CSSF Updates Frequently Asked Questions on COVID Measures
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 CSSF has updated 13 FAQs as well as repealed 13 FAQs that are no longer applicable.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 The FAQs that are no longer applicable are related to the postponement of remuneration benchmarking exercise and data collection exercise regarding high earners, the prudential treatment of payment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
Featured Experts
María Cañamero
Skilled market researcher; growth strategist; successful go-to-market campaign developer
Nicolas Degruson
Works with financial institutions, regulatory experts, business analysts, product managers, and software engineers to drive regulatory solutions across the globe.
Masha Muzyka
CECL, IFRS 9, and IFRS 17 expert; credit risk and insurance risk specialist; strategic planning and credit analytics solutions consultant
Related Articles
ESAs Issue Multiple Regulatory Updates for Financial Sector Entities
The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.
ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments
The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.
IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets
The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.
EBA Finalizes Methodology for Stress Tests, Issues Other Updates
The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups
OSFI Sets Out Work Priorities and Reporting Updates for Banks
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
APRA Finalizes Changes to Capital Framework, Issues Other Updates
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
BIS Hub and Central Banks Conduct CBDC and DeFI Pilots
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
FASB Proposes Improvements to 2023 GAAP Reporting Taxonomy
The Financial Accounting Standards Board (FASB) is seeking comments, until November 03, 2022, on the proposed technical and other conforming improvements for the 2023 GAAP Financial Reporting Taxonomy.
ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations
The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.
ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector
Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)
