Circular CSSF 24/865 is a CSSF circular, published 11 November 2024 and updated 12 November 2024. Subject: Update of Circular CSSF 22/821 on the Long Form Report (as amended by Circular CSSF 23/845).
\nRelevant for: Credit institutions.
\nKeywords: AML/CFT, Approved statutory auditor (réviseur d'entreprises agréé), Credit risk, Depositary, eDesk, Information security, Internal governance, Payment services, Statutory auditor (réviseur d'entreprises).
\nCircular CSSF 24/865 Update of Circular CSSF 22/821 on the Long Form Report (as amended by Circular CSSF 23/845)
\nCircular CSSF 24/865 Update of Circular CSSF 22/821 on the Long Form Report (as amended by Circular CSSF 23/845) To all Luxembourg credit institutions and Luxembourg branches of non-EU credit institutions
\nLuxembourg, 11 November 2024 Ladies and Gentlemen, The purpose of this circular is to amend Circular CSSF 22/821 on the long form report (LFR) with the aim to further align the content of the self-assessment questionnaire (SAQ) with supervisory points of focus. As a result, the following 2 thematic sections have been included in the revised SAQ: a.
\nDora preparedness
\nLCRDA Article 23(2)
\nSome of the existing sections have been slightly modified to better suit supervisory needs. Please refer to Annex I for the details of the amendments to Circular CSSF 22/821 (as amended by Circular CSSF 23/285). Yours faithfully,
\nAnnex: Circular CSSF 22/821, as amended by Circulars CSSF 24/865 and CSSF 23/845
\nAnnex - Circular CSSF 22/821 as amended by Circulars CSSF 24/865 and CSSF 23/845
\nLong Form Report Practical rules concerning the self-assessment questionnaire to be submitted by institutions. Mission and related reports of the approved statutory auditors (réviseurs d’entreprises agréés). To all Luxembourg credit institutions and Luxembourg branches of non-EU credit institutions
\nLuxembourg, 25 October 2022 Ladies and Gentlemen, Circular 22/821 published on 25 October 2022 introduced a revised version of the long form report following on from the regulatory developments and the evolving supervisory practices since 2001. The revision of the long form report as contemplated under Circular CSSF 01/27 was the result of a thorough reconsideration of its objective, scope and content in order to realign it with supervisory and prudential points of focus as well as to suppress redundancies between existing reporting requirements. The circular introduced a self-assessment questionnaire to be filled in on an annual basis by the institutions. It also introduced Agreed Upon Procedure report(s) and an annual separate report on the protection of financial instruments and funds belonging to clients as required under Article 7 of the Grand-ducal Regulation of 30 May 2018 to be established by the réviseurs d’entreprises agréés (REA) of the institutions. The self-assessment questionnaire and the Agreed Upon Procedure report(s) did not include matters relating to anti-money laundering and countering the financing of terrorism (AML/CFT) that have to be covered by the REA in its annual, separate report further to CSSF Regulation No 12-02. Following the revision of Circular 22/821 as amended by Circular CSSF 23/845, Under the current revised version of Circular CSSF 22/821, no more Agreed Upon Procedure reports are foreseen. As a result, the REA would only have to provide the annual separate report on the protection of financial instruments and funds belonging to clients as required under Article 7 of the Grand-ducal Regulation of 30 May 2018 as well as the annual separate AML/CFT report further to CSSF Regulation No 1202.
\nTABLE OF CONTENTS 1. Scope of application and legal basis ..............................................................................555 2. The self-assessment questionnaire ...............................................................................666 3. The mission of the REA ...............................................................................................999 3.1. The report on the protection of financial instruments and funds belonging to clients ......999 3.2. The AML/CFT report ..............................................................................................999 4. Submission procedures .......
\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.
"}