On 9 April 2021 the CSSF published a new Circular 21/769 on
“Governance and security requirements for supervised entities
to perform tasks or activities through Telework”
(“Telework Circular”).
The Telework Circular does not apply under pandemic situations
(such as Covid-19 pandemic) or in case of other exceptional
circumstances having a comparable impact on the general working
conditions.
Under the Telework Circular, all entities supervised by the CSSF
and the branches of the Luxembourg regulated entities located
abroad (“Supervised Entity”) will
be required to have sufficient staff members at the premises to
comply with central administration requirements. Notably, the
amount of normal working time that individual staff members are
allowed to telework, shall be limited. At least one authorised
manager/conducting officer shall be on-site at the head office at
all times and key functions shall be sufficiently represented every
day at the premises.
