CSSF Issues Regulation 16-07 On Out-Of-Court Resolution Of Complaints

On 11 November 2016, the Commission de Surveillance du Secteur Financier (the "CSSF") published in the Luxembourg official gazette (the "Mémorial") the Regulation 16-07 (the "New Regulation") which repeals and replaces the Regulation 13-02 (the "Regulation 13-02").

The New Regulation adds clarity to definitions by precising the concept of "consumer". It refers to the Luxembourg Consumer Code and recalls that a consumer is any natural person who acts for purposes which are outside his/her commercial, industrial, artisanal or professional activity.

The New Regulation also clarifies the admissibility requirements for a complaint with the CSSF by extending the scope of requests in the field of statutory audit and by accepting requests that have been filed via the European Online Dispute Resolution (ODR) platform. The new text also requires consumers which intend to file a request with the CSSF to take action within one year after having introduced a request with the professional.

The main changes introduced by the New Regulation aim at enhancing the information provided by the professionals supervised by the CSSF to consumers and complainants. The disclosure of the professional's complaint resolution procedure by mean of its website, brochures, leaflets and contractual documents must additionally...