CSSF informed that an XBRL solution will be adopted as the collection method for the new prudential reporting applicable to investment firms, as of September 30, 2021; this adoption will be within the framework of the transposition, into the national law, of the Investment Firms Directive or IFD (2019/2034) and the entry into application of the Investment Firms Regulation or IFR (2019/2033). IFD and IFR entered into force on December 25, 2019. In a separate statement, CSSF highlighted that undertakings for collective investment in transferable securities (UCITS) management companies and alternative investment fund managers will have to comply with EU Regulation 2019/2088 on sustainability-related disclosures in the financial sector (also known as SFDR) by March 10, 2021.
Keywords: Europe, Luxembourg, Banking, Securities, Investment Firms, IFD, IFR, Reporting, SFDR, Sustainable Finance, Disclosures, ESG, CSSF
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.
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.
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.
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
The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.
The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.
The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.
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.
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.
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)