The Financial Sector Supervisory Commission of Luxembourg (CSSF or Commission de Surveillance du Secteur Financier) updated its document on the frequently asked questions (FAQs) related to COVID-19 measures. CSSF has updated 13 FAQs as well as repealed 13 FAQs that are no longer applicable. The updated FAQs address the leverage ratio calculations under the Capital Requirements Regulation or CRR, the consequences of phasing-out of the European Banking Authority (EBA) eligible payment moratoria, the flexibility offered by IFRS 9 standard on financial instruments amid COVID-19 pandemic, and the evolving dividend distribution policies. The FAQs that are no longer applicable are related to the postponement of remuneration benchmarking exercise and data collection exercise regarding high earners, the prudential treatment of payment moratoria, and the extension of deadlines for the reports to be submitted by banks, payment institutions, electronic money institutions, and investment firms.
Related Link: FAQs (PDF)
Keywords: Europe, Luxembourg, Banking, COVID-19, FAQ, CRR, Basel, Leverage Ratio, IFRS 9, Dividend Distribution, Credit Risk, Investment Firms, Reporting, EBA, 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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