Credit Institutions' internal governance under CSSF 12/552 Circular as amended by the 20/759 (for Credit Institutions)

The CSSF Circular 20/759 amending the CSSF Circular 12/552 on central administration, internal governance and risk management has been published on 7 December 2020.

This Circular transpose 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). The Circular entered into force on 1 January 2021. Banks are therefore expected to comply with these obligations as of that date and be ready for any CSSF queries.

19 May 2021 (ENG) - 2pm-5pm

25 June 2021 (ENG) - 1pm-4pm

Price: 400.00 €

Duration: 3h

Language: English

Number of participants: 20

Objectives

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

Identify the key changes introduced by the CSSF Circular 20/759;
Understand the key principles of the internal governance framework;
Understand the main principles governing the assessment of the individual and collective suitability of the members of the management body;
Understand the suitability concepts: knowledge, skills and experience, sufficient time commitment, reputation honesty and integrity, and independence (of mind);
Understand the interactions of the different stakeholders within the Governance framework (e.g. Board of Directors, authorised management, internal control functions, regulators, etc.).
Identify the support functions (incl. IT, Finance & Accounting, HR, etc.) and understand their respective roles and responsibilities within the organization;
Understand the main requirements with regard to outsourcing.

Content

Presentation of the main changes introduced by CSSF Circular 20/759 in relation to:

Roles and responsibilities of the management body;
New obligations in terms of organisation, formalisation, independence, suitability assessment for management body;
Roles and responsibilities of the internal control functions, including their positioning within the organisation;
Rules regarding the set up and organisation of the specialized committees;
Key changes regarding the new product approval process;
Description of the main changes regarding the roles & responsibilities of the internal control functions;
Roles & responsibilities of the support functions within the internal governance framework;
Presentation of the outsourcing requirements.