On 5 August 2016, the Commission de Surveillance du Secteur
Financier (CSSF) issued CSSF Circular 16/641 which
updates CSSF Circular 15/629 "on supplementary supervision to
be applied to financial conglomerates and definition of structure
coefficients to be observed by the regulated entities belonging to
these financial conglomerates pursuant to Article 56 of the law of
5 April 1993 on the financial sector". The Circular applies to
credit institutions, investment firms, asset managers and
alternative investment fund managers (AIFMs). This update reflects
the amendment made by Directive 2011/89/EU to Directive 2002/87/EC
"on the supplementary supervision of credit institutions,
insurance undertakings and investment firms in a financial
CSSF Circular 16/641 adds the following paragraph to Section 2
on the "Supplementary supervision on capital adequacy",
point a. "Technical method for the calculation of the
supplementary requirements", point 1) (Method based on
accounting consolidation): "When this method is applied, the
supplementary capital adequacy requirements with regard to a
financial conglomerate, the own funds and the solvency requirements
of the entities in the group shall be calculated by applying the
corresponding sectoral rules on the form and extent of
consolidation as laid down in particular in Articles 18 of EU
Regulation n. 575/2013 and 221 of Directive 2009/138/EC. The
text of Circular 16/641 is available under the following web link.
The text of Circular 15/629 as amended by Circular 16/641 is
available under the following web link.
Both texts are only available in their French version.
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