Circular CSSF-CPDI 23/35 is a CSSF circular, published 22 May 2023 and updated 8 May 2026. Subject: Update of Circular CSSF-CPDI 16/02 on the scope of the deposit guarantee and the investor compensation.
\nRelevant for: AIFMs, Credit institutions, Investment firms, Management companies - Chapter 15.
\nKeywords: Deposit Guarantee Schemes, Depositor and Investor Protection Board (CPDI), Investor Compensation Scheme Luxembourg (SIIL), Luxembourg Deposit Guarantee Fund (FGDL).
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nCircular
\nCSSF-
\nCPDI 16/02 on the scope of the deposit guarantee and the investor compensation
\nIn case of discrepancies between the French and the English text, the French text shall prevail.
\nCircular CSSF-CPDI 23/35 Re: Update of Circular CSSF-CPDI 16/02 on the scope of the deposit guarantee and the investor compensation
\nLadies and Gentlemen,
\nLuxembourg, 22 May 2023
\nThe objective of this circular is to amend Circular CSSF-CPDI 16/02 on the scope To all credit institutions and
\nof the deposit guarantee and the investor compensation by incorporating the
\ninvestment firms incorporated
\nprovisions of Article 62 of Regulation (EU) 2019/2033 of the European
\nunder Luxembourg law, to the
\nParliament and of the Council of 27 November 2019 amending Regulation (EU)
\nPOST
\nthe
\nNo 575/2013 which affect the definition of financial institutions. Please bear in
\ncredit
\nmind that the latter are excluded from the scope of the deposit guarantee and
\nLuxembourg,
\nbranches institutions firms,
\nnon-EU and
\nwell
\ninvestment
\nUCITS
\nmanagement companies and to alternative
\ninvestment
\nfund
\nmanagers whose authorisation includes the management of
\ninvestor compensation. The amendments also pertain to the application of Articles 174 and 196(5) of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms. In this context, certain terms relating to the identification and indemnification of accounts where the holder is different from the person
\nportfolios on a discretionary,
\nabsolutely entitled are clarified.
\nclient-by-client basis
\nCircular CSSF-CPDI 16/02 is amended in accordance with the annex to this circular. The annex includes the changes introduced by this circular to Circular CSSFCPDI 16/02 in tracked changes in order to facilitate the reading and comprehension. Yours faithfully,
\nOn behalf of the CPDI Claude WAMPACH Chair of the CPDI
\nAnnex: Luxembourg, 18 October 2016 To all credit institutions and investment firms incorporated under Luxembourg law, to the “Entreprise des postes et télécommunications”POST Luxembourg, to the branches of non-EU credit institutions and investment firms, as well as to UCITS management companies and to alternative investment fund managers whose authorisation includes the management of portfolios on a discretionary, client-by-client basis
\nRe: Scope of the deposit guarantee and the investor compensation Ladies and Gentlemen, 1. This circular aims at clarifying certain eligibility criteria with respect to the deposit guarantee and the investor compensation, in accordance with Titles II and III of the amended law of 18 December 2015 on the failure of credit institutions and certain investment firms (hereinafter “law of 2015”). The circular reiterates the exclusions defined in the outdated Circular CSSF 15/630 and extends them to the “Système d’indemnisation des investisseurs Luxembourg” (“SIIL”). 2.
\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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