{"id":"circulars/cssf-23-834","title":"Circular CSSF 23/834","type":"circular","date":"2023-05-16","kind":"circular","html":"<p>Circular CSSF 23/834 is a CSSF circular, published 16 May 2023. Subject: Mandatory use of the IMAS Portal for certain supervisory processes.</p>\n<p>Relevant for: AIFMs, AISPs, Central Securities Depositories (CSDs), Credit institutions, Crowdfunding service providers, Crypto-Assets Service Providers (CASPs), Data Reporting Service Providers (DRSPs), E-money institutions, Investment firms, Investment fund managers, Issuers of ARTs, Issuers of E-Money Tokens (EMTs), Issuers of Tokens, Management companies - Chapter 15, Management companies - Chapter 16, Payment institutions, Payment institutions/electronic money institutions/AISPs, Pension funds.</p>\n<p>Keywords: Single Supervisory Mechanism (SSM).</p>\n<p>Repeals <a href=\"/lhoft?page=circulars%2Fcssf-21-781\" class=\"wikiLink\" data-target=\"circulars/cssf-21-781\">Circular CSSF 21/781</a>, <a href=\"/lhoft?page=circulars%2Fcssf-20-763\" class=\"wikiLink\" data-target=\"circulars/cssf-20-763\">Circular CSSF 20/763</a>.</p>\n<h2>Text</h2>\n<p>In case of discrepancies between the French and the English texts, the French text shall prevail.</p>\n<p>Circular CSSF 23/834 Re: Mandatory use of the IMAS Portal for certain supervisory processes</p>\n<p>Luxembourg, 16 May 2023</p>\n<p>To all credit institutions</p>\n<p>Ladies and Gentlemen, The IMAS Portal is a digital interface of the Single Supervisory Mechanism (\"SSM\") for certain supervisory processes. It is part of the commitment of the European Central Bank and of the national competent authorities within the SSM to</p>\n<p>enhance</p>\n<p>efficiency</p>\n<p>through</p>\n<p>digitalisation,</p>\n<p>well</p>\n<p>increase</p>\n<p>communication and transparency of their processes. The use of the portal does not change the legal environment under which the ECB and the CSSF interact with the relevant parties and does not change in any way the allocation of legal responsibilities between the CSSF and the ECB in the framework of the SSM. This circular repeals and replaces Circular CSSF 20/763 of 15 December 2020 and Circular CSSF 21/781 of 23 September 2021.</p>\n<p>TABLE OF CONTENTS 1.1 1.2 1.3 1.4 1.5</p>\n<p>Scope of application Mandatory use of the IMAS Portal Account activation Practical aspects Get support</p>\n<p>4 4 5 5 6</p>\n<p>1.1</p>\n<p>Scope of application</p>\n<p>This circular applies to all credit institutions incorporated under Luxembourg law for the following supervisory processes. For significant and less significant institutions: •</p>\n<p>Acquisition of qualifying holdings</p>\n<p>Passporting notifications (initial and subsequent changes);</p>\n<p>Licensing procedures;</p>\n<p>Voluntary withdrawals of licensing authorisations.</p>\n<p>For significant institutions only: •</p>\n<p>Appointments of the members of the management body, in their executive and supervisory (non-executive) functions;</p>\n<p>Authorisation procedures for (mixed) financial holding companies ;</p>\n<p>Credit quality on-site inspections;</p>\n<p>Internal models (non-material model changes and extensions);</p>\n<p>Notification of outsourcing arrangements.</p>\n<p>Please note that the IMAS Portal should not be used in the following supervisory processes: •</p>\n<p>Applications for third-country branches;</p>\n<p>Licence lapsing notifications;</p>\n<p>Fit and proper assessments in the following cases: o</p>\n<p>Notification of key function holders (who are not expected to also become members of the management body);</p>\n<p>Notification of renewals (without any change in the executive or nonexecutive nature of the mandate);</p>\n<p>Communication of new material facts regarding appointees previously assessed and approved.</p>\n<p>1.2</p>\n<p>Mandatory use of the IMAS Portal</p>\n<p>The use of the IMAS Portal allows a more efficient processing of files at the SSM level and increases the transparency of the different processes and related communications. In this context, the CSSF has, upon recommendation of the ECB and like other national competent authorities within the SSM, decided to make the use of the IMAS Portal mandatory for supervisory processes within the scope of this circular.</p>\n<p>1.3</p>\n<p>Account activation</p>\n<p>The creation, activation and management of the IMAS account are described on the following page (\"Account Activation\" section): IMAS Portal (europa.eu) The registration and use of the IMAS Portal are free.</p>\n<p>1.4</p>\n<p>Practical aspects</p>\n<p>Following the introduction of the IMAS Portal, the submission of original documents is no longer required for supervisory processes within the scope of this circular. However, the relevant parties must ensure that the documents sent electronically constitute a true copy of the original and that the original documents are available upon the CSSF’s request. The CSSF underlines that the relevant parties must use the IMAS Portal not only for the submission of their initial applications but also for any subsequent exchange of information.</p>\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-23-834/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/cssf23_834eng.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>"}