Financial Crime World

CSSF and ECB Notify Acquirers of Notification Receipt

The Luxembourg Financial Sector Supervisory Authority (CSSF) has announced that it will notify acquirers of receipt of their notification regarding the acquisition of qualifying holdings in accordance with Article 6(7) of the Luxembourg Law on the Financial Sector (LFS).

Notification Requirements

  • The notification must be submitted through the IMAS Portal.
  • The notification sets out the information requirements for qualifying holding notifications.

Assessment Period

The CSSF and ECB will assess the completeness of the notification within 60 working days, starting from the day following receipt of the complete notification. If the information is not complete, the CSSF will send a list of missing information to the acquirer, requesting its completion.

  • During the assessment period, the CSSF and ECB may request additional information deemed necessary to complete the assessment.
  • Any requests made before the 50th working day of the assessment period will suspend the assessment period until the requested information is provided, subject to a maximum suspension period prescribed by Article 6(8) of the LFS.

Decision

The European Central Bank (ECB) is exclusively competent to decide whether to oppose or not to oppose proposed acquisitions of qualifying holdings. The CSSF will provide a proposed decision to the ECB based on its analysis of the assessment criteria, and the authorisation decision will be issued and notified by the ECB.

Information Requirements

Qualifying holding notifications require specific information, which may vary depending on the nature of each application file. The core form in IMAS Portal sets out the applicable information requirements, which must be completed in accordance with relevant legal requirements and Circular CSSF 17/669.

  • In cases where the acquisition results in a change in the management bodies of the target:
    • Less significant credit institutions should submit FAP applications through the IMAS Portal.
    • Significant credit institutions should submit separate FAP applications following instructions included in the portal.

Withdrawal, Lapsing, and Suspension

The ECB is exclusively competent for withdrawals of banking licenses and lapsing procedures. The CSSF assists the ECB in the assessment of suitability of appointees by drawing up a preliminary proposal based on its analysis of fit and proper criteria.

  • Applications for voluntary withdrawals shall be submitted via the IMAS Portal.
  • The core form sets out the applicable information requirements, and the application will be assessed by the CSSF and ECB.

Contact Information

For further details, please contact the CSSF at [email address].

Note: This article is based on publicly available information and may not reflect the actual language or content of any official documents or announcements.