Regulatory Alerts2018-12-18
Circular CSSF-CPDI 18/14 — Definition of public authorities in the context of exclusions from deposit guarantee
The Commission de Surveillance du Secteur Financier and the Deposit Protection and Investors Protection Council issued Circular CSSF-CPDI 18/18 to clarify the exclusion of public authorities from the Luxembourg Deposit Guarantee Fund. The circular mandates a strict interpretation of the term 'public authority' for the purposes of Article 172(1)(10) of the amended Credit Institutions Law. It defines public authorities exclusively as central public administrations (code 11000) and other public administrations (code 12000) as specified in the Luxembourg Central Bank's statistical reporting definitions.
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