Regulatory Alerts2019-06-14
Added · Updated
CSSF Circular 19/720: Adoption of EBA Guidelines on Exemption from Contingency Mechanism under RTS on SCA & CSC
Account servicing payment service providers (ASPSPs) in Luxembourg must submit an exemption request to the CSSF by 01 May 2019 to avoid implementing a contingency mechanism for dedicated interfaces when Regulation (EU) 2018/389 enters into force on 14 September 2019. To qualify, ASPSPs must demonstrate that their dedicated interface has been available for testing for at least six months and in production for at least three months prior to the target date. Requests submitted for exemptions effective from other dates must be filed at least three months before the intended start date. The circular also mandates that any material outsourcing of access interface solutions requires a separate authorization or notification request submitted concurrently with the exemption application.
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