Regulatory Alerts2024-08-29
Added · Updated
Circular CSSF 24/860 Update of Circular CSSF 12/552 on central administration, internal governance and risk management
Circular CSSF 24/860 updates Circular CSSF 12/552 by clarifying the definition of significant institutions in Part I and introducing a definition for transactions with related parties. The scope is clarified for mixed financial holding companies acting as intermediaries in the holding chain to promote proportionality. Adjustments align the requirement to establish an audit committee with the Law of 23 July 2016 concerning the audit profession and adapt provisions regarding the veto right of the head of the risk management function to comply with EBA Guidelines on internal governance. The term "risk control function" is replaced by "risk management function," and direct links are established with Circulars CSSF 22/824 and CSSF 17/675 regarding credit risk requirements.
More like this from CSSF
We email you every new CSSF publication the day it's published.