Circular CSSF 24/850 is a CSSF circular, published 19 January 2024. Subject: Practical rules concerning the descriptive report and the self-assessment questionnaire to be submitted on an annual basis by support PFS. Engagement of the réviseurs d’entreprises agréés (approved statutory auditors) of support PFS and practical rules concerning the management letter and the separate report to be drawn up on an annual basis.
\nRelevant for: Support PFS.
\nKeywords: AML/CFT, Approved statutory auditor (réviseur d'entreprises agréé), Cabinet de révision agréé, Cybersecurity, Information and communications technology (ICT), Information security, Internal governance, Operational risk, Outsourcing, Risk management.
\nAmended by Circular CSSF 25/903. Repeals Circular CSSF 19/727.
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nPractical rules concerning the descriptive report and the selfassessment questionnaire to be submitted on an annual basis by support PFS Engagement of the réviseurs d'entreprises agréés (approved statutory auditors) of support PFS and practical rules concerning the management letter and the separate report to be drawn up on an annual basis
\nIn case of discrepancies between the French and the English texts, the French text shall prevail.
\nPractical rules concerning the descriptive report and the selfassessment questionnaire to be submitted on an annual basis by support PFS Engagement of the réviseurs d'entreprises agréés (approved statutory auditors) of support PFS and practical rules concerning the management letter and the separate report to be drawn up on an annual basis To all support PFS
\nLuxembourg, 19 January 2024 Ladies and Gentlemen, The purpose of this circular is to define the practical rules concerning the preparation and annual submission of the below-mentioned documents by support PFS and their réviseurs d'entreprises agréés (approved statutory auditors, “REA”). More specifically, this circular introduces, on the one hand, a self-assessment questionnaire to be completed on an annual basis by support PFS (“self-assessment questionnaire”) and to be submitted to the CSSF as a replacement of the risk assessment report (“RAR”) required under Circular CSSF 12/544 1. The self-assessment questionnaire represents the result of an in-depth review of the objective and content of the information the CSSF requests to receive on the support PFS’ selfassessment and management of the risks to that it may expose the financial sector. It takes into account the regulatory developments and the main points that the CSSF intends to bring to the support PFS’ attention. On the other hand, this circular broadly details the role and engagement of REAs in the context of the statutory audit of support PFS. Moreover, it establishes a specific regulatory framework applicable to the management letter, and also introduces a separate report (“separate report”). The separate report includes the specific procedures that the CSSF requests the REA to perform in relation to the support PFS’ self-assessment questionnaire. Both documents must be drawn up by the support PFS’ REAs on an annual basis. Lastly, this circular adapts and simplifies the descriptive report to be provided on an annual basis by support PFS and repeals Circulars CSSF 12/544 and CSSF 19/727 2 following the introduction of the new supervisory tools by this circular.
\nCircular CSSF 12/544 on the optimisation of the supervision exercised on the “support PFS” by a risk-based approach, repealed by this circular.
\n2 Circular CSSF 19/727 on new arrangements for the transmission of the documents required under Circular CSSF 12/544, repealed by this circular.
\nTABLE OF CONTENTS 1. Scope and legal basis..................................................................................................... 4 2. Risk-based approach...................................................................................................... 4 3. Practical rules concerning the descriptive report and the self-assessment questionnaire to be submitted by support PFS on an annual basis ......................................................................... 5 3.1. Descriptive report .................................................................................................... 5 3.2. Self-assessment questionnaire .................................................................................. 5 4. Practical rules concerning the engagement of REAs....................
\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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