Transfer of competence for authorisation to the CSSF
The «Agrément Law» of 21 July 2021
- Transfer of competence for granting authorisation from the Minister of Finance to the Commission de Surveillance du Secteur Financier (CSSF)
- 30 July 2021: Entry into force of the «Accreditation Law» of 21 July 2021
Objective
This transfer of competence for accreditation forms part of the follow-up to the evolution of European Union law, which increasingly advocates for’Granting of accreditation powers to competent authorities national authorities responsible for prudential supervision.
The authorisation processes will no longer involve a dual layer of oversight, requiring approval from both the CSSF and the Ministry of Finance.
Unchanged approval conditions
- The conditions for granting, refusing or withdrawing authorisation. ;
- Substantive requirements.
Parties concerned
- Mortgage credit intermediaries ;
- All PSFs as defined by Article 1 of the amended law of 5 April 1993 relating to the financial sector (investment firms, specialised PSFs, support PSFs); ;
- Branches of foreign credit institutions other than investment firms; ;
- Branches of credit institutions from third countries; ;
- Companies from third countries providing investment services or engaging in investment activities; ;
- The representatives-trustees in accordance with the amended law of 22 March 2004 on securitisation; ;
- Payment institutions and electronic money institutions ;
- Regulated markets.
CSSF Digital Portals
Over the last few years, the CSSF has developed a digital portal strategy, notably in order to make exchanges with supervised entities faster and more transparent.
To remember
From 30 July 2021, The CSSF alone has the power to grant, refuse, and withdraw authorisations for certain entities under its supervision. However, it is important to specify that the conditions of granting, refusal and withdrawal of authorisations as well as the substantive requirements remain unchanged.
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