The injunction, and the clock it starts
There is no statutory deadline in article 59. There is a deadline in your letter, and three measures that unlock when it passes, none of which is a fine.
- The video of every lesson, and the word-for-word transcript beside it
- Every claim linked to its primary source, with a source register per lesson
- An assessment for each of the 6 modules, and an end-of-course assessment
- A printable certificate carrying your name, the date and the content version
- The downloadable artefacts and one page references for this course
Expensing it? The invoice can be made out to your firm, with its VAT number and your purchase order reference. Buying for several people: seats for a team.
The narrated video runs about 45 minutes across the 18 lessons. That is short on purpose: no filler and no reading out of the law, with the work in the transcripts, the sources, the assessments and the artefacts.
Module 2. The injunction, the fine and the inspection
The injunction and the deadline that is in your letter rather than in a statute, the coercive fine alongside the much larger risk of not answering at all, and how an on-site inspection runs from the annual plan through the fact validation meeting to the observation letter. Lesson 2.1, the injunction, and the clock it starts. Lesson 2.2, the coercive fine, and what it costs to ignore one. Lesson 2.3, how an on-site inspection actually runs.
Every instrument this lesson is built from, linked to its official text
Article 59 of the Law of 5 April 1993. Paragraph 1 carries the injunction and the period the CSSF prescribes; paragraph 2 carries the three measures available once that period has passed.
- Law of 5 April 1993 on the financial sector Consolidated version published by the CSSF. Article 53 carries the supervisory and investigatory powers, including the duty to state reasons in paragraph 4, article 59 the injunction and suspension powers, article 63 and its lettered articles the sanctions, the coercive fine, publication and the right of appeal, article 63-4 the factors taken into account in setting a penalty, and article 64-2 the reporting of certain sanctions to the European Banking Authority https://www.cssf.lu/en/Document/law-of-5-april-1993/
- Law of 5 April 1993 on the financial sector, consolidated English text The consolidated text as a PDF, which is the version to read article 53 from https://www.cssf.lu/wp-content/uploads/L_050493_lfs.pdf
Module 2. The injunction, the fine and the inspection
- Lesson 2.1. The injunction, and the clock it starts 2:41 · this page
- Lesson 2.2. The coercive fine, and what it costs to ignore one 2:45
- Lesson 2.3. How an on-site inspection actually runs 3:07
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