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By Teresa LEONE, PwC Luxembourg | Advisory | Senior Manager
On the 29th of August 2024, while a few of us were still enjoying the marvels of a not particularly warm summer, the Commission de Surveillance du Secteur Financier (CSSF) caught the local banking community by surprise by publishing a new Circular CSSF 24/860 as further update of the long standing and repeatedly amended Circular CSSF 12/552 on central administration, internal governance and risk management (Circular 552).
Among several (light) amendments, the wording stone was sealed on the domestic regulatory framework of Financial Holding Companies and Mixed Financial Holding Companies (together (M)FHCs). That is, undeniably, a noteworthy retouch.
To refresh our...
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