Improving Debt Recovery – Publication Of CSSF Circular 22/819

Regulation (EU) No 655/2014 of the European Parliament and of the Council of 15 May 2014 (the "Regulation") establishing a European Account Preservation Order procedure to facilitate cross-border debt recovery in civil and commercial matters has entered into force on 18 January 2017. Luxembourg law has been amended in this respect through the law of 17 May 2017, as amended (the "Law"), which designates the financial sector regulator (the Commission de Surveillance du Secteur Financier, hereafter referred to as the "CSSF") as the competent authority for the purposes of obtaining the necessary information on the debtor's account or accounts, also referred to as information authority within the Regulation. The CSSF's Circular 22/819 dated 1 August 2022 contains certain information in this regard which are of interest for banks under the supervision of the CSSF.