Regulatory Alerts2018-07-05
Added · Updated
CSSF Circular 18/693: Adoption of EBA Guidelines on Connected Clients
The CSSF adopts the EBA Guidelines on connected clients (EBA/GL/2017/15), which enter into force on 1 January 2019 and repeal the CEBS Guidelines of 11 December 2009. Credit institutions and CRR investment firms incorporated under Luxembourg law, as well as Luxembourg branches of third-country entities, must ensure compliance with these guidelines by that date. Institutions are required to consider the guidelines when assessing whether clients form a group of connected clients for large exposures, concentration risk, and internal capital adequacy purposes. Additionally, CSSF circular 12/552 is amended to include specific wording mandating the consideration of the EBA guidelines in the context of concentration risk and other relevant chapters.
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