The "Commission de Surveillance du Secteur Financier" (CSSF) is Luxembourg's financial markets supervisory authority and it has been active since 1999. It took some of the responsibilities of the Insitut Monétaire Luxembourgeois (IML) which then became the Banque centrale du Luxembourg and some of the former Commissariat aux Bourses.
Objectives of the CSSF in Luxembourg
There are many objectives of the CSSF system, which include:
• promoting a prudent business policy that has to comply with the regulatory requirements;
• supervising the quality of the internal control systems and the organisation;
• protecting the financial stability of the financial area and the supervised companies;
• strengthening the risk management's quality.
Our lawyers in Luxembourg can offer you further information about the CSSF and any legal financial matters you need help with.
The CSSF is also the authority to ensure that the supervised professionals comply with the laws that protect financial consumers. The commission has a wide range of significant measures for acting against individuals that would violate the regulations of the financial sector.
The video below also offers information on the Luxembourg Financial Regulator:
Areas in the CSSF's jurisdiction
The commission is in charge of many financial aspects, like:
- adopting auditing standards, professional ethics ones and internal quality control of audit firms;
- continuing education;
- implementing a quality assurance system;
- granting the qualification of statutory auditor and audit firm.
You can seek counsel from our attorneys in Luxembourg in case you need help or guidance through any financial issues.
Law of 1st of April 2015
This law from April of this year establishes a Systemic Risk Board (SRB) and also amends the law of 1998 concerning the monetary status, as well as the "Banque Centrale du Luxembourg". The task of the risk board will be to arrange the implementation of the macro-prudential policy whose main objective is of ensuring a substantial contribution (through the financial sector) to the economic prosperity. The SRB should take care of a number of issues, such as:
- identify, monitor and assess the financial stability risks in order to prevent them, normally by analysing the economic situation, the one of the financial sector and of financial markets;
- take into account decisions, recommendations and opinions of the European authorities, committees and institutions;
- be allowed to issue warnings and to make them public (where applicable);
- contribute to making co-operation better between the authorities in the SRB, in normal as well as in crisis situations.
The amended law from 1998 with regard to the monetary status and the Banque Centrale du Luxembourg has been modified by a new title that has been added, namely the "Civil liability".
Our law firm in Luxembourg can give you further details on the laws and regulations of the CSSF, so do not hesitate to contact us.
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