Article 9 (1) subparagraph 1 of Directive 2021/2167 on credit servicers and credit purchasers (the “Credit Servicers Directive” or “CSD”), requires that Member States “ensure that the competent authorities (CA) establish and maintain at least a list or, where considered more appropriate, a national register, of all credit servicers authorised to provide services within their territory, including credit servicers providing services under Article 13 of this Directive.". Pursuant to the CSD, ESMA was mandated to develop guidelines for establishing and maintaining such lists or registers.
On 5 March 2024, the EBA issued its final “Guidelines” accordingly. Directed at Competent Authorities responsible for overseeing these lists or registers, the Guidelines delineate: i) the requisite content, ii) accessibility standards, and iii) update deadlines. Additionally, these lists or registers are expected to streamline borrowers' access to information regarding complaint handling procedures provided by competent authorities. For further information on the CSD (formerly referred to as the NPL Directive, we refer you to our previous newsletter on this topic.
Luxembourg has not yet transposed the CSD. A a draft law was submitted to the Luxembourg Parliament (Chambre des Députés) on 24 March 2023, and is going through the usual legislative process.
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