Circular CSSF 21/769 on teleworking will apply as from 1 July 2022

Circular CSSF 21/769 on teleworking was issued on 9 April 2021, with an entry into force scheduled for 30 September 2021, safe exceptional circumstances such as the COVID-19 pandemic. In view of the government’s recent announcements dropping the majority of the health restrictions taken in the context of COVID-19, the circular will apply as from 1 July 2022.

Circular CSSF 21/769 on teleworking is a response to market demand, and based on reflections that started even before the pandemic. There is a keen interest coming from both the employers and the employees of the financial sector in new ways of working and one of the CSSF’s missions is to enable innovation by providing a framework.

During the drawing-up of this text, the CSSF considered the needs of very diverse players (from big banks to small institutions), the specific requirements of the financial business in terms of data security and confidentiality, and the atypical situation of Luxembourg, where a large part of the workforce of the financial sector is non-resident.

The circular defines the governance and security requirements for supervised entities that should be complied with when implementing and using work processes based on telework solutions.

The circular will be reviewed at the latest 12 months after its entry into force, i.e. by 30 June 2023, in order to address potential abuses or any other shortcomings or deficiencies.

To find out more about the challenges addressed by this circular, do not hesitate to listen or listen again to the podcast on this subject broadcast by the CSSF in May 2021.