CSSF Issues Updates on Reporting of COVID-19 Data by Banks
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
- Version 5.8 of Reporting Requirements
- Circular CSSF 20/748
- Circular CSSF 20/749
- Announcement on Validation Rules
Keywords: Europe, Luxembourg, Banking, Reporting, Less Significant Institutions, Reporting Framework 2.10, Validation Rules, COVID-19, Disclosures, CSSF
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Victor Calanog, Ph.D.
Leading economist; commercial real estate; performance forecasting, econometric infrastructure; data modeling; credit risk modeling; portfolio assessment; custom commercial real estate analysis; thought leader.
Previous Article
BOJ Consults on Choice and Use of JPY Interest Rate BenchmarksRelated Articles
APRA Sets LAC for D-SIBs, Proposes to Enhance Crisis Preparedness
APRA issued a letter on the loss-absorbing capacity (LAC) requirements for domestic systemically important banks (D-SIBs) and published a discussion paper, along with the proposed the prudential standards on financial contingency planning (CPS 190) and resolution planning (CPS 900).
EC to Review Macro-Prudential Rules while ESRB Assesses Policy Stance
The European Commission (EC) launched a call for evidence, until March 18, 2022, as part of a comprehensive review of the macro-prudential rules for the banking sector under the Capital Requirements Regulation (CRR) and Directive (CRD IV).
FSB Sets Out Good Practices for Crisis Management Groups
The Financial Stability Board (FSB) published a report that sets out good practices for crisis management groups.
APRA Penalizes Heritage Bank for Incorrect Reporting of Capital
The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.
OSFI Releases Annual Report 2021-2022
The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.
OSFI Updates Timeline for Implementation of Certain Basel Rules
Through a letter addressed to the banking sector entities, the Office of the Superintendent of Financial Institutions (OSFI) announced deferral of the domestic implementation of the final Basel III reforms from the first to the second quarter of 2023.
EC Defers Adoption of Regulatory Standards for Disclosures Under SFDR
EIOPA recently published a letter in which EC is informing the European Parliament and Council that it could not adopt the set of draft regulatory technical standards for disclosures under the Sustainable Finance Disclosure Regulation (SFDR) within the stipulated three-month period, given their length and technical detail.
FCA Releases MIFIDPRU Application Forms and Third Set of Rules on IFPR
The Financial Conduct Authority (FCA) published the third in a series of policy statements that set out rules to introduce the UK Investment Firm Prudential Regime (IFPR), which will take effect on January 01, 2022.
APRA Finalizes Capital Adequacy Standards for Banks
The Australian Prudential Regulation Authority (APRA) published, along with a summary of its response to the consultation feedback, an information paper that summarizes the finalized capital framework that is in line with the internationally agreed Basel III requirements for banks.
CPMI-IOSCO Seek Comments on Access to Central Clearing and Portability
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report focusing on access to central counterparty (CCP) clearing and client-position portability.
