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ARTICLE · 02 MAY 2022

Central Administration, Internal Governance And Risk Management Requirements: CSSF Update

Arendt & Medernach
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On 22 April 2022, the Commission de Surveillance du Secteur Financier (the "CSSF") issued the Circular CSSF 22/807 updating the amended Circular CSSF 12/552 on central administration, internal governance...

LuxembourgFinance and Banking
Glenn Meyer
Glenn Meyer
Emmanuelle Mousel
Emmanuelle Mousel
Marc Mouton
Marc Mouton
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Update for credit institutions and professionals performing lending operations

On 22 April 2022, the Commission de Surveillance du Secteur Financier (the "CSSF") issued the Circular CSSF 22/807 updating the amended Circular CSSF 12/552 on central administration, internal governance and risk management (the "Circular 12/552").

1. Main objective

The update seeks to implement recent changes to relevant EBA and ESMA Guidelines and further reflects the fact that the regulatory requirements pertaining to outsourcing arrangements, which were previously included in the Circular 12/552, have now been moved into the new general Circular CSSF 22/806 on outsourcing arrangements (discussed in our Newsflash on Circular CSSF 22/806 - available here_).

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