Merger of OSIP statutes (Art. 29.3) and OSIS statutes (Art. 29.4)
Law of 21 July 2021
- PSF support (OSIP & OSIS)
- 31 July 2021: Entry into force of the Act of 21 July 2021 amending the amended Act of 5 April 1993 on the financial sector
- 31 July 2022: Comply with the approval conditions of this Act
Introduction
The Law of 21 July 2021 deals, among other things, with Fusion OSIP and OSIS statutes in a single status as operators of computer systems and communication networks in the financial sector.
Articles 29-3 and 29-4 of the Amended Law of 5 April 1993 are repealed and replaced by a new article 29-3.
IT and communications network system operators in the financial sector
According to the new Article 29-3, operators of IT and communication network systems in the financial sector:
- Including professionals in charge of Operation of computer systems and communication networks forming part of the IT and communication system specific to the following supervised entities :
- Credit institution ;
- PSF ;
- Payment institution ;
- Electronic money institutions ;
- OPC ;
- Pension funds ;
- FIS; ;
- Venture capital firms ;
- Authorised securitisation entities ;
- Restricted alternative investment funds ;
- Insurance or reinsurance companies established under Luxembourg law or under foreign law.
- Behave computer processing or the transfer of data stored in the computer device ;
- are also authorised to carry out the Setting up and maintaining IT systems and communication networks.
Computer devices and communication networks can either belong to entities, or to be made available to him by the operator.
Amount of subscribed and paid-up share capital
The Legal entity justify subscribed and paid-up capital worth 125,000 euros At least.
AML/CTF
The OSIP and OSIS approved under Articles 29-3 and 29-4 as they stood before 31 July 2021:
- Benefit automatically from the new status IT and communication network systems operator in the financial sector; ;
- Must to comply by 31 July 2022 at the latest subject to the approval requirements of the Act of 21 July 2021.
To remember
The Law of 21 July 2021 notably amends the amended Law of 5 April 1993 relating to the financial sector. This merges the statuses of primary IT system operators in the financial sector (OSIP) and secondary IT system and communication network operators in the financial sector (OSIS) into a new single status.
The OSIP and OSIS companies automatically benefit from the status of IT systems and financial sector communication network operators. However, these companies must to conform under the approval conditions of this Act by 31 July 2022 at the latest.
The next CSSF memo will clarify the future steps to be taken.
To view the Act of 21 July 2021 in its entirety, please find the useful links below:
https://www.cssf.lu/wp-content/uploads/L_050493_lsf.pdf
https://legilux.public.lu/eli/etat/leg/loi/2021/07/21/a566/jo
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