Focus on CSSF circular 18/698

The CSSF circular 18/698 mirrors a lot of best practices already existing in the market but also introduces new requirements on the “authorisation and organisation of Luxembourgish investment management companies; specific provisions on the fight against money laundering and terrorism financing applicable to investment fund managers and entities carrying out the function of registrar agent.”

Our training proposes to cover each chapter of the circular in order to capture the main impacts of the requirements and support our participants in identifying the impacts of this circular on their organisation.

By the end of this training, the participants will be able to:

• determine the regulatory requirements introduced by the circular CSSF 18/698
• understand in detail the impacts of the circular on the control of delegation, AML/KYC, risk management and valuation requirements

• An overview of the new circular
• Impacts on control of delegation
• Impacts on risk management and valuation
• New requirements on control of the distribution network and AML/KYC

Xavier Balthazar is partner in the regulatory practice in PwC Luxembourg, with substantial expertise in financial sector and funds’ regulations.

He participated to many set ups and restructurings of investments funds, management companies and professionals of the financial sector in Luxembourg and abroad, including the definition of their organisation, processes and procedures.

He is also a regulatory compliance expert for depositary banks and fund administrations.

Birgit Goldak is a PwC risk assurance partner focused on the asset management industry, including real assets. She leads the AML services for AWM and runs the distribution due diligence service. She is also leader of the PwC performance assurance (internal controls) practice. She is a recognised subject matter expert and regularly advises her clients in both areas. Birgit regularly provides dedicated training to her clients and speaks in conferences. She has more of 20 years of international work experience and has worked in Luxembourg, UK and Canada and Germany.

Benjamin Gauthier is partner in the risk and regulatory team of PwC Luxembourg where he is playing an active role in the development of risk management practice for the asset management industry.

He is expert in risk management for the AM industry (including traded and non traded assets) considering both the regulatory requirements (i.e. UCITS IV, AIFMD) and best practices. He participated and led numerous risk management assignments including risk profiling and risk reporting.