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.
- 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
Scott is a Director in the Regulatory and Accounting Solutions team responsible for providing accounting expertise across solutions, products, and services offered by Moody’s Analytics in the US. He has over 15 years of experience leading auditing, consulting and accounting policy initiatives for financial institutions.
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