Regulatory Alerts2022-06-24
CSSF Circular 22/816: Adoption of ECB Guideline 2022/508 and Recommendation 2022/13 on National Competent Authority Options and Discretions
The CSSF issued Circular 22/816 to formally adopt ECB Guideline (EU) 2022/508 and Recommendation (EU) 2022/13 concerning the exercise of options and discretions by national competent authorities. This action updates the regulatory framework for less significant institutions by replacing the previous CSSF Circular 18/682 and aligning national rules with the amended ECB Guideline (EU) 2017/697. The circular establishes the binding requirements for Luxembourg supervisory practices regarding capital and liquidity discretions available under Union law.
Published on 24 June 2022
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CSSF circular
Adoption of Guideline (EU) 2022/508 of the European Central Bank of 25 March 2022 (ECB/2022/12) and of the Recommendation of the European Central Bank of 25 March 2022 (ECB/2022/13) regarding the exercise of some options and discretions available in Union law by national competent authorities
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