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15-601: CSSF may refer to: Commission de Surveillance du Secteur Financier , Luxembourg Conflict, Stability and Security Fund , United Kingdom Felician Sisters (officially the Congregation of Sisters of St. Felix of Cantalice Third Order Regular of St. Francis of Assisi) China School Sport Federation , a member of the International School Sport Federation Topics referred to by

30-566: A focus on complex financial instruments. Mapley was involved with the Basis Yield Alpha Fund, an Australian hedge fund that collapsed in 2007 after investing in subprime mortgage-related products marketed by Goldman Sachs , specifically the Timberwolf CDO. As an outside director of the fund, Mapley became a whistleblower, cooperating with the U.S. Securities and Exchange Commission (SEC) to expose misrepresentations in

45-562: Is different from Wikidata All article disambiguation pages All disambiguation pages Commission de Surveillance du Secteur Financier The Commission de Surveillance du Secteur Financier (CSSF) is the main financial regulatory authority in Luxembourg . Since 2014, it has been the country's national competent authority within European Banking Supervision . The CSSF is also responsible for

60-526: Is directly responsible for investor protection related queries. As part of the FIN-NET program, the CSSF is the sole recourse for investors who seek compensation or handling of complaints. Unlike some jurisdictions, there is no separate or independent ombudsman. There have been a number of high-profile cases, including Madoff, where the CSSF's ability to handle customer complaints has come into question. To date,

75-635: Is the founder and chief fraud investigator at Intel Suisse, a partnership that investigates financial schemes and seeks to recover associated assets. Mapley has participated in various financial investigations, including matters related to Goldman Sachs' Timberwolf CDOs and asset recovery cases. David Mapley has a background in managing investment portfolios, advising on debt and currency reserves, and launching funds in emerging markets. He worked globally across key financial centers, gaining extensive experience in derivatives and capital markets. His career spans roles in both investment management and consulting, with

90-480: Is the public auditor oversight. In this regard, the CSSF is thus responsible for the granting of the professional qualifications of the "Independent Auditor" (auditors) and "cabinet de Revision" (audit) for the approval and registration of statutory auditors and audit firms. The CSSF is also responsible for the implementation of auditing standards and professional ethical standards and internal quality control of audit firms and approvals for continuing education. The CSSF

105-687: The Banque centrale du Luxembourg (BCL). Beside the Executive board, the CSSF consists of: The CSSF supervision of the financial sector aims at: The CSSF monitors all financial activities in Luxembourg requiring the approval of the Minister responsible for the CSSF. It believes that it is in the public interest to ensure (a) that the laws and ordinances are enforced on the financial sector and (b) that international conventions and EU directives in

120-409: The areas under its responsibility are implemented. The CSSF is authorized to demand all information needed to perform its duties from the companies under its supervision. The CSSF takes care of negotiations about the financial sector and coordinates the implementation of government measures whenever there is an expansion of the activities of the financial sector at local or international level. The CSSF

135-453: The general response has been unsatisfactory and there are increasing concerns over the capabilities of the CSSF to carry out their duties effectively. With a prime role to market the financial sector, a direct conflict is often observed between protecting investors and regulating/promoting an orderly financial market. LuxAlpha (Madoff), Landsbanki, and others have failed to recover any investor monies, despite investor outcry and complaints. In

150-913: The investors affected by the collapse of Basis Yield Alpha Fund. Beyond the Goldman Sachs case, David Mapley has been involved in various international financial investigations. Through Intel Suisse, he led efforts to uncover and recover assets lost in fraudulent schemes and was active in legal disputes related to entities like the Columna Commodities sub-fund, where he filed complaints against UK liquidators and pursued cases in Luxembourg courts. Mapley has been involved in litigation efforts with financial institutions including Morgan Stanley International, Citibank, and Deutsche Bank, in collaboration with liquidators Grant Thornton. Mapley's work includes tracking financial schemes, analyzing regulatory responses, and examining oversight practices in

165-510: The matter of LFP I SICAV, the directors, through specialist financial investigation firm Intel Suisse , launched a gross negligence civil complaint against the CSSF in October 2020, holding them responsible for €100 million of losses in 4 sub-funds identified as Ponzi schemes. Within the framework of its statutory mission, the CSSF is in charge of ensuring that all the persons subject to its supervision, authorization, or registration comply with

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180-583: The professional AML/CTF obligations. However, recent disclosure about Director General Claude Marx being cited in the Panama Papers as having a key involvement in over 100 offshore companies whilst at HSBC Private Bank, as well as the CSSF's poor track record in addressing AML complaints, have served to undermine its credibility as an AML enforcer. David Mapley David Mapley is an investment banker and financial investigator focussed on investigating financial misconduct and regulatory compliance. He

195-616: The sale of these toxic assets. He urged the Australian Securities and Investments Commission (ASIC) to investigate, citing the severe financial impact on Australian investors. An internal email from a Goldman Sachs executive referred to the Timberwolf CDO as 'one shitty deal.' Mapley was involved in initiating legal actions and supporting lawsuits against Goldman Sachs, aiming to hold the firm accountable for its alleged deceitful practices. He actively collaborated with regulators and pursued legal avenues to seek compensation for

210-405: The same term [REDACTED] This disambiguation page lists articles associated with the title CSSF . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=CSSF&oldid=1189724762 " Category : Disambiguation pages Hidden categories: Short description

225-503: The supervision of experts in the financial sector, investment companies, pension funds, regulated securities markets and their operators, multilateral trading facilities and payment institutions, and is the competent authority for the public auditor oversight. The CSSF took over the duties of the former Commissariat aux Bourses and of the Institut Monétaire Luxembourgeois (IML), which on 1 June 1998, became

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