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By Glenn MEYER, Partner, Marc MOUTON, Partner Enric COMABASOSA-I-ESQUÉ, Senior Associate – Arendt Medernach (1)
CRD VI(2) does not fundamentally redefine governance standards for Luxembourg banks, as the core concepts are already embedded in the LFS(3) and Circular 12/552.(4)
It seeks to foster supervisory convergence and reduce fragmentation across the EU by introducing more harmonised and granular internal governance requirements, including with respect to key function holders. In Luxembourg, many of these requirements have long been applied through CSSF supervisory practice, but without an explicit statutory basis. Bill of law 8627 (Bill)(5) therefore largely consolidates existing practice into the LFS, while also introducing...
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