Investment Firms' internal governance under CSSF Circular 20/758 (For PFS Investment Firms)

The CSSF Circular 20/758 repeals Circular CSSF 12/552 and introduces a new governance framework specifically applicable to Investment Firms. More specifically, the new Circular implements in Luxembourg 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 strengthens the existing governance requirements at all levels of the organization. The Circular entered into force on 1 January 2021. Investment Firms are therefore expected to comply with these obligations as of that date and be ready for any CSSF queries.

Price: 400.00 €

Duration: 3h

Language: English

Number of participants: max. 20


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

  • Identify the key changes introduced by the CSSF Circular 20/758; 
  • 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. 


Presentation of the main changes introduced by CSSF Circular 20/758 in relation to: 

  • Roles and responsibilities of the management body;
  • New obligations in terms of organisation, formalization, independence, suitability assessment for management body;
  • Role and responsibilities of the internal control functions, including their positioning within the organisation;
  • Rules regarding the set up and organisation of the specialised 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. 

Target audience

PFS Investment Firms only:

  • Board members, authorised managers and key functions holders
  • General secretary
  • Authorised manager
  • Compliance Officer
  • Risk manager
  • Internal auditor

Our lead experts

  • Cécile Liegeois;
  • Isabelle Melcion;
  • Jean Philippe Maes;
  • Franck Pansera;
  • Céline Troquet.

Contact us

Contact details

PwC's Academy, Crystal Park Building, PwC Luxembourg

Tel: +352 49 48 48 4040

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