however, the communication that is needed to complete documentation and make the process move forward must be done within the IMAS Portal.
\npursuant to Article 6(5) of the Law of 5 April 1993 on the financial sector, as amended (“LFS”).
\nInformation requirements for qualifying holding notifications can vary depending on the nature of each application file.
\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.
"}