CSSF is informing that member states are allowed to delay, by one year, the application of the European Single Electronic Format (ESEF) requirements in relation to annual financial reports. Initially, the ESEF requirements were intended to apply to all annual financial reports drawn up in accordance with Article 3 of the Transparency Law for financial years beginning on or after January 01, 2020. However, now these requirements will apply to the annual financial reports for periods beginning on or after January 01, 2021. For periods preceding that date, issuers may already apply the ESEF requirements on a voluntary basis.
Further to the decision, member states have been granted the possibility to defer the mandatory application to the annual financial reports for periods beginning on or after January 01, 2021. In this context, CSSF would like to remind issuers that, as from the application of the ESEF requirements, the entire annual financial report shall be drawn up in accordance with the regulatory technical standards on ESEF. As such, it shall be prepared in XHTML format; additionally, where annual financial reports include IFRS consolidated financial statements, issuers shall mark up those consolidated financial statements using eXtensible Business Reporting Language (XBRL). Statutory auditors are required to check the compliance of financial statements with the mentioned requirements and to provide an audit opinion on whether the financial statements comply with these requirements.
Related Link: Press Release
Keywords: Europe, Luxembourg, Banking, Accounting, Securities, ESEF, ESEF Regulations, XBRL, Reporting, CSSF
The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.
The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.
Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.
The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.
The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.
The European Banking Authority (EBA) published a methodological guide to mystery shopping.
The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.
The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.
The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.