Regulatory News Alert
On 19 January 2024, CSSF published the CSSF circular 24/850 defining the practical rules for the new regulatory requirements for Support PSF and their Réviseurs d'Entreprises Agréés (REA) for closings on 31 December 2023. These submissions must be made by Support PSF via the CSSF e-desk platform within 7 months after closing.
The new circular 24/850 is repealing the CSSF circular 12/544 and 19/727, replacing the risk assessment report (RAR) by the self-assessment questionnaire (SAQ) and simplifying the descriptive report (DR) to be provided on an annual basis by Support PSF.
Under the new circular, the Réviseur d’Entreprises Agréés (REA) will prepare:
The above-mentioned requirements and regulatory framework are applicable for the first time for financial years closing on 31 December 2023, or after 31 December 2023.
Below is a list of reporting templates for the specific reporting of the REA:
Reporting templates for the specific reporting of the REA |
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Management letter |
Weaknesses and points needing improvements and follow-up points of the preceding financial years |
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Rotation plan |
N/A |
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Practically speaking, accurately completing a support PSF’s SAQ has proven to be quite difficult, generating a workload that requires highly technical skills, which can quickly become time consuming and drain resources.
Deloitte can support you in your readiness for this new reporting scheme: