CSSF director general Claude Marx, pictured, has called for the creation of an independent body to collect fines
Photo: Anthony Dehez
The head of the financial sector supervisory commission (CSSF) wants to separate its oversight activities from its sanctioning role.
CSSF director general Claude Marx said at Tuesday’s cross-border distribution conference that “the CSSF does not want to impose fines or rather does not want the money of the fines.”
The statement came somewhat as a surprise to guests at the event, which was co-organised by Deloitte Luxembourg and Elvinger Hoss Prussen--particularly since the regulator collected over €15m in fines in 2017.
Marx clarified his statement in a later interview with Paperjam.lu, saying that it came in the face of “speculation about the fact we must pay our agents, who now number 800”.
He stressed the fines are not intended to finance the CSSF’s operations, nor should they be seen as a gesture to European authorities that they are doing their bit, as a speaker at the conference suggested.
Instead, the CSSF considers this sanctioning power should be entrusted to an independent body to collect the fines. Money collected could still be used to cover the costs of investigations, as is done in other countries. It remains to be seen whether Marx’s suggestion will be picked up by the ministry of finances.