Most Read Contributor in Luxembourg, February 2017
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.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
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As the banking industry continues to be shaped by technological and regulatory forces, we’ve gathered our European Central Bank (ECB) experts to hold a conference about this changing landscape. KPMG’s ECB desk from Frankfurt will join our Luxembourg banking partners to unpack the latest news from the ECB, including regulations that will affect the future of banking.
We would be very pleased if you could attend this event, which will be held at our Luxembourg headquarters in Kirchberg on 30 March. The talk will begin at 5:00pm and last until 6:00pm, at which point the evening will be turned over to a networking session with drinks.
Please let us know if you are able to attend by using the registration button above (by 27 March, if possible).
We look forward to seeing you there!
Here in Luxembourg, LPEA are holding an event which will offer new initiatives by bringing General Partners (GPs) and Limited Partners (LPs) together to examine and speak on the industry from the “360” perspective, leaving no stone unturned. We are a sponsor of the event, as well as having a speaker present. David Capocci, Partner and Head of Alternative Investments will be offering his own insight on the industry nowadays.
Over the last 40 years, the Cayman Islands has matured into one of the world's most sophisticated and successful international financial centres, providing a competitive, effective, transparent, cost-efficient and tax-neutral platform for international capital flows underpinned by an environment of legal, political and economic stability.
UCITS are permitted to invest up to 100% of their assets in other open-ended collective investment schemes ("CIS") where those CIS are:
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