FINANCE - MARKETS

Annual report

The CSSF collected three times more fines in 2020



Despite teleworking policies, 121 on-site controls were carried out last year. Photo: Romain Gamba / Maison Moderne

Despite teleworking policies, 121 on-site controls were carried out last year. Photo: Romain Gamba / Maison Moderne

With €6m in penalties imposed, the CSSF collected three times more fines last year than in 2019, returning to 2018 levels.

The financial market watchdog imposed a total of 30 fines in 2020, according to its annual report published last week. In total, some €6.06m in fines were imposed by the CSSF on supervised entities, including €4.6m for one bank alone.

In 2019, financial penalties amounted to €1.76m, three times less than the €5.8m observed the year before.

Slightly fewer on-site inspections

Despite widespread teleworking due to the pandemic, the CSSF carried out 121 on-site inspections last year. “This slight decrease compared to 2019 can be put in relation with the covid-19 pandemic and the resulting organisational changes,” the organisation said.

The regulator ended the year with a loss of €12.5m, widening the negative result of €4.5m recorded a year earlier. Its turnover remained in line with the previous year, at €123.7m. However, its personnel costs increased by 15%, reaching €113.2m.

As of 31 December 2020, the CSSF employed 938 staff members, 30 more than in 2019.

This article was originally published in Paperjam. It has been translated and edited for Delano.