Luxembourg: Financial Sector Assessment Program: Technical Note-Selected Issues in Banking Supervision
Electronic Access:
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Summary:
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.
Series:
Country Report No. 2017/258
Subject:
Bank supervision Banking Basel Core Principles Financial institutions Financial regulation and supervision Financial Sector Assessment Program Market risk Mutual funds Public debt
English
Publication Date:
August 28, 2017
ISBN/ISSN:
9781484316801/1934-7685
Stock No:
1LUXEA2017007
Pages:
35
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