The CSSF has recently announced the release of Circular 24/850, outlining new submission requirements for support PFS and their approved statutory auditors. The circular emphasises risk-based approaches and proportional measures, streamlining reporting obligations. Noteworthy changes include the introduction of an annual self-assessment questionnaire, replacing the previous risk analysis report.
This update aims to refine the information CSSF gathers, aligning with the evolving landscape of support services in the financial sector. It also clarifies the role of approved auditors, introducing a regulatory framework for recommendation letters and a separate report detailing CSSF-defined testing procedures.
Effective for fiscal years ending on or after 31 December, 2023, this circular signals a proactive step in adapting to industry dynamics.