How the supervisor decides where to look
Supervision is planned, not random. The annual inspection plan, the published priorities, and how to read them in April rather than when the letter arrives.
- 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 1. Where the powers come from
Why the law that created the CSSF contains almost none of its powers, what article 53 of the 1993 Law actually allows and what it does not, and how the supervisor decides which entities to look at and when. Lesson 1.1, the law that does not contain the powers. Lesson 1.2, article 53, and what it actually allows. Lesson 1.3, how the supervisor decides where to look.
Every instrument this lesson is built from, linked to its official text
Article 3-1 of the Law of 23 December 1998 obliges the CSSF to publish on its website, and update regularly, the laws, regulations, administrative rules and general guidance adopted in the field of prudential regulation and the criteria and methods used in the supervisory review and evaluation, including how it applies proportionality. Read the indent as it is drafted: it is framed around prudential regulation and around the statistical data that supervisors of credit institutions and investment firms must publish under EU law, so it is not a general guarantee that the CSSF publishes a methodology for every sector. What the fund sector actually gets is the published supervisory priorities. The annual planning cycle is described in the CSSF Annual Report 2024, and the priorities are the communication of 31 March 2026.
- Law of 23 December 1998 establishing a financial sector supervisory commission Consolidated version published by the CSSF. Article 2-1 on credit rating agencies, article 3-1 on publishing the criteria and methods of supervision, article 16 on professional secrecy of the CSSF, article 20 on supervision in the public interest and on civil liability https://www.cssf.lu/en/Document/law-of-23-december-1998-2/
- CSSF Annual Report 2024 The supervisor's own account of its 2024 activity, including its analysis of the external AML/CFT reports https://www.cssf.lu/en/Document/annual-report-2024/
- The CSSF's 2026 priorities for supervising the investment fund sector, 31 March 2026 CSSF communication. The published priorities and the common supervisory action on the risk management function announced for the second half of 2026 https://www.cssf.lu/en/2026/03/the-cssfs-2026-priorities-for-supervising-the-investment-fund-sector/
Module 1. Where the powers come from
- Lesson 1.1. The law that does not contain the powers 2:25 · open to everyone
- Lesson 1.2. Article 53, and what it actually allows 2:40 · open to everyone
- Lesson 1.3. How the supervisor decides where to look 2:19 · this page
Open this lesson
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Or watch lesson 1-1 of this course free, with no account: CSSF Readiness: requests, inspections and observation letters, the free sample.