Banks’ internal governance issues have, in recent years, received increased attention from regulators and international bodies, aimed primarily at correcting weak or superficial internal governance set-ups and practices.
In this context, the CSSF Circular 20/759 recently amended the CSSF Circular 12/552 on central administration, internal governance and risk management and aligned it with relevant European guidance (notably the EBA Guidelines on internal governance (EBA/GL/2017/11) and the Joint ESMA and EBA Guidelines on the assessment of suitability of members of the management body and key function holders (EBA/GL/2017/12).
Testimony to the importance of the topic in the coming years, the amendments made to the CSSF circular 12/552 go beyond mere cosmetic updates and:
- clarify certain internal governance requirements applicable to banks;
- define the scope of certain regulatory principles (such as the principle of proportionality); and not least
- formalise the CSSF’s approach and practice in certain areas.
In this podcast, Henri Wagner, the head of A&O’s Luxembourg banking regulatory practice, is joined by Carole Schmidt and Andrei Costica, who are respectively counsel and associate in the firm’s Banking-ICM and Regulatory team, in an interactive discussion on the key amendments to the revised CSSF circular 12/552.
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