Regulatory Alerts2018-06-11
Added · Updated
CSSF Circular 18/692: Details Regarding EBA Guidelines on Product Oversight and Governance for Retail Banking Products
This circular specifies the European Banking Authority guidelines on product oversight and governance arrangements for retail banking products, which entered into force on 3 January 2017. It applies to all entities supervised by the CSSF acting as manufacturers or distributors of retail banking products offered to consumers, including credit institutions, investment firms, payment institutions, electronic money institutions, lenders, and mortgage credit intermediaries. Manufacturers must ensure their distributors comply with the guidelines, which cover internal control functions, target market identification, product testing, monitoring, and remedial actions. The circular applies with immediate effect to all retail banking products brought to market after the guidelines' implementation date and to existing products that are significantly changed thereafter.
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