Circular CSSF 25/870 is a CSSF circular amending Circular CSSF 24/853 on the revised long form report for investment firms Long Form Report – Practical rules concerning the self-assessment questionnaire to be submitted by investment firms – Mission and related reports of the réviseurs d’entreprises agréés (approved statutory auditors), published 9 January 2025.
\nLegal basis: Law of 5 April 1993 on the financial sector.
\nRelevant for: Investment firms.
\nMain topic: MiFID II. Keywords: AML/CFT, Approved statutory auditor (réviseur d'entreprises agréé), Cabinet de révision agréé, Central administration, eDesk, Internal governance, Risk management.
\nAmends Circular CSSF 24/853.
\nCircular CSSF 25/870 Update of Circular CSSF 24/853 on the Long Form Report Practical rules concerning the self-assessment questionnaire to be submitted by investment firms Mission and related reports of the réviseurs d’entreprises agréés (approved statutory auditors)
\nCircular CSSF 25/870 Update of Circular CSSF 24/853 on the Long Form Report Practical rules concerning the self-assessment questionnaire to be submitted by investment firms Mission and related reports of the réviseurs d’entreprises agréés (approved statutory auditors) To investment firms and Luxembourg branches of non-EU investment firms
\nLuxembourg, 9 January 2025 Ladies and Gentlemen, The purpose of this circular is to amend Circular CSSF 24/853 on the revised long form report (revised LFR) by enlarging its scope of application for the financial year ending 31 December 2024 compared to 31 December 2023. Whereas, for the financial year ending 31 December 2023, the revised LFR was applicable only to a sample of investment firms, namely (i) all non-SNI IFR investment firms1 incorporated under Luxembourg law, including their branches2 and (ii) certain3 SNI IFR investment firms4 incorporated under Luxembourg law, including their branches, the requirements with regard to the revised LFR now apply to all investment firms for the financial year ending 31 December 2024. However, considering the principle of proportionality, the CSSF introduces a reduced scope of the requirements for the investment firms that are subject to the provisions of Circular CSSF 24/853 for the first time as from the year ending 31 December 2024, as regards the reports to be prepared by their réviseur d’entreprises agréé. These investment firms5 (the Partial Scope IF) are exempted from the requirement to submit the Agreed Upon Procedure (AUP) reports as part of their revised LFR. However, the report on the protection of financial instruments and funds belonging to clients to be produced in accordance with the Grand-ducal Regulation of 30 May 2018 and the report on anti-money laundering and countering the financing of terrorism (AML/CFT) based on Articles 49(2) and 49(3) of CSSF Regulation No 12-02 of 14 December 2012 are mandatory for all investment firms and shall therefore also be submitted by these investment firms. Finally, certain investment firms may be exempted by the CSSF from this Circular notably where the requirements would represent an undue burden, in consideration of their specific and exceptional situation (e.g. investment firms that have announced the winding down of their operations). These investment firms remain subject to Circular CSSF 03/113.
\nAs defined in point (9a-2) of Article 1 of the Law of 5 April 1993 on the financial sector, as amended (the LFS). As of the date of issuance of this circular, there is no CRR investment firm as defined in point (9a) of Article 1 of the LFS being incorporated in Luxembourg nor are there Luxembourg branches of third-country investment firms. 3 The In-Scope Class 3 IF concerned have been selected by the CSSF using a risk-based approach, considering certain representative risk attributes (e.g. business model, size). They were informed bilaterally that they are required to submit the revised LFR for the financial year ending 31 December 2023. 4 Small and non-interconnected investment firms as set out in Article 12(1) of Regulation (EU) 2019/2033. 5 Certain SNI IFR investment firms incorporated under Luxembourg law, including their branches which, by reference to their risk attributes, represent a comparably lesser risk. 1 2
\nPlease refer to Annex 1 for the details of the amendments to Circular CSSF 24/853.
\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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