Board responsibilities under the CSSF Circular 20/758 (for PFS Investment Firms)

The long-awaited update of CSSF Circular 12/552 is finally here: welcome to CSSF Circular 20/758 which replace the CSSF Circular 12/552.

The CSSF Circular 20/758 on central administration, internal governance and risk management has been published by the CSSF on 7th December 2020. It mainly transposes the EBA Guidelines on Internal Governance (EBA/GL/2017/11) and the Joint EBA-ESMA Guidelines on the assessment of the suitability of members the management body and key function holders (EBA/GL/2017/12).

This Circular is entered into force on 1st January 2021. PFS are therefore expected to be compliant with these obligations on that date. 

The amended Circular tends to enlarge the roles and responsibilities of the Management Body in order to enhance the internal governance framework of PFS.

14 June 2021 (ENG) - 10am-12pm - Webinar format

Price: 300 €

Duration: 2h

Language: English

Number of participants: 20


By the end of this training, the participants will be able to:

  • Understand the roles and responsibilities of Board members;
  • Understand the main aspects of the suitability assessment of the Board members (both collectively and individually);
  • Identify the CSSF expectations regarding the sound and prudent management of the institution;
  • Understand the interactions of the Board with other stakeholders within the internal governance framework (Management, internal control functions and regulators, etc.).


The main roles and responsibilities of the Board of Directors within the organisation: 

  • Obligations of Board members resulting from the CSSF Circular 20/758 in terms of organisation, formalisation, independence, suitability assessment etc.;
  • A refresh on the specific role of the chairman, the roles of the specialized committees, the interaction with the Authorised Management, internal controls function and regulatory authorities, etc.;
  • Presentation of the main changes introduced by the EBA Guidelines on Internal Governance.

Target audience

For PFS Investment firms only:

  • Board members;
  • Authorised managers;
  • Compliance officer;
  • General secretary.

Our lead experts

  • Jean-Philippe Maes
  • Cécile Liégeois
  • Isabelle Melcion
  • Franck Pansera
  • Céline Troquet

Contact us

Contact details

PwC's Academy, Crystal Park Building, PwC Luxembourg

Tel: +352 49 48 48 4040

Follow us