CSSF Regulation No 23-02 on the setting of the countercyclical buffer rate for the third quarter of 2023

In case of discrepancies between the French and the English texts, the French text shall prevail. CSSF Regulation No 23-02

In case of discrepancies between the French and the English texts, the French text shall prevail. CSSF REGULATION NO 23-02 2/8 CSSF Regulation No 23-02 of 30 June 2023 on the setting of the countercyclical buffer rate for the third quarter of 2023 (Mém. A 2023, No 342) The Executive Board of the Commission de Surveillance du Secteur Financier, Having regard to Article 108a of the Constitution; Having regard to the Law of 23 December 1998 establishing a financial sector supervisory commission (“Commission de surveillance du secteur financier”) and in particular Article 9(2) thereof; Having regard to the Law of 5 April 1993 on the financial sector, and in particular Article 59-7 thereof, pursuant to which the CSSF as the designated authority shall, after consultation with the BCL, be responsible for setting the countercyclical buffer rate applicable in Luxembourg; Having regard to CSSF Regulation No 15-01 on the calculation of institution-specific countercyclical capital buffer rates, transposing Article 140 of Directive 2013/36/EU; Having regard to CSSF Regulation No 15-04 on the setting of a countercyclical buffer rate; Having regard to CSSF Regulation No 15-05 on the exemption of investment firms qualifying as small and medium-sized enterprises from the requirements to maintain a countercyclical capital buffer and a capital conservation buffer; Having regard to Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC, and in particular Articles 130, 135 and 136 thereof; Having regard to Council Regulation (EU) No 1024/2013 of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions (“SSM Regulation”), and in particular Article 5 thereof; Having regard to the Recommendation of the European Systemic Risk Board of 18 June 2014 on guidance for setting countercyclical buffer rates (“Recommendation ESRB/2014/1”); Having regard to the Recommendation of the Comité du risque systémique (Systemic Risk Committee) (CRS/2023/002) of 8 June 2023 on the setting of a countercyclical buffer rate for the third quarter of 2023; Having regard to the decision of the ECB, adopted pursuant to Article 5 of the SSM Regulation, not to object to the CSSF's intention to take the macro-prudential measures set out in this regulation; Having regard to the opinion of the Consultative Committee for Prudential Regulation; Decides:
Article 1
Applicable countercyclical buffer rate
In accordance with Article 59-7 of the Law of 5 April 1993 on the financial sector (“LFS”), based on the elements documented in Annex 1 and the Recommendation of the Systemic Risk Committee of 8 June 2023 on the setting of a countercyclical buffer rate for the second quarter of 2023 documented in Annex 2, the countercyclical buffer rate applicable to the relevant exposures located in Luxembourg shall remain set at 0.50 % for the third quarter of 2023.