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The CSSF endorses the 2018 Joint Guidelines on complaints-handling for the securities and banking sectors

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Thomas Berger

Partner

Luxembourg

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Schmidt Carole
Carole Schmidt

PSL-Counsel

Luxembourg

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Aubry Baptiste
Baptiste Aubry

Counsel

Luxembourg

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13 May 2019

By its circular 19/7181, the CSSF has endorsed the Guidelines on complaints-handling for the securities (ESMA) and banking (EBA) sectors of 4 October 2018 (JC 2018 35) (the Guidelines).
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In substance, the content of the Guidelines remains the same as the 2014 Joint Guidelines for complaints-handling for the securities (ESMA) and banking (EBA) sectors (JC 2014 43) that the CSSF applies through the CSSF regulation n°16-07 relating to out-of-court complaint resolution.

The Guidelines have only been amended with respect to the previous version to extend their scope of application, as of 1st May 2019, to:

  • credit intermediaries and non-credit institution creditors under the Mortgage Credit Directive (directive 2014/17/EU); and
  • payment institutions that provide only payment initiation or account information services under the Payment Services Directive (directive 2015/2366/EU).

If you are one of these new actors to whom the complaints-handling requirements are now applicable and would like to know more about the internal organisation, reporting and client disclosure rules you need to comply with, please do not hesitate to contact our Luxembourg regulatory team.

1- https://bit.ly/2LDTG2k (currently only available in French)

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