The Commission de Surveillance du Secteur Financier (CSSF) has imposed a fine of 162,500 euro on Intertrust (Luxembourg) S.à r.l., a specialist in the professional financial sector, for not adhering to its custodial duties as outlined in Luxembourg’s financial sector legislation, particularly concerning the management of non-financial assets.
The fine, imposed on 23 February 2023 and made public only on Thursday, was a result of violations related to the legislation governing the management of alternative investment funds, specifically breaches identified in sections concerning depositary obligations during an on-site inspection by the CSSF.
In response to the findings, Intertrust (Luxembourg) S.à r.l. acknowledged the issues raised, developed a comprehensive plan to address the shortcomings, and has since fully implemented the necessary corrective actions, CSSF said. Intertrust did not respond to a request for comment.
The CSSF’s enforcement action underscores its commitment to ensuring strict compliance with the regulatory framework governing the custody and management of assets within Luxembourg’s financial industry.
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