Publication
Regulation Around the World: Open Finance
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
Luxembourg | Publication | June 2021
On 15 June 2021, the Commission de Surveillance du Secteur Financier (CSSF) updated its FAQs on the statuses of professionals of the financial sector (CSSF FAQs) with respect to, among other professionals of the financial sector, professionals granting, for their own account, loans to the public within the meaning of article 28-4 of the law dated 5 April 1993 on the financial sector (the LFS).
The update is important for companies who perform lending operations on a professional basis to the public, for their own account, in Luxembourg , to assess whether they would fall within the scope of application of the above provision and therefore need to obtain a license from the CSSF.
Prior to 15 June 2021, the CSSF FAQs mentioned, among others, that:
The CSSF has now given the following guidance in relation to the term “public”, by clarifying that a lending activity is not directed towards the public where:
Where the activities cannot be excluded from the scope of article 28-4 of the LFS with certainty, the CSSF will carry out an assessment on a case-by-case basis. Persons contemplating granting or acquiring loans are invited to submit a detailed description to the CSSF of the activities envisaged, allowing the CSSF to determine whether the activities to be carried out require prior authorisation.
Publication
In this issue of Regulation Around the World we look at how regulators are developing their proposals for Open Finance.
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