On 22 May 2024, the Commission de Surveillance du Secteur Financier (CSSF) has announced noteworthy updates to the declarations of honour required from both natural and legal persons for the assessment of professional standing and experience. These modifications aim at enhancing the assessment process through limiting the collection of physical documents and reflect the evolution of the CSSF’s administrative practice.
Key adjustments concerned in particular:
Signature requirements
Declarations of honour can now be submitted either in paper form with a handwritten signature or electronically with a qualified electronic signature as per Regulation (EU) No 910/2014, aimed at limiting the collection of physical documents.
Clarified information content
Certain elements of the declarations have been clarified, including the threshold of 10% of the capital and/or voting rights for declaring significant shareholdings and the requirement to disclose any relationships with shareholders of the concerned entity. Additionally, any connections with politically exposed persons, as defined in point (9) of Article 3 of Directive (EU) 2015/849, must now be disclosed.
Additional confirmations
Declarants are now requested to confirm:
- No past or current significant involvement in entities subject to criminal procedures or sanctions;
- Submission of criminal record extracts from the last five years from all countries of residence, or a statement if a criminal record is unavailable;
- That all documents provided to the CSSF are complete, sincere, accurate, and up-to-date; and
- That copies of submitted documents are true and identical to the originals.
Submission
The modified versions entail that original versions or certified copies of documents to be submitted with the declarations of honour are no longer required, apart from exceptional cases.
The declarations for natural and legal persons have been harmonised to ensure consistency.
The CSSF further reminds that the applicants must declare any changes to the information provided in the declaration of honour, and that the curricula vitae to be submitted as part of the assessment of professional standing and experience shall provide sufficiently detailed information such as biographical data, details regarding relevant education and professional experience as well as current and previous authorisations.
Please note that the aforementioned changes will be in force as of 1 July 2024.
On 22 May 2024, the Commission de Surveillance du Secteur Financier (CSSF) has announced noteworthy updates to the declarations of honour required from both natural and legal persons for the assessment of professional standing and experience. These modifications aim at enhancing the assessment process through limiting the collection of physical documents and reflect the evolution of the CSSF’s administrative practice.
Key adjustments concerned in particular:
Signature requirements
Declarations of honour can now be submitted either in paper form with a handwritten signature or electronically with a qualified electronic signature as per Regulation (EU) No 910/2014, aimed at limiting the collection of physical documents.
Clarified information content
Certain elements of the declarations have been clarified, including the threshold of 10% of the capital and/or voting rights for declaring significant shareholdings and the requirement to disclose any relationships with shareholders of the concerned entity. Additionally, any connections with politically exposed persons, as defined in point (9) of Article 3 of Directive (EU) 2015/849, must now be disclosed.
Additional confirmations
Declarants are now requested to confirm:
- No past or current significant involvement in entities subject to criminal procedures or sanctions;
- Submission of criminal record extracts from the last five years from all countries of residence, or a statement if a criminal record is unavailable;
- That all documents provided to the CSSF are complete, sincere, accurate, and up-to-date; and
- That copies of submitted documents are true and identical to the originals.
Submission
The modified versions entail that original versions or certified copies of documents to be submitted with the declarations of honour are no longer required, apart from exceptional cases.
The declarations for natural and legal persons have been harmonised to ensure consistency.
The CSSF further reminds that the applicants must declare any changes to the information provided in the declaration of honour, and that the curricula vitae to be submitted as part of the assessment of professional standing and experience shall provide sufficiently detailed information such as biographical data, details regarding relevant education and professional experience as well as current and previous authorisations.
Please note that the aforementioned changes will be in force as of 1 July 2024.