Commission de Surveillance du Secteur Financier

The Commission de Surveillance du Secteur Financier ( CSSF ), the Luxembourg financial supervision. The CSSF, the Luxembourg equivalent of the German Federal Financial Supervisory Authority. The CSSF is responsible for the supervision of credit institutions, professionals of the financial sector, investment companies, pension funds, regulated securities markets and their operators, multilateral trading systems and payment institutions. The CSSF is the competent authority for the public auditor oversight.

History and status of the CSSF

The CSSF took over the tasks of the Institute Monétaire Luxembourgeois (IML ), which was the Banque centrale du Luxembourg (BCL ) on 1 June 1998, as well as the tasks of the former Commissariat aux Bourses.

Structure of the CSSF

In addition to the Executive Board of the CSSF is composed of:

  • Board Secretariat
  • Secretariat
  • Legal department
  • Department of Personnel, Administration and Finance
  • Department of Information Systems

As well as ten departments, including 8 are responsible for the supervision of the financial sector, a department for general supervision and a department for the control of the profession:

  • General Supervision
  • Supervision of UCI
  • Supervision of Management Companies of UCI
  • Supervision of banks
  • Supervision of investment firms
  • Specialised care for PFS
  • Information Systems and Supervision of Support PFS
  • Supervision of pension funds, SICAR and securitization organisms
  • Supervision of the securities markets
  • Public Auditor Oversight

The CSSF tasks

Supervision

The CSSF supervision of the financial sector aims at the following points:

  • Promotion of a deliberate and prudent business policy in accordance with regulatory requirements
  • Protect the financial stability of regulated entities and the financial sector as a whole
  • Monitoring the quality of the organization and internal control systems
  • Strengthening the quality of risk management

The CSSF monitors all financial activities in Luxembourg, which require the approval of the Minister responsible for the CSSF. It is only in the public interest, ensures that laws and regulations are enforced and adhered to the financial sector and that international agreements and EU directives are implemented in the areas under its responsibility. The CSSF has the power to require all the useful information in order to fulfill their duties of companies under its supervision. The CSSFübernimmt at Community and international level negotiations on the financial sector and coordinates the implementation of government initiatives and measures about an orderly expansion of the activities of the financial sector.

Public Auditor Oversight

The CSSF is the public auditor oversight. In this regard, the CSSF is thus responsible for awarding professional qualifications of the " Independent Auditor " ( auditors ) and " cabinet de Revision" ( audit ) for the approval and registration of statutory auditors and audit firms. The CSSF is also responsible for the introduction of audit standards and professional ethics standards and internal quality control of audit firms and approved for continuing education.

198564
de