Circular CSSF 22/821 is a CSSF circular, published 25 October 2022. Subject: Long Form Report Practical rules concerning the self-assessment questionnaire to be submitted by institutions Mission and related reports of the statutory auditors ( réviseurs d’entreprises agréés ).
\nRelevant for: Credit institutions.
\nKeywords: AML/CFT, Approved statutory auditor (réviseur d'entreprises agréé), Credit risk, Depositary, eDesk, Information security, Internal governance, Payment services, Statutory auditor (réviseur d'entreprises).
\nAmended by Circular CSSF 24/845. Repeals Circular CSSF 22/826.
\nLong Form Report Practical rules concerning the self-assessment questionnaire to be submitted by institutions. Mission and related reports of the approved statutory auditors (réviseurs d’entreprises agréés).
\nLong Form Report Practical rules concerning the self-assessment questionnaire to be submitted by institutions. Mission and related reports of the approved statutory auditors (réviseurs d’entreprises agréés). To all Luxembourg credit institutions and Luxembourg branches of non-EU credit institutions
\nLuxembourg, 25 October 2022 Ladies and Gentlemen, Circular 22/821 published on 25 October 2022 introduced a revised version of the long form report following on from the regulatory developments and the evolving supervisory practices since 2001. The revision of the long form report as contemplated under Circular CSSF 01/27 was the result of a thorough reconsideration of its objective, scope and content in order to realign it with supervisory and prudential points of focus as well as to suppress redundancies between existing reporting requirements. The circular introduced a self-assessment questionnaire to be filled in on an annual basis by the institutions. It also introduced Agreed Upon Procedure report(s) and an annual separate report on the protection of financial instruments and funds belonging to clients as required under Article 7 of the Grand-ducal Regulation of 30 May 2018 to be established by the réviseurs d’entreprises agréés (REA) of the institutions. The self-assessment questionnaire and the Agreed Upon Procedure report(s) did not include matters relating to anti-money laundering and countering the financing of terrorism (AML/CFT) that have to be covered by the REA in its annual, separate report further to CSSF Regulation No 12-02. Following the revision of Circular 22/821 as amended by Circular CSSF 23/845, no more Agreed Upon Procedure reports are foreseen. As a result, the REA would only have to provide the annual separate report on the protection of financial instruments and funds belonging to clients as required under Article 7 of the Grand-ducal Regulation of 30 May 2018 as well as the annual separate AML/CFT report further to CSSF Regulation No 12-02.
\nCIRCULAR CSSF 22/821 as amended by Circulars CSSF 23/845, 24/865 and 25/897
\nTABLE OF CONTENTS 1. Scope of application and legal basis ................................................................................. 4 2. The self-assessment questionnaire .................................................................................. 4 3. The mission of the REA .................................................................................................. 5 3.1. The report on the protection of financial instruments and funds belonging to clients ......... 5 3.2. The AML/CFT report ................................................................................................. 6 4. Submission procedures .................................................................................................. 8 4.1. Self-assessment questionnaire .................................................................................. 8 4.2. Reports prepared by the REA..................................................................................... 8 4.3. Practical rules .......................................................................................................... 9 5. Final provisions .............................................................................................................
\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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