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15 July 2019
Luxembourg
Reporter Jenna Lomax

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CSSF fines RBC Investor Services

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.

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