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

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