Luxembourg: Financial Sector Assessment Program: Technical Note-Selected Issues in Banking Supervision

International Monetary Fund

No 2017/258, IMF Staff Country Reports from International Monetary Fund

Abstract: This Technical Note examines aspects of the banking supervision regime in Luxembourg. Significant progress has been made in relation to the recommendations made in the 2011 Financial Sector Assessment Program. The Finance Ministry is no longer responsible for the granting or revocation of banking licenses, the Commission for the Supervision of the Financial Sector (CSSF) is no longer charged with promoting industry, resources have increased substantially, and there has been a significant increase in the implementation of sanctioning powers. There still exists potential for government or industry interference in the operational independence of the CSSF. The frequency of on-site inspections of Luxembourg subsidiaries of significant institutions is also on the low side.

Keywords: ISCR; CR; Luxembourg bank; investment funds; group exposure; banking system; depository bank; Luxembourg banking sector; depositary bank; ECB regulation; credit institution; custodian bank; authorization process; banks in Luxembourg; covered bonds bank; Luxembourg accounting firm; group transaction; Mutual funds; Bank supervision; Basel Core Principles; Market risk; Global (search for similar items in EconPapers)
Pages: 35
Date: 2017-08-28
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