CSSF Issues Circular 17/671 Specifying CSSF Regulation 16-07 On Out-Of-Court Resolution Of Complaints

On 13 October 2017, the Commission de Surveillance du Secteur Financier (the "CSSF") issued Circular 17/671 specifying CSSF Regulation 16-07 on out-of-court resolution of complaints (the "Circular 17/671"). This circular repeals and replaces CSSF Circular 14/589 specifying CSSF Regulation 13-02 on out-of-court resolution of complaints. The new Circular 17/671 revamps and further develops the content of Circular 14/589.

First, it is expressly required that the customer must be informed about the existence of the out-of-court resolution by the CSSF if he/she does not get a satisfactory answer from the professional. It is permissible that the professional does not adhere to the CSSF's procedure on the out-of-court resolution. However, the CSSF strongly encourages and expects the professionals to do so in order to guarantee that customers have an access to resolution procedures and to avoid that they have to renounce their complaint. The professional must communicate to