CSSF Circular 14/596 on Communication Regime under the SSM

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CSSF Circular 14/596 on Communication Regime under the SSM for Significant Entities

Repeal of the VISA procedure for published annual accounts

On 28 November 2014, the CSSF published Circular 14/596 in order to draw the attention to the new communication regime for Significant Entities and decided to abolish the VISA procedure for published annual accounts for all credit institutions.

Communication Regime under the SSM for Significant Entities

According to the Article 95 of the SSM Framework Regulation, Significant Supervised Entities shall address to the European Central Bank all its requests, notifications or applications, relating to the exercise of the tasks conferred on the ECB.

This Circular lists exceptions, fixed by the SSM Framework, for which the communication continues to take place directly between the bank and the CSSF :

  • Article 11 on the right of establishment of credit institutions with the SSM;
  • Article 12 on exercise of the freedom to provide services by credit institutions within the SSM;
  • Article 17 on right of establishment and exercise of the freedom to provide services in relation to non-participating member states;
  • Article 73 to 79 on cooperation with regard to an application for an authorisation to take up the business of a credit institution;
  • Article 85 to 87 on cooperation with regard to the acquisition of qualifying holdings;
  • Article 93 to 94 on compliance with fit and proper requirements for persons responsible for managing credit institutions.

The above applications must be submitted to the ECB authorisation and direct communication between the ECB and the credit institution may take place.

Communication Regime under the SSM for Significant Entities
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