|
By Bertrand PARFAIT, Partner, Alexandre GALGAN, Director Francesco D’AVANZO, Manager, Deloitte Luxembourg
When the Commission de Surveillance du Secteur Financier (CSSF) issues a letter to an investment fund manager (IFM) about an on-site inspection, the senior management and board can be caught completely off guard. To prevent this, IFMs should understand the CSSF’s role and implement several proactive steps to enhance their readiness for inspection.
Understanding CSSF supervision
As Luxembourg’s national competent authority (NCA) over the financial sector, the CSSF supervises financial entities using two processes: off-site and on-site. The off-site supervision includes examining periodic and ad-hoc...
|