{"id":"circulars/cssf-24-858","title":"Circular CSSF 24/858","type":"circular","date":"2024-06-27","kind":"circular","html":"

Circular CSSF 24/858 is a CSSF circular, published 27 June 2024. Subject: Application of the Guidelines of the European Banking Authority on benchmarking of diversity practices, including diversity policies and gender pay gap, under Directive 2013/36/EU and Directive (EU) 2019/2034 (EBA/GL/2023/08).

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Legal basis: Law of 5 April 1993 on the financial sector.

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Relevant for: Credit institutions, Investment firms.

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Keywords: Internal governance, Remuneration.

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Text

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Circular CSSF 24/858 Application of the Guidelines of the European Banking Authority (“EBA”) on benchmarking of diversity practices, including diversity policies and gender pay gap, under Directive 2013/36/EU and Directive (EU) 2019/2034 (EBA/GL/2023/08)

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Circular CSSF 24/858 Application of the Guidelines of the European Banking Authority (“EBA”) on benchmarking of diversity practices, including diversity policies and gender pay gap, under Directive 2013/36/EU and Directive (EU) 2019/2034 (EBA/GL/2023/08) To all credit institutions, as defined in point (12) of Article 1 of the amended Law of 5 April 1993 on the financial sector (“LFS”), all CRR investment firms, as defined in point (9a) of Article 1 of the LFS, and all non-SNI IFR investment firms, as defined in point (9a-2) of Article 1 of the LFS

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Luxembourg, 27 June 2024 Ladies and Gentlemen, The purpose of this circular is to inform you that the CSSF, in its capacity as competent authority, applies the EBA Guidelines on benchmarking of diversity practices, including diversity policies and gender pay gap, under Directive 2013/36/EU and Directive (EU) 2019/2034 (EBA/GL/2023/08) (the “Guidelines”), published on 18 December 2023. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach with a view to promoting supervisory convergence in this field at European level. All credit institutions, as defined in point (12) of Article 1 of the amended Law of 5 April 1993 on the financial sector (“LFS”), all CRR investment firms, as defined in point (9a) of Article 1 of the LFS, and all non-SNI IFR investment firms, as defined in point (9a-2) of Article 1 of the LFS (hereafter collectively referred to as “relevant institutions”) shall duly comply with the Guidelines.

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  1. The Guidelines The Guidelines are issued by the EBA for the purposes of the harmonised benchmarking of diversity practices in accordance with Article 91(11) of the amended Directive 2013/36/EU 1 and Article 26 of Directive 2019/2034 2. Additionally, for the purposes of the harmonised benchmarking of the gender pay gap at the level of the management body, the Guidelines are issued by the EBA in accordance with Article 75(1) of Directive 2013/36/EU and Article 34(1) of Directive 2019/2034. The Guidelines apply as from 27 June 2024. The Guidelines specify the information to be provided every three years by a representative sample of relevant institutions on diversity practices, including on diversity policies and gender pay gap at the level of the management body (“diversity benchmarking”). The Guidelines also specify how the CSSF will collect the diversity benchmarking data from relevant institutions, and how the CSSF will submit the data to the EBA.
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1 Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338) 2 Directive (EU) 2019/2034 of the European Parliament and of the Council of 27 November 2019 on the prudential supervision of investment firms and amending Directives 2002/87/EC, 2009/65/EC, 2011/61/EU, 2013/36/EU, 2014/59/EU and 2014/65/EU (OJ L 314, 05.12.2019, p.64)

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The

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Guidelines

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are

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attached

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this

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circular

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and

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are

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available

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EBA’s

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website:

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https://www.eba.europa.eu/activities/single-rulebook/regulatory-activities/internalgovernance/guidelines-benchmarking-diversity-practices-including-diversity-policies-and-genderpay-gap?version=2023#activity-versions

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  1. Scope of application This circular shall apply to: -
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all credit institutions, as defined in point (12) of Article 1 of the LFS;

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all CRR investment firms, as defined in point (9) of Article 1 of the LFS;

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all non-SNI IFR investment firms, as defined in point (9a-2) of Article 1 of the LFS.

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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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