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Circular CSSF 12/552 - 14/12/2012


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Central administration, internal governance and risk management of banks and investment firms

The CSSF published on 12 December 2012 CSSF Circular 12/552 on central administration, internal governance and risk management (hereinafter, the “Circular”).

This Circular applies to all Luxembourg credit institutions and investment firms, as well as to Luxembourg branches of credit institutions and investment firms whose country of origin is outside the European Economic Area (hereinafter, the “establishments”) on an individual and consolidated basis.

Professionals conducting lending activities (Article 28-4 of the Law of 5 April 1993 on financial services, as amended) shall only remain subject to specific rules relating to the management of credit risk set out in Chapter 3 of Part III of the Circular.

This Circular will enter into force on 1st July 2013. Certain transitional provisions are, however, provided regarding:

  • the composition and the qualifications of the Board of Directors;
  • the specialised committees (with the exception of the audit committee);
  • the prohibition to act both mandates as Chairman of the Board of Directors and as member of Authorised Management;
  • the setting down in writing by the Board of Directors of guidelines concerning the organisational and operational structure, the internal control mechanisms, the central administration, the business continuity plan as well as the appointment and removal of key functions.

The above rules will be applicable with effect from 1st January 2014.

You can get a more complete summary of CSSF Circular 12/552 by logging on http://www.deloitte.com/lu/governance. A brief overview of the related services that Deloitte can offer is also available on our website.

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