Supervision

Luxembourg’s financial regulator the CSSF announced last Friday afternoon that it had fined trust and corporate services provider Intertrust (Luxembourg) S.à r.l. nearly 200,000 euros at the end of last November for several failings. This included meeting professional obligations for IT risks as well as internal governance, the professional secrecy obligation and for required communication to the regulator. 

Financial supervisor CSSF has issued a fine of 1.56 million euros to the Luxembourg unit of Belgian bank Degroof Petercam after it found the firm to be in “non-compliance with its professional obligations” in regards to anti-money laundering measures.

Degroof, in a press release, pointed out that the CSSF inspection “did not reveal any illegal acts” but found “certain deficiencies” in the bank’s processes.

L’annonce faite par les agences de cybersécurité luxembourgeoises la semaine dernière, selon laquelle quelque 500 serveurs Microsoft Exchange «nécessitent une attention immédiate», a été reprise par le régulateur financier, la CSSF. Un expert international reconnu en matière de cybersécurité a établi un lien avec la difficulté de trouver les meilleurs talents en matière de cybersécurité au Luxembourg. «La difficulté que rencontrent les Luxembourgeois, et certainement les clients avec lesquels nous discutons, qui veulent travailler avec nous mais ne l’ont pas encore fait, est qu’ils ne trouvent pas les compétences nécessaires”, a déclaré George Ralph (photo) de Richard Fleishmann and Associates.

La CSSF, l’autorité de surveillance financière du Luxembourg, a attiré l’attention vendredi sur un avertissement des autorités de cybersécurité du Grand-Duché, selon lequel une «situation alarmante» a été créée parce que plus de 500 serveurs informatiques n’ont pas encore été mis à jour avec un correctif logiciel critique pour les serveurs Microsoft Exchange.

The European Securities and Markets Authority, the EU’s financial markets regulator and supervisor known as Esma, on Thursday warned investors that they should prepare for further market corrections, given a “confluence of high risks”. 

Luxembourg’s financial supervisor CSSF this week announced that it, at the end of 2021,  presented management company Alter Domus with a fine of 174,000 euro relating to the collapsed Columna Commodities fund. 

This Luxembourg fund, created in 2013, went into liquidation in 2017, a year before the sale of its manager, Luxembourg Fund Partners, or LFP, to Alter Domus. CSSF said the fine was issued on 1 December 2021, more than a year ago.

Luxembourg alternative investment fund manager FundRock, part of the Apex Group, has been given a fine of 45,800 euro by Luxembourg’s financial regulator CSSF because the firm did not properly apply the rules relating to benchmarks.

Luxembourg’s financial supervisor CSSF has said it will start collecting information from firms on their anti money laundering and terrorism financing setups from next Wednesday, 15 February, through its annual industry-wide survey. 

Luxembourg’s financial supervisor CSSF on Thursday published an update to its  Reporting Handbook for investment firms. The update integrates the latest version of the reporting framework designed in recent years by the European Banking Authority and introduces a module for threshold monitoring.

Luxembourg’s financial supervisor CSSF has levied a 22,100 euro fine against alternative investment fund manager Pemberton Asset Management SA after a 2020 inspection found  “failures” in risk management, organisational requirements and supervising delegated activities under Luxembourg’s AIFM law, the regulator announced on Tuesday.