Investment firms now face a shift in data submission processes as the CSSF unveils a fresh data entry form.
The Commission de Surveillance du Secteur Financier (CSSF), Luxembourg's financial services regulator, has introduced a new process for updating various types of information at investment firms under its jurisdiction. This new system, categorised under the main topic of MiFID II/MiFIR, requires all update requests subject to prior authorization or notification to be submitted using a dedicated data entry form in Excel format [1].
This form includes multiple sheets tailored to different types of changes, such as updates to general entity information, requests to change services and activities provided by the firm, changes to management bodies, updates to shareholder information, changes to key function holders, requests to change the approved statutory auditor, requests to open a representative office, and requests to use tied agents [1].
The specific types of changes included in this process cover a wide range of corporate and regulatory information. Supporting documents in PDF format should also be uploaded separately in a sub-folder of the dedicated folder on the CSSF's secure MFT platform. Any update not submitted through this form is considered null and will not be processed [1].
This new system is designed to optimize and streamline the update process, ensuring completeness and standardization in submissions. It replaces previous, less structured processes and emphasizes electronic data submission and secure file handling to increase efficiency and accuracy in regulatory oversight [2].
It's important to note that this new system is specific to investment firm information updates and does not apply to investment fund prospectuses or reporting related to investment fund managers managing non-CSSF-authorised funds [3][4][5]. For investment fund prospectus changes, the CSSF has introduced a digital e-Identification process, while reporting related to investment fund managers has updated notification obligations via electronic platforms [3][4].
Investment firms must complete the information requested on the sheet corresponding to their specific request and submit the completed dedicated file to the CSSF via the MFT's dedicated folder [1]. The notice does not specify a deadline for the implementation of the new form [1].
This new process aims to enhance the efficiency and accuracy of regulatory oversight, ensuring a smoother and more streamlined experience for investment firms operating in Luxembourg.
[1] Commission de Surveillance du Secteur Financier (CSSF) Notice [2] CSSF Press Release [3] CSSF Circular on Investment Fund Managers [4] CSSF Circular on Investment Fund Prospectuses [5] CSSF Guidance on Digital e-Identification for Prospectus Changes
- The new process introduced by the Commission de Surveillance du Secteur Financier (CSSF) encompasses updates in various aspects of business, including banking-and-insurance, as it pertains to investment firms under its jurisdiction.
- In the finance industry, this new system streamlines the update process, not only simplifying the submission of information but also ensuring industry-standard completeness and accuracy in the regulatory oversight of investment firms in Luxembourg.
