CSSF fines RBC Investor Services
15 July 2019 Luxembourg
![Generic business image for news article](https://www.assetservicingtimes.com/assetservicesnews/images/MondayJuly1520191563206008.jpg)
The Commission de Surveillance du Secteur Financier (CSSF), Luxembourg’s financial regulator, has levied an administrative penalty against RBC Investor and Treasury Services (RBC I&TS) for failing to comply with rules on dismissing the bank’s chief risk officer.
The €120,000 fine was issued on 21 May and disclosed on 8 July.
CSSF said: “RBC Investor Services S.A. dismissed the chief risk officer without the prior approval of the board of directors.”
“Upon having been made aware of Article 8, paragraph 3 of the CSSF Regulation, the bank has immediately taken all necessary actions to ensure future compliance with such provision.”
RBC I&TS said it respects CSSF's decision.
The €120,000 fine was issued on 21 May and disclosed on 8 July.
CSSF said: “RBC Investor Services S.A. dismissed the chief risk officer without the prior approval of the board of directors.”
“Upon having been made aware of Article 8, paragraph 3 of the CSSF Regulation, the bank has immediately taken all necessary actions to ensure future compliance with such provision.”
RBC I&TS said it respects CSSF's decision.
NO FEE, NO RISK
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
100% ON RETURNS If you invest in only one asset servicing news source this year, make sure it is your free subscription to Asset Servicing Times
![Advertisement](../images/bull-252524.png)