- Public and bank holidays in Luxembourg for 2021 and 2022
- Reform of special leave and leave for family reasons
- Social security contribution rates
- Remuneration policies
- Health and safety at work
- Financial training
- Gender equality and principles of equal treatment
- Collective bargaining agreement for bank employees 2018-2020
The 2008 financial crisis revealed that the remuneration structures in certain credit institutions were inadequate in the sense that they encouraged excessive risk taking to generate short-term gains. In response, EU policy makers decided to define certain governance and transparency principles applicable to remuneration policies in the financial sector in order to warrant sound and efficient risk management practices in line with the long-term profitability of financial institutions.
In 2009, the European Commission thus published two recommendations on remuneration policies in financial institutions (Recommendation 2009/384/EC and Recommendation 2009/385/EC).
On 24 November 2010, the European Commission published Directive 2010/76/EU on capital requirements and the supervisory review of remuneration policies (known as CRD III).
Amending the banking law, the Law of 28 October 2011 transposed the directive into Luxembourg law.
In December 2010, after having consulted the actors concerned, the Committee of European Banking Supervisors (CEBS), which became the European Banking Authority (EBA) in 2011, published “Guidelines on Remuneration Policies and Practices”.
Based on the CEBS guidelines, the CSSF published two circulars requiring banks and investment companies to put in place appropriate remuneration policies.
On 20 July 2011, the Commission adopted a legislative package to strengthen the regulation of the banking sector. The proposal replaced the Capital Requirements Directives 2006/48 and 2006/49 with a directive and a regulation. The directive governs the access to deposit-taking activities while the regulation establishes the prudential requirements institutions need to respect.
The directive 2013/36/EU came into force on 1 January 2014.
The Commission Delegated Regulation 604/2014, which supplements the CRD IV, was published in the Official Journal of the EU on 6 June 2014 and entered into force at the end of June 2014.
In Luxembourg, the law of 23 July 2015 transposed the directive 2013/36/UE and came into force on 4 August 2015.
On 21 December 2015, the EBA published the Guidelines on sound remuneration policies under Articles 74(3) and 75(2) of Directive 2013/36/EU and disclosures under Article 450 of Regulation (EU) n° 575/2013 . These Guidelines came into force on 1s January 2017.
The CSSF published a circular CSSF 17/658 about the adoption of these EBA Guidelines (only available in French).
At the end of September 2016, the EBA published its final guidelines on remuneration policies and practices related to the sale and provision of retail banking products and services. These guidelines will be applicable to credit institutions, creditors, credit intermediaries, payment institutions and electronic money institutions and will enter into force as of 13 January 2018.