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New eDesk Procedure – Yearly survey on covered claims in connection with investment business (ICS)

Published on 17 January 2025 Email this Share this on LinkedIn Share this on Facebook Communiqué New eDesk Procedure – Yearly survey on covered claims in connection with investment business (ICS) The CSSF would like to inform members of the Système d’indemnisation des investisseurs (SIIL) of the digitalisation of the yearly survey on covered claims in connection with investment business (ICS), previously in Excel format. Please note that starting from 20 January 2025, and in accordance with Circular CSSF-CPDI 16/03 as amended by CSSF Circular-CPDI 25/44, the ICS yearly reporting on covered claims in connection with investment business shall soon be submitted to the CSSF through the following means of communication: via a dedicated eDesk procedure within the eDesk platform; via an API solution based on automated report submission (S3 protocol). A user guide detailing the submission procedures is available on the CSSF website. For questions regarding the circular or the reporting data collection, you may contact the CPDI (cpdi@cssf.lu). For all other inquiries, please contact (edesk@cssf.lu). 18 October 2016 - Updated on 15 January 2025 Circular CSSF-CPDI 16/03 (as amended by Circular CSSF-CPDI 25/44) Survey on covered claims in connection with investment business CSSF circular PDF (126.65Kb) PDF (141.34Kb) Relevant for Credit institutions Investment firms Investment fund managers Guidelines for the Yearly Survey on Covered Investment claims (SIIL) User Guide Guidelines for the Yearly Survey on Covered Investment claims (SIIL) User Guide GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 2/14 TABLE OF CONTENTS

  1. Context and reporting principles ...................................................................................... 4 1.
  2. Objectives of this document ...................................................................................... 4 1.
  3. Context and information to be reported ...................................................................... 4 1.
  4. Reporting and submission periods .............................................................................. 4
  5. Reporting - technical specifications .................................................................................. 4 2.
  6. Data collection high-level process .............................................................................. 4 2.
  7. Notifications ............................................................................................................ 5 2.
  8. Online survey – eDesk form ...................................................................................... 5 2.3.
  9. Connect and initiate the questionnaire .................................................................. 5 2.3.
  10. Fill-in the online questionnaire ............................................................................. 6 2.3.
  11. Submission ........................................................................................................ 7 2.
  12. Structure of the Dashboard ....................................................................................... 8 2.
  13. Reporting file........................................................................................................... 9 2.5.
  14. Reporting format ................................................................................................ 9 2.5.1.
  15. Submission process....................................................................................... 9 2.5.1.
  16. Naming convention ..................................................................................... 10 2.5.1.
  17. Consistency verification rules ....................................................................... 10 2.5.1.
  18. CSSF feedback file ...................................................................................... 11 2.5.1.4.1.Naming convention .................................................................................. 11 2.5.1.
  19. Report upload status ................................................................................... 11 2.5.1.5.1.REJECTED ............................................................................................... 12 2.5.1.5.2.ACCEPTED .............................................................................................. 12 2.5.
  20. Data submission through S3 and eDesk .............................................................. 12 2.5.2.
  21. About the S3 solution .................................................................................. 12
  22. Consistency checks ...................................................................................................... 13
  23. Reporting entities obligations ........................................................................................ 13 4.
  24. Data quality .......................................................................................................... 13 4.
  25. Review the feedback files and correct the rejected reports .......................................... 13
  26. Testing with CSSF ....................................................................................................... 14 5.
  27. Connectivity check ................................................................................................. 14
  28. Contact information ..................................................................................................... 14 GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 3/14
  29. Context and reporting principles 1.
  30. Objectives of this document This document is a guide that explains to the concerned entities how the ICS data must be technically reported to the CSSF. The information detailed herein relates to: - Technical overview of the reporting system - Data and file format of the reports - Data validation and feedbacks 1.
  31. Context and information to be reported The objective of this data collection is to obtain information on covered claims in connection with investment business of the members of the SIIL (“Système d’indemnisation des investisseurs Luxembourg”) as of 31 December of every year. 1.
  32. Reporting and submission periods Data collection period is referenced as flow data period or reporting period. Submission periods correspond to the ICS campaigns which is on a yearly basis (as of 31 December of each year).
  33. Reporting - technical specifications 2.
  34. Data collection high-level process The entities entitled to the ICS reporting can submit it through 2 channels: via online filing in eDesk, or by S3 submission. The process for submitting ICS data is the following:
  35. Online form filling (eDesk procedure) or file collection through S3 system This process shall be completed during the submission period. Note that S3 simply refers to the protocol for managing object storage and not to any service provided by commercial cloud providers.
  36. Format and business controls on the online form or/and on the uploaded file
  37. Errors messages listed, if any, when submitting the online filling (eDesk procedure) or/and feedback sending (ACCEPTED for positive or REJECTED for negative). GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 4/14 2.
  38. Notifications There are three type of notifications that will be sent during the campaign. - A notification will be sent to inform users of the launch of the campaign - A reminder will be sent 15 days before the end of the campaign - A last reminder on the last day of the campaign User with the following roles in eDesk will receive the beforementioned notifications: - Advanced User - Conducting officer - Authorized Director - Bank Prudential Reporting Responsible 2.
  39. Online survey – eDesk form To submit the reporting via the online filling in eDesk, the process is the following: 2.3.
  40. Connect and initiate the questionnaire Step 1: Connect to eDesk Step 2: Access the ICS-DCOR dashboard a – In the list of procedures, select the entity type you are in charge of b – then select the reporting GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 5/14 c – Create a draft for your questionnaire Step 3: Choose the correct reporting period The list of reporting periods consists of the applicable “end of the reporting period” values and will cover in production up to the last 3 years. Choose the right reporting period in the list. Once the campaign is chosen, a draft will be created for the questionnaire and will be displayed in the dashboard. N.B. You can also later (re)access it via the ICS-DCOR dashboard by clicking the magnifier glass in the “View details” column: 2.3.
  41. Fill-in the online questionnaire Step 4: Fill-in the questionnaire The questionnaire is made up of the following distinct parts: GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 6/14 - the “Questionnaire” with the tabs to be completed, - the “Actions” that allow you to export at any moment the questionnaire in a pdf format and to submit the completed questionnaire. The “Information on the institution” tab is pre-filled with the referential information. This information cannot be edited or updated. Only the “Type of Institution” and the contact details of the persons in charge of the report have to be filled in, with at least one value per field. For each tab, data can be edited and saved at any time before any submission, using the “Edit” and “Save” buttons. In each tab, the function “Show missing fields” highlights compulsory data that are not yet provided. 2.3.
  42. Submission Step 5: Submit Once the questionnaire is completed, data can be submitted through the Submission tab. GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 7/14 Once submitted, the data will go through the formal validation rules described into the chapter Consistency checks. The list of ERRORS is then displayed in the same section. It will be available for consultation at any time and will be updated on the next submission. When there is at least one error, the questionnaire is not submitted and will remain in draft status. The submitting entity must review all the ERRORs, correct the data, and submit again. It is under the responsibility of the submitting entity to check whether the data has been correctly reported. If data is submitted, but still not accurate, the next step may be to correct the data by reopening and re-submitting the report (please refer the following step). Step 6: Reopen process Once submitted, the reporting entity can decide to reopen the questionnaire to correct some data. Go on the “Submission of the ICS” tab of a previously submitted report, a button “Reopen Questionnaire” will appear. The previous submission will then be canceled, and the re-opened questionnaire has to be submitted again after completing the updates. 2.
  43. Structure of the Dashboard A dashboard is available for the monitoring of the activity on the ICS-DCOR reportings. GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 8/14 Filters allow visualizing by status (Validation failed, Draft or Submitted are the possible statuses): Or by transmission mode (the information is available no matter the channel used for the submission, S3 or online form): S3 File collection 2.
  44. Reporting file 2.5.
  45. Reporting format Data concerning ICS shall be reported in the JSON (JavaScript Object Notation) format. You can find the JSON schema concerning the data of the precontractual documents here: https://edesk.apps.cssf.lu/pdir/edesk-pdir/api/v1/json-schema/ics https://edesk.apps.cssf.lu/pdir/edesk-pdir/api/v1/json-schema/ics-feedback 2.5.1.
  46. Submission process The ICS JSON file MUST be uploaded in the “submission” folder in S
  47. No upload is allowed in other folders (e.g.: “feedback” folder is only dedicated to your feedback and it is created automatically after the first submission). The responsibility of the bucket is to grant access to our system. It is not intended for long term storage. Regular cleaning might be performed by CSSF. GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 9/14 2.5.1.
  48. Naming convention The mandatory file naming convention for .json files is as follows and requires support of the UUID format (universally unique identifier): Format : ICS-ENNNNNNNN-YYYY-MM-DD_UUID.ext Code ICS Meaning Structure Authorised value Reporting Char

(3)‘ICS’ (constant) type - Separator Char
(1)‘-’ (constant) E Reporting Char
(1)Entities entity in scope of the reporting can be «B», «P», «S» or «A» NNNNNNNN Identificati Number
(8)on number 00000001…99999999 (CSSF code of the entity) - Separator Char
(1)‘-’ (constant) YYYY Reference Number
(4)nnnn year - Separator Char
(1)‘-’ (constant) MM Reference Number
(2)nn (1…12) month - Separator Char
(1)‘-’ (constant) DD Reference Number
(2)nn (1…31) Char
(1)‘_’ day _ Separator (constant, underscore instead of dash) UUID Unique UUID Unique identifier following the identifier format rfc4122 norm Char
(5).json (constant) (ReportUid) .ext Extension Please note that you cannot upload twice a file with the same UUID as file name. 2.5.1.
  1. Consistency verification rules The CSSF will proceed to evaluate the submitted JSON file which entails a series of formal verifications in order to ensure its compliance. GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 10/14 2.5.1.
  2. CSSF feedback file It is up to the submitter to monitor transmission correctness. A feedback file in JSON format is systematically generated for each file transmitted and made available in the “feedback” folder. An entity must always ensure that it has correctly received a feedback file for the last file sent, before submitting a new file. Feedback generation could take some time. In case of not receiving any feedback within a working day, please contact our dedicated support team (edesk@cssf.lu). • Example of file rejected for technical reasons : 2.5.1.4.
  3. Naming convention Feedbacks from the CSSF are received in the “feedback” folder of the installed S3 transfer client. Code Meaning Structure SourceFileName uuid format Char(N) Authorised value Submitted file name (without .json extension) Refer naming to the json File convention in section 2.2.3.3 _ Separator Char
(1)‘_’ (constant) FEEDBACK File type Char
(8)FEEDBACK (constant) .json Extension Char
(5).json (constant) 2.5.1.
  1. Report upload status GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 11/14 The file submitted might be either accepted by the CSSF or rejected. The status of the submission is clearly stated into the feedback file made available in the “feedback” folder. 2.5.1.5.
  2. REJECTED When at least one of the formal verification rules with ERROR severity has not been met, the feedback status is “REJECTED”. Blocking elements are flagged with an ERROR level in the feedback file. Explicit error messages are provided within the feedback file. The next step is to correct the concerned file and to upload a new one with a new file name. 2.5.1.5.
  3. ACCEPTED The following message is available in the feedback file received after the submission of a valid file: “ACCEPTED”. The file has been successfully transmitted and submitted to the CSSF. 2.5.
  4. Data submission through S3 and eDesk An entity may choose to submit through S3 and / or to complete or correct via the eDesk form. As soon as the S3 technical checks have been met, data submitted through S3 will be displayed in the eDesk form. A questionnaire will be created in the dashboard for the given reporting period. When the file is accepted, the questionnaire is in “Submitted” status. When the file is rejected, the questionnaire is in “Validation failed” status. At any time, the submitting entity may: - Access and consult the questionnaire via eDesk through the View details. - Submit the reporting again through S3 - Or reopen, correct and submit the form again through eDesk Please note that any submission through S3 will overwrite any corrective actions made through the eDesk. The latest submission either through S3 or eDesk form will the one available on the eDesk form and the one submitted (when no blocking ERROR) to the CSSF. 2.5.2.
  5. About the S31 solution Please refer to the S3 User Guide Methods of transmitting reports via API – CSSF Note that S3 simply refers to the protocol for managing object storage and not to any service provided by commercial cloud providers. 1 GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 12/14
  6. Consistency checks The information provided through S3 or the eDesk form are checked against formal validations checks: - Technical errors related to S3 submission. - Format checks o Format type o Mandatory data The errors are blocking for the submission: the submitting entity must correct and submit again. Warnings do not block the submission. It is however expected that the entity is able to justify their presence or correct them, as the case may be. The message provided is explicit enough to specify the expected correction. Here below the list of the most common errors in S3 submission: Validation Error code Naming convention ICS001 File size ICS002 File uniqueness ICS005 Security check ICS006 JSON schema ICS008 In scope entity ICS010 Open campaign ICS013 Error message The filename is not compliant with the naming convention. The file is too large (max 1 MB) A file with the same filename has already been received The file has been rejected for security reason. The file doesn't match the json schema. Your entity is not authorised to send this type of reporting. No campaign is available for this type of reporting
  7. Reporting entities obligations 4.
  8. Data quality Entities are strongly advised to review and validate their JSON file before any submission. Failure to do so may produce transmission failures. 4.
  9. Review the feedback files and correct the rejected reports Entities must ensure that all feedback files are properly analyzed and that any rejected reports are corrected and resubmitted. GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 13/14
  10. Testing with CSSF 5.
  11. Connectivity check A connectivity check is highly recommended before the Go-Live. Besides the main ICS service, a dedicated “Echo Service” is at your disposal to ensure the good connectivity between your entity and our systems. The “IT Expert” has to create a new access on the “Echo” bucket that is presented below in order to get the right S3 credentials. You can upload a dummy file. If the connectivity check is completed, you will get a dummy feedback file proving it. Please note that this service always remains available. In case you are unable to connect to the Echo Service or that you are not receiving any feedback, please contact edesk@cssf.lu.
  12. Contact information In case of business questions regarding the data collection, please contact cpdi@cssf.lu For any technical question please contact edesk@cssf.lu. GUIDELINES FOR THE YEARLY SURVEY ON COVERED INVESTMENT CLAIMS (SIIL) VERSION 1 (EN) OF 2025/01/15 14/14 Luxembourg, le 18 octobre 2016 Aux établissements de crédit et aux entreprises d’investissement de droit luxembourgeois, et aux succursales luxembourgeoises d’établissements de crédit et d’entreprises d’investissement ayant leur siège social dans un pays tiers, ainsi qu’aux sociétés de gestion d’OPCVM et aux gestionnaires de fonds d’investissement alternatifs dont l’agrément s’étend à la prestation du service de gestion de portefeuille d’investissement sur une base individualisée et discrétionnaire CIRCULAIRE CSSF-CPDI 16/03 telle que modifiée par la circulaire CSSF-CPDI 25/44 Concerne : Recensement des volumes de créances garanties en relation avec des opérations d’investissement –modalités de transmission Mesdames, Messieurs,
  13. En vertu de l’article 197, paragraphe 10, de la loi modifiée du 18 décembre 2015 relative à la défaillance des établissements de crédit et de certaines entreprises d’investissement (« loi de 2015 »), le Conseil de protection des déposants et des investisseurs (« CPDI ») demande aux membres du Système d’indemnisation des investisseurs Luxembourg (« SIIL ») de lui fournir les informations définies ci-dessous afin de calculer la part de la contribution que chaque membre serait amené à faire conformément à l’article 198 de la loi de 2015 au cas où le SIIL devrait indemniser des investisseurs. Pour les besoins de la présente circulaire, les sociétés de gestion d’OPCVM et les gestionnaires de fonds d’investissement alternatifs, du chef de leurs prestations de services de gestion de portefeuille sur une base individualisée et discrétionnaire, sont assimilés aux entreprises d’investissements et sont ainsi tenus de remettre les informations relatives aux créances garanties en relation avec des opérations d’investissement.
  14. Le recensement porte sur le volume de créances garanties (instruments et fonds) en relation avec des opérations d’investissement dont les membres seraient débiteurs en cas d’impossibilité de rembourser les fonds ou restituer les instruments dus aux investisseurs, conformément à l’article 195, paragraphe 1, de la loi de
  15. Les membres de droit luxembourgeois sont tenus d’inclure dans leurs données, les créances garanties (instruments et fonds) auprès de leurs succursales établies dans d’autres pays-membres de l’Espace économique européen. Le CPDI rappelle qu’en application du paragraphe 3 de la Circulaire CSSF-CPDI 16/02 telle que modifiée par la Circulaire CSSF-CPDI 23/35, le recensement inclut les fonds que les membres du SIIL déposent auprès d’établissements de crédit pour le compte de leurs clients.
  16. Le CPDI attire votre attention sur les dispositions de l’article 196, paragraphe 5, de la loi de 2015 : lorsque l’investisseur n’est pas l’ayant droit des fonds ou instruments détenus, c’est l’ayant droit qui bénéficie de la garantie ou de l’indemnisation à condition qu’il ait été identifié ou soit identifiable avant la date à laquelle l’intervention du SIIL est déclenchée. Ces dispositions sont notamment appelées à jouer lorsque l’investisseur est un établissement de crédit, une entreprise d’investissement, une fiducie ou un trust au sens de la loi du 10 juillet 2020 instituant un Registre des fiducies et des trusts mais ne s’appliquent pas aux OPC. Le CPDI renvoie également aux paragraphes 4.,
  17. bis et
  18. ter de la Circulaire CSSF-CPDI 16/02 telle que modifiée par la Circulaire CSSF-CPDI 23/35 qui précisent les obligations d’identification des ayants droit pour les besoins de la garantie du SIIL.
  19. Lorsqu’un membre du SIIL dépose les fonds ou instruments de ses clients auprès d’un tiers (établissement de crédit ou personne autorisée à fournir le service auxiliaire 1, section C, annexe II de la loi modifiée du 5 avril 1993 relative au secteur financier), il est tenu de déclarer à ce tiers qu’il agit pour le compte de ses clients, et de lui communiquer le nombre des ayants droit et la part revenant à chacun. Cette déclaration ne dispense pas le membre du SIIL d’inclure les montants des fonds et instruments en question dans les données à fournir au CPDI au titre du SIIL. Le tiers qui a la garde de ces instruments, s’il est lui-même membre du SIIL, doit également renseigner le montant des instruments garantis au CPDI au titre du SIIL. Il y a donc double déclaration des instruments garantis afin de couvrir les différents scénarios pouvant se produire, à savoir d’une part la défaillance du membre du SIIL, et d’autre part, la défaillance du tiers. Les établissements de crédit ne déclarent pas les dépôts (dans le sens d’éléments du passif de leur bilan) au CPDI au titre du SIIL dans le cadre du présent recensement. En effet, les fonds déclarés par les établissements de crédit et qui sont couverts par le SIIL devraient être limités aux fonds ne remplissant pas la qualification de dépôt tel que défini à l’article 163, paragraphe 6, de la loi de
  20. Référence est également faite au paragraphe
  21. de la Circulaire CSSFCPDI 16/02 telle que modifiée par la Circulaire CSSF-CPDI 23/
  23. En vue de permettre aux membres de simplifier la déclaration des créances garanties, les membres du SIIL ont le droit de communiquer des montants supérieurs à ceux qu’ils sont tenus de déclarer en vertu de la loi de
  24. Dans ce cas, ils seront tenus de contribuer au paiement de la garantie en fonction des montants qu’ils auront déclarés.
  25. Les montants des créances garanties sont à renseigner sur base des chiffres disponibles au 31 décembre de l’année précédente. A cette fin, les membres sont priés de fournir les Circulaire CSSF-CPDI 16/03 telle que modifiée par la circulaire CSSF-CPDI 25/44 2/3 données en version simplifiée ou détaillée via l’un des moyens de communication suivants : • Via la plateforme eDesk de la CSSF; ou • Via la remise d’un fichier structuré de type S3 (« simple storage service »). Un guide utilisateur est disponible sur eDesk détaillant la procédure pour compléter, valider et remettre le rapport annuel sur les créances garanties en relation avec des opérations d’investissement (ICS). Si aucun montant n’est à renseigner, la remise au CPDI reste néanmoins obligatoire via un des canaux précités en indiquant la valeur « 0 » (zéro) dans les champs correspondants. Des instructions détaillées pour remplir le formulaire sont fournies dans le module eDesk en question. Veuillez noter que la transmission de cette enquête via E-File ou SOFiE a été désactivée.
  26. Le rapport est à remettre dans sa version simplifiée ou détaillée par l’un des deux canaux précités pour le 31 mars au plus tard de l’année qui suit la période de référence.
  27. En cas d’erreurs ou d’omissions dans les données transmises y compris lorsqu’un rapport amendé est remis après le délai fixé au paragraphe
  28. de cette circulaire, les membres sont tenus de contacter l’adresse cpdi@cssf.lu dès constat par le membre en question des erreurs ou omissions afin de pouvoir y apporter les corrections nécessaires. Veuillez recevoir, Mesdames, Messieurs, l’assurance de nos sentiments distingués. COMMISSION DE SURVEILLANCE DU SECTEUR FINANCIER Conseil de protection des déposants et des investisseurs Pour le CPDI Claude SIMON Président du CPDI Circulaire CSSF-CPDI 16/03 telle que modifiée par la circulaire CSSF-CPDI 25/44 3/3 In case of discrepancies between the French and the English text, the French text shall prevail. Luxembourg, 18 October 2016 To all credit institutions and investment firms incorporated under Luxembourg law, to the branches of non-EU credit institutions and investment firms, as well as to UCITS management companies and to alternative investment fund managers whose authorisation includes the management of portfolios on a discretionary, client-by-client basis CIRCULAR CSSF-CPDI 16/03 as amended by Circular CSSF-CPDI 25/44 Re : Survey on covered claims in connection with investment business – mode of transmission Ladies and Gentlemen,
  29. Pursuant to Article 197
(10)of the amended law of 18 December 2015 on the failure of credit institutions and certain investment firms (“law of 2015”), the “Conseil de protection des déposants et des investisseurs” (“CPDI”) requests data as defined below from the members of the “Système d’indemnisation des investisseurs Luxembourg” (“SIIL”) for the purpose of calculating the share of the contribution that each member would have to make in accordance with Article 198 of the law of 2015, should a compensation by the SIIL happen. For the purpose of this circular, UCITS management companies and alternative investment fund managers are assimilated to investment firms to the extent that they manage portfolios on a discretionary, client-by-client basis; therefore, they are required to provide data on covered claims in connection with investment business. 2. The data survey aims at collecting the volume of covered claims (instruments and money) in relation to investment business of which members would be debtors should they be unable to repay money owed or return instruments belonging to investors, in accordance with Article 195
(1)of the law of
  1. Members incorporated under Luxembourg law shall include in their data the covered claims (instruments and money) arising from their branches located in other European Economic Area Member States. The CPDI reminds you that pursuant to paragraph 3 of Circular CSSF-CPDI 16/02 as amended by Circular CSSF-CPDI 23/35, the data survey includes money that members of the SIIL deposit at credit institutions on behalf of their clients.
  2. The CPDI draws your attention to the provisions of Article 196
(5)of the law of 2015: Where the investor is not absolutely entitled to the money or instruments held, the person who is absolutely entitled shall be covered by the compensation scheme, provided that the person has been identified or is identifiable before the date on which the intervention of the SIIL is triggered. These provisions shall apply in particular when the investor is a credit institution, an investment firm, a fiducie or a trust within the meaning of the Law of 10 July 2020 establishing a Register of Fiducies and Trusts but they do not apply to collective investment undertakings. The CPDI also refers to paragraphs 4.,
  1. bis and
  2. ter of Circular CSSF-CPDI 16/02 as amended by Circular CSSF-CPDI 23/35 which clarify the duty to identify persons absolutely entitled to the funds or instruments for the purpose of the SIIL guarantee.
  3. Where a member of the SIIL deposits its customers’ money or financial instruments at a third party (a credit institution or a person authorised to provide ancillary service 1 of Section C, Annex II of the amended law of 5 April 1993 on the financial sector), it shall declare to this third party that it acts on behalf of its customers, the number of persons who are absolutely entitled as well as the amount due to each of them. This declaration does not exempt the member of the SIIL from reporting the amounts of money and instruments in question to the CPDI for the purpose of the SIIL. The third party responsible for the instruments’ safekeeping, if itself a member of the SIIL, shall also report the amount of instruments to the CPDI. A double declaration of financial instruments will thus take place for the purpose of covering the possible scenarios, namely on the one hand, the failure of the member of the SIIL, and on the other hand, the failure of the third party. Credit institutions do not declare any deposits (in the sense of liabilities in their balance sheet) to the CPDI for the purpose of the SIIL as part of the present data survey. Indeed, monies reported by credit institutions and which are covered by the SIIL should be limited to the funds that do not meet the qualification of a deposit as defined by article 163
(6)of the law of
  1. Reference is also made to paragraph 3 of the Circular CSSF-CPDI 16/02 as amended by Circular CSSF-CPDI 23/
  3. In order to give the members of the SIIL the possibility to simplify the reporting of their covered claims, they may report amounts that are higher than required by the law of
  4. If they do so, they shall participate in the payment of the guarantee according to the amounts that they have reported.
  5. The amounts of covered claims shall be reported based on the figures as at 31 December of the preceding year. To this end, members are kindly requested to provide the data in simplified or detailed form through one of the following means of communication : Circular CSSF-CPDI 16/03 as amended by Circular CSSF-CPDI 25/44 2/3 • Via CSSF eDesk platform which is also accessible through the CSSF website; or • Via the submission of a structured file through S3 (“simple storage service”) protocol. A user guide is available on eDesk, explaining the technical procedures for completing, validating and submitting the ICS Yearly Reporting. In case there is no amount to be reported, the transmission to the CPDI remains nevertheless mandatory through one of the aforementioned means of communication by indicating value “0” (= zero) in the corresponding fields. Detailed instructions are provided to fill the survey in the eDesk module. Please note that the transmission of this survey via E-File or SOFiE has been deactivated.
  6. The report in simplified or detailed form shall be transmitted via one of the two aforementioned channel no later than 31 March of the year following the reference period.
  7. In case of errors or omissions in the transmitted data including in case of resubmission after the deadline set in paragraph 7 of this Circular, institutions shall contact cpdi@cssf.lu as soon as the errors and omissions have been noticed by the member in question. Yours faithfully, COMMISSION DE SURVEILLANCE DU SECTEUR FINANCIER Conseil de protection des déposants et des investisseurs On behalf of the CPDI, Claude SIMON Chair of the CPDI Circular CSSF-CPDI 16/03 as amended by Circular CSSF-CPDI 25/44 3/3

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