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

August 28, 2017

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Format: Chicago

Luxembourg: Financial Sector Assessment Program: Technical Note-Selected Issues in Banking Supervision, (USA: International Monetary Fund, 2017) accessed September 18, 2024

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.

Subject: Bank supervision, Banking, Basel Core Principles, Financial institutions, Financial regulation and supervision, Financial Sector Assessment Program, Market risk, Mutual funds, Public debt

Keywords: Authorization process, Bank supervision, Banking system, Banks in Luxembourg, Basel Core Principles, Covered bonds bank, CR, Credit institution, Custodian bank, Depositary bank, Depository bank, ECB regulation, Global, Group exposure, Group transaction, Investment funds, ISCR, Luxembourg accounting firm, Luxembourg bank, Luxembourg banking sector, Market risk, Mutual funds

Publication Details

Pages:

35
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/258
Stock No:

1LUXEA2017007
ISBN:

9781484316801
ISSN:

1934-7685

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