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CSSF Teleworking Circular 21/769 – Corporate/Commercial Law

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Luxembourg: &#13
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CSSF Teleworking Circular 21/769&#13

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On 9 April 2021 the CSSF printed a new Round 21/769 on&#13
“Governance and stability prerequisites for supervised entities&#13
to complete responsibilities or actions by means of Telework”&#13
(“Telework Round”).

The Telework Circular does not utilize beneath pandemic predicaments&#13
(these as Covid-19 pandemic) or in scenario of other excellent&#13
conditions obtaining a comparable influence on the basic performing&#13
disorders.

Beneath the Telework Round, all entities supervised by the CSSF&#13
and the branches of the Luxembourg regulated entities found&#13
overseas (“Supervised Entity”) will&#13
be necessary to have sufficient employees associates at the premises to&#13
comply with central administration requirements. Notably, the&#13
amount of money of standard working time that personal team members are&#13
allowed to telework, shall be restricted. At the very least a single authorised&#13
manager/conducting officer shall be on-web page at the head business office at&#13
all periods and important capabilities shall be adequately represented each&#13
working day at the premises.

CSSF approval will not be necessary for teleworking: it will be&#13
the responsibility of the Supervised Entities to evaluate regardless of whether its&#13
interior policies comply with the requirements of the Telework&#13
Circular (having into account its dimension and organisation and the&#13
mother nature, scale and complexity of its routines).

The Supervised Entities shall establish all hazards resulting from&#13
telework, as effectively as watch and mitigate them. The inner&#13
controls functions (i.e. compliance and interior audit) shall also&#13
think about the telework condition in their missions.

The Supervised Entities will be required to build a telework&#13
plan and to evaluate and update existing guidelines and processes to&#13
choose into account telework. The functional implementation of the&#13
telework plan shall also be monitored and documented notably with&#13
a record disclosing the identification and functionality of team authorized to&#13
telework. Employees of the Regulated Entities shall be educated with&#13
respect to teleworking. Also, unique IT requirements&#13
talked about in the Telework Circular ought to also be complied with by&#13
Supervised Entities in the context of telework (e.g.&#13
encryption).

Ultimately, added demands also use from a labour law&#13
perspective notably additional to the new arrangement on telework signed&#13
on 20 Oct 2020 among the social associates LCGB, OGB-L and UEL,&#13
which was declared a general obligation by Grand Ducal Regulation&#13
of 22 January 2021 and which is now binding for all firms in&#13
Luxembourg.

The Telework Round was because of to implement from 30 September 2021,&#13
on the other hand, provided that the coronavirus is even now lively, the CSSF has&#13
indicated that it will only implement as from the end of the pandemic,&#13
in accordance with Posting 66 of the Telework Circular.

The articles of this short article is intended to present a normal&#13
tutorial to the subject make a difference. Expert advice need to be sought&#13
about your specific instances.

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CSSF Teleworking Circular 21/769

ELVINGER HOSS PRUSSEN, société anonyme

On 9 April 2021 the CSSF posted a new Round 21/769 on “Governance and security necessities for supervised entities to conduct tasks or actions via Telework” (“Telework Round”).