Regulatory Alerts2023-05-16
Added · Updated
Mandatory use of the IMAS Portal for certain supervisory processes
The CSSF mandates the use of the IMAS Portal for specific supervisory processes involving credit institutions incorporated under Luxembourg law, including acquisition of qualifying holdings, passporting notifications, licensing procedures, and voluntary withdrawals of licensing authorizations for both significant and less significant institutions. For significant institutions only, the portal is required for appointments of management body members, authorization procedures for financial holding companies, credit quality on-site inspections, internal model changes, and outsourcing notifications. Submission of original documents is no longer required, but electronic submissions must be true copies of originals available upon request, and all subsequent exchanges of information must occur within the portal rather than via email.
CIRCULAR CSSF 23/834 1/7 Circular CSSF 23/834 Mandatory use of the IMAS Portal for certain supervisory processes
CIRCULAR CSSF 23/834 2/7 Circular CSSF 23/834 Re: Mandatory use of the IMAS Portal for certain supervisory processes Ladies and Gentlemen, The IMAS Portal is a digital interface of the Single Supervisory Mechanism ("SSM") for certain supervisory processes. It is part of the commitment of the European Central Bank and of the national competent authorities within the SSM to enhance efficiency through digitalisation, as well as to increase communication and transparency of their processes. The use of the portal does not change the legal environment under which the ECB and the CSSF interact with the relevant parties and does not change in any way the allocation of legal responsibilities between the CSSF and the ECB in the framework of the SSM. This circular repeals and replaces Circular CSSF 20/763 of 15 December 2020 and Circular CSSF 21/781 of 23 September 2021. Luxembourg, 16 May 2023 To all credit institutions In case of discrepancies between the French and the English texts, the French text shall prevail.
CIRCULAR CSSF 23/834 3/7 TABLE OF CONTENTS 1.1 Scope of application 4 1.2 Mandatory use of the IMAS Portal 4 1.3 Account activation 5 1.4 Practical aspects 5 1.5 Get support 6
CIRCULAR CSSF 23/834 4/7 1.1 Scope of application This circular applies to all credit institutions incorporated under Luxembourg law for the following supervisory processes. For significant and less significant institutions: • Acquisition of qualifying holdings • Passporting notifications (initial and subsequent changes); • Licensing procedures; • Voluntary withdrawals of licensing authorisations. For significant institutions only: • Appointments of the members of the management body, in their executive and supervisory (non-executive) functions; • Authorisation procedures for (mixed) financial holding companies ; • Credit quality on-site inspections; • Internal models (non-material model changes and extensions); • Notification of outsourcing arrangements. Please note that the IMAS Portal should not be used in the following supervisory processes: • Applications for third-country branches; • Licence lapsing notifications; • Fit and proper assessments in the following cases: o Notification of key function holders (who are not expected to also become members of the management body); o Notification of renewals (without any change in the executive or nonexecutive nature of the mandate); o Communication of new material facts regarding appointees previously assessed and approved. 1.2 Mandatory use of the IMAS Portal The use of the IMAS Portal allows a more efficient processing of files at the SSM level and increases the transparency of the different processes and related communications. In this context, the CSSF has, upon recommendation of the ECB and like other national competent authorities within the SSM, decided to make the use of the IMAS Portal mandatory for supervisory processes within the scope of this circular.
CIRCULAR CSSF 23/834 5/7 1.3 Account activation The creation, activation and management of the IMAS account are described on the following page ("Account Activation" section): IMAS Portal (europa.eu) The registration and use of the IMAS Portal are free. 1.4 Practical aspects Following the introduction of the IMAS Portal, the submission of original documents is no longer required for supervisory processes within the scope of this circular. However, the relevant parties must ensure that the documents sent electronically constitute a true copy of the original and that the original documents are available upon the CSSF’s request. The CSSF underlines that the relevant parties must use the IMAS Portal not only for the submission of their initial applications but also for any subsequent exchange of information. E-mails outside the IMAS Portal may be necessary; however, the communication required to complete the documentation and advance the process must be done within the IMAS Portal.
CIRCULAR CSSF 23/834 6/7 1.5 Get support For technical issues with the IMAS Portal or the ECB Identity Portal, please contact the ECB Support Center at supportcenter@ecb.europa.eu or +49 69 1344 7766. Claude WAMPACH Director Marco ZWICK Director Jean-Pierre FABER Director Françoise KAUTHEN Director Claude MARX Director General