On 22 April 2022, the CSSF issued a new Circular CSSF 22/807 updating Circular CSSF 12/552 on central administration, internal governance and risk management, as amended (“Circular CSSF 12/552”).
- Scope of application and timeline
Circular CSSF 12/552, as amended by Circular CSSF 22/807, is applicable to credit institutions, including their branches. It also applies to Luxembourg branches of third-country credit institutions, to Luxembourg branches of credit institutions established in another Member State and, in part, to professionals carrying out lending operations (“In-Scope Entities”).
The updated Circular CSSF 12/552 has been applicable since 30 June 2022.
- Main changes brought by Circular CSSF 22/807
Since 30 June 2022, the CSSF applies the following guidelines: