CSSF informed that an XBRL solution will be adopted as the collection method for the new prudential reporting applicable to investment firms, as of September 30, 2021; this adoption will be within the framework of the transposition, into the national law, of the Investment Firms Directive or IFD (2019/2034) and the entry into application of the Investment Firms Regulation or IFR (2019/2033). IFD and IFR entered into force on December 25, 2019. In a separate statement, CSSF highlighted that undertakings for collective investment in transferable securities (UCITS) management companies and alternative investment fund managers will have to comply with EU Regulation 2019/2088 on sustainability-related disclosures in the financial sector (also known as SFDR) by March 10, 2021.
Keywords: Europe, Luxembourg, Banking, Securities, Investment Firms, IFD, IFR, Reporting, SFDR, Sustainable Finance, Disclosures, ESG, CSSF
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
The European Commission (EC) has issued two letters mandating the European Supervisory Authorities (ESAs) to jointly propose amendments to the regulatory technical standards under Sustainable Finance Disclosure Regulation or SFDR.
The European Banking Authority (EBA) published its annual report on convergence of supervisory practices for 2021. Additionally, following a request from the European Commission (EC),
The Farm Credit Administration published, in the Federal Register, the final rule on implementation of the Current Expected Credit Losses (CECL) methodology for allowances
The U.S. Securities and Exchange Commission (SEC) looks set to intensify focus on crypto-assets and cyber risk and extended the comment period on the proposed rules to enhance and standardize climate-related disclosures for investors.
The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility and issued an update on the operational preparedness for zero and negative market interest rates.
The Commission for the Financial Market (CMF) in Chile published capital adequacy ratios (as of February 2022, January 2022, and December 2021) for 17 banks and for the banking system.
The Prudential Regulation Authority (PRA) issued a statement on the European Banking Authority (EBA) guidelines on management of non-performing exposures (NPEs) and forborne exposures.
The European Banking Authority (EBA) updated the implementing technical standards that specify the data collection for the 2023 supervisory benchmarking exercise in relation to the internal approaches used in market risk, credit risk, and IFRS 9 accounting.
The European Insurance and Occupational Pensions Authority (EIOPA) published a feedback statement on the responses received to the consultation on blockchain and smart contracts in insurance.