Regulatory Alerts2018-10-19
Added · Updated
CSSF Circular 18/700 on the Law of 13 June 2017 regarding payment accounts and postal financial services
Articles 5(1) to 7 and 9 of the Law of 13 June 2017 enter into force on 1 November 2018, imposing obligations on payment service providers offering payment accounts to consumers in Luxembourg. Providers must supply a standardized fee information document and glossary before contract conclusion, provide an annual statement of fees, and use standardized terminology in marketing materials. The CSSF operates a comparison website listing fees for providers meeting specific size criteria, with monthly update deadlines for fee modifications. Additionally, the CSSF collects biennial data on account switching and basic features to report to the European Commission.