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Exchange of MoU between CSSF Luxembourg and IFSCA

Published Monday August 01 2022

On 29 July, the Ambassador of Luxembourg to India, H.E. Mrs. Peggy Frantzen exchanged a MoU on behalf of Luxembourg financial regulator Commission de Surveillance du Secteur Financier (CSSF) , with the Chairman of International Financial Services Centres Authority (IFSCA) of India, Mr. Injeti Srinivas in a ceremony held in GIFT City in Gujarat. The MoU had been signed earlier in January 2022 by both the financial regulators CSSF and IFSCA at the occasion of a virtual ceremony. The MOU sets forth a statement of intent of the Authorities to establish a framework for mutual assistance and to facilitate the exchange of information between the Authorities for development, regulation and enforcing or ensuring compliance with their respective law or regulatory requirements.                                                                               

The MoU was exchanged in the presence of the Hon’ble Prime Minister of India, Shri Narendra Modi, the Minister of Finance and Corporate Affairs of the Government of India, Smt. Nirmala Sitharaman, the Chief Minister of Gujarat, Shri Bhupendra Patel, the Ministers of State of Finance in the Indian Government, Mr. Pankaj Chaudhary & Dr. Bhagwat Karad as well as other dignitaries present at the occasion.

Welcoming the MoU, Mr. Injeti Srinivas, Chairperson, IFSCA, noted that “IFSCA and CSSF have great opportunities to work together in the areas of Green and Sustainable Finance. He said that Luxembourg has established itself as a global hub for sustainable finance while IFSCA endeavors to establish an International Sustainable Finance Hub in GIFT IFSC to mobilize capital for climate actions in India and beyond and welcomed the exchange of the MoU between both the sides.”

According to Mr. Claude Marx, Director General, CSSF, “this Memorandum of Understanding sets the stage for enhancing cooperation between both our authorities. We look forward to sharing views and experiences with our colleagues from the IFSCA”.

H.E. Mrs. Peggy Frantzen, the Ambassador of Grand Duchy of Luxembourg to India underlines that “the entry into effect of this MoU lays down the foundation for a strengthening of the relations notably in the sector of green finance between Luxembourg and India.”

This exchange of MoU between CSSF and IFSCA is another step forward in the growing Luxembourg-India relations in the Finance & Financial Services sectors.