Featured Product

    CSSF Issues Updates on Reporting of COVID-19 Data by Banks

    August 07, 2020

    CSSF published circulars on application of EBA COVID-19 guidelines as well as version 5.8 of the reporting requirements for credit institutions. This version of reporting requirements covers the addition of technical information regarding the EBA reporting framework versions 2.10.0 (phases 1 and 2) and 2.10.1, including the addition of COVID-19 reporting requirements under the EBA reporting framework version 2.10. The document aims to provide an overview of the periodical reporting requirements and other regular reporting applicable to credit institutions in Luxembourg, in addition to the reporting formats and technical specifications. On July 17, 2020, CSSF also announced the publication, by EBA, of an updated list of deactivated validation rules, which are applicable for reports submitted to CSSF as of June 11, 2020.

    In July 2020, CSSF published the following two circulars with respect to the regulatory measures that were introduced to ease the impact of COVID-19 outbreak:

    • Circular CSSF 20/748 on the adoption of EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis (EBA/GL/2020/07). CSSF intends to integrate the EBA/GL/2020/07 into its regulatory approach and administrative practice, with a view to promote supervisory convergence in this field at European level. All less significant institutions and branches of non-EU credit institutions that fall within the scope of application, as set out in Section 2 of the Circular CSSF 20/748, shall duly comply with it. The guidelines introduce reporting templates, including in relation to forborne exposures, where such measures are not captured in the existing supervisory reporting framework. The reporting templates shall be submitted on a quarterly basis, unless a higher reporting frequency is deemed appropriate in consideration of the evolution of the COVID-19 crisis. The first reporting reference date is June 30, 2020, with the first remittance date set for August 11, 2020. In-scope entities are required to submit their reporting templates as at June 30, 2020 reference date using the Excel format and to complete the COVID-19 reporting templates in accordance with the reporting instructions published on the EBA website. From the end-September 2020 reference date onward, only XBRL reporting tables will be accepted. This circular shall apply with immediate effect.
    • Circular CSSF 20/749, which amends the Circular CSSF 20/741, to extend the deadline by which moratoria on loan repayments must be effectively applied. The deadline has now been changed to September 30, 2020, instead of the earlier deadline of June 30, 2020. This circular is intended to inform that CSSF, in its capacity as competent authority, complies with and applies the EBA guidelines on legislative and non-legislative moratoria on loan repayments applied in the light of the COVID-19 crisis (EBA/GL/2020/02), as amended by the EBA guidelines EBA/GL/2020/08. Requirements for reporting and disclosure of related information have been communicated through the Circular CSSF 20/748.

     

    Related Links

    Keywords: Europe, Luxembourg, Banking, Reporting, Less Significant Institutions, Reporting Framework 2.10, Validation Rules, COVID-19, Disclosures, CSSF

    Featured Experts
    Related Articles
    News

    HKMA Finalizes Policy Modules on Group-Wide Approach and Remuneration

    The Hong Kong Monetary Authority (HKMA) revised the Supervisory Policy Manual module CG-5 that sets out guidelines on a sound remuneration system for authorized institutions.

    July 29, 2021 WebPage Regulatory News
    News

    EBA Guide to Monitor Threshold for Intermediate Parent Undertakings

    The European Banking Authority (EBA) published the final guidelines on the monitoring of the threshold and other procedural aspects on the establishment of intermediate parent undertakings in European Union (EU), as laid down in the Capital Requirements Directive (CRD).

    July 28, 2021 WebPage Regulatory News
    News

    PRA Finalizes Approach to Supervision of International Banks

    In a recent Market Notice, the Bank of England (BoE) confirmed that green gilts will have equivalent eligibility to existing gilts in its market operations.

    July 26, 2021 WebPage Regulatory News
    News

    FCA Issues PS21/9 on Implementation of Investment Firms Regime

    The Financial Conduct Authority (FCA) published the policy statement PS21/9 on implementation of the Investment Firms Prudential Regime.

    July 26, 2021 WebPage Regulatory News
    News

    EBA Proposes Regulatory Standards to Identify Shadow Banking Entities

    The European Banking Authority (EBA) proposed regulatory technical standards that set out criteria for identifying shadow banking entities for the purpose of reporting large exposures.

    July 26, 2021 WebPage Regulatory News
    News

    IOSCO Proposes Recommendations on ESG Ratings and Data Providers

    The Board of the International Organization of Securities Commissions (IOSCO) proposed a set of recommendations on the environmental, social, and governance (ESG) ratings and data providers.

    July 26, 2021 WebPage Regulatory News
    News

    ESMA Group Issues Recommendations on RFR Switch in Interdealer Market

    The European Securities and Markets Authority (ESMA) published recommendations from the Working Group on Euro Risk-Free Rates (RFR) on the switch to risk-free rates in the interdealer market.

    July 26, 2021 WebPage Regulatory News
    News

    ECB Study Assesses Impact of Basel III Finalization Package

    The European Central Bank (ECB) published a paper as well as an article in the July Macroprudential Bulletin, both of which offer insights on the assessment of the impact of Basel III finalization package on the euro area.

    July 26, 2021 WebPage Regulatory News
    News

    ISDA Finds FRTB Results in Higher Capital Charges for Carbon Trading

    The International Swaps and Derivatives Association (ISDA) published a paper that explores the impact of the Fundamental Review of the Trading Book (FRTB) on the trading of carbon certificates.

    July 26, 2021 WebPage Regulatory News
    News

    PRA Updates Remuneration Policy Statement Templates and Tables

    The Prudential Regulation Authority (PRA) published the remuneration policy self-assessment templates and tables on strengthening accountability.

    July 26, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7311