Circular CSSF 22/827 is a CSSF circular, published 23 December 2022 and updated 27 December 2022. Subject: Update of Circular CSSF 07/325, as amended by Circular CSSF 21/765, on 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.
\nRelevant for: Credit institutions, Investment firms.
\nMain topic: Sustainable finance. Keywords: AML/CFT, Approved statutory auditor (réviseur d'entreprises agréé), Audit firm, Auditing standards, Cabinet de révision, Cabinet de révision agréé, Depositary, eDesk, Payment services, Statutory auditor (réviseur d'entreprises).
\nLUXEMBOURG BY WAY OF BRANCHES OR EXERCISING ACTIVITIES IN LUXEMBOURG BY WAY OF FREE PROVISION OF SERVICES
\nCircular CSSF 22/827 Re: Update of Circular CSSF 07/325 as amended by Circular CSSF 21/765 on 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
\nLuxembourg, 23 December 2022 To all credit institutions and investment firms
\nLadies and Gentlemen, The purpose of this circular is to amend Circular CSSF 07/325 on 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 introduction of the revised long form report by Circular CSSF 22/821. The circular draws upon the provisions of the revised long form report and introduces a self-assessment questionnaire to be filled in on an annual basis by Luxembourg branches of credit institutions whose head office is in another Member State. The circular also modifies relevant regulatory references following (i) the latest updates made to the Law of 5 April 1993 on the financial sector and to the Law of 12 November 2004 on the fight against money laundering and terrorist financing, and (ii) the entry into force of Directive 2014/65/EU of the European Parliament and of the Council on markets in financial instruments (“MiFID II Directive”) which replaced Directive 2004/39/EC of the European Parliament and of the Council on markets in financial instruments. The MiFID II Directive was transposed into Luxembourg law by the Law of 30 May 2018 on markets in financial instruments. Please refer to the Annex for the details of the amendments to Circular 07/325. Yours faithfully,
\nFrançoise KAUTHEN
\nClaude MARX
\nAnnex: Circular CSSF 07/325, as amended by Circulars CSSF 21/765 and CSSF 22/827
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nAnnex - Circular CSSF 07/32 5 as amended by Circulars CSSF 21/765 and 22/827 Re: 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
\nLuxembourg, 19 November 2007
\nDear Sir, Madam,
\nTo all credit institutions and
\nThis circular is issued pursuant to the transposition into Luxembourg law of Directive
\ninvestment firms
\n2004/39/EC of the European Parliament and of the Council on markets in financial instruments (“MiFID Directive”) through the Law of 13 July 2007 on markets in financial instruments (“MiFID Law”) amending the Law of 5 April 1993 on the financial sector (“LFS”) and updates the circulars that existed in this field (IML 93/100, IML 98/147). The purpose of this circular is to provide further details on the principle of freedom of establishment by way of branches and free provision of services for credit institutions and investment firms whose head office is in another Member State. The MiFID Directive incorporates the principles that had already been set down in Directive 93/22/EEC on investment services in the securities field, such as the single authorisation recognised in all the Member States of the European Union. Nevertheless, it raises the level of harmonisation in order to ensure increased investor protection and to allow credit institutions and investment firms to provide their banking and investment activities/services in all Member States based on the principle of supervision by the home supervisory authority.
\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.
"}