CSSF 20/744: tax indicators for the fund industry

When anti-money laundering (AML) becomes anti-tax laundering, it’s a pretty clear sign that compliance officers need to hit the tax books. Over the past few years, the international tax landscape has been evolving towards more tax transparency and enhanced tax conformity across industries and professions. As such, tax compliance considerations are relevant […]

CSSF circular 20/759 shakes things up in the Board Room

In December 2020 the CSSF published circular 20/759 (an update of circular 12/552) on central administration, internal governance and risk management. It transposes (amongst others) EBA Guidelines 2017/11 on internal governance and joint EBA and ESMA Guidelines 2017/12 on suitability assessment of the members of the management body and key function holders. […]

Clock is ticking – EBA draft Guideline on Loan Origination and Monitoring

Following this September’s public hearing on the draft Guidelines (GL) on loan origination and monitoring (EBA/CP/2019/04) at the European Banking Authority (EBA) headquarters, it is crucial for credit providers - including banks - to start implementing the GL (even before they are finalized) given the tight deadline. Here’s all you need to know to be ready […]

What you should know about the EBA’s guidelines on outsourcing

In the current context of low interest rates, financial institutions’ margins are under quite a bit of pressure. As a result, outsourcing is on the rise. Usually considered one of the most effective ways to achieve cost efficiency while enhancing agility, outsourcing allows financial institutions to rapidly introduce digitalization in their business models and […]

European authorities ask institutions to get ready for a “no deal” Brexit

The European Banking Authority’s (EBA) opinion on the preparations for the withdrawal of the United Kingdom (UK) from the European Union (EU), published on 25 June 2018, is a clear wake-up call for the financial sector. According to the EBA, there is a real risk that a ratified withdrawal agreement may not be reached despite the best efforts from both sides […]

New guidelines ask banks to rethink internal governance

The financial crisis was a wakeup call for the whole financial industry. Among other things, it highlighted weaknesses in banks’ internal governance frameworks that hugely affected their abilities to face adverse situations. In reaction, international supervisory authorities have increasingly been emphasising internal governance. And this emphasis is still […]