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    CSSF Updates Address Pillar 3 Disclosures and SFDR Regulation

    March 20, 2023

    The Financial Sector Supervisory Commission of Luxembourg (CSSF) issued a circular regarding clarification on the public disclosure framework applicable to credit institutions and investment firms. CSSF also published the frequently asked questions (FAQs) on sustainability disclosures to provide clarification on certain aspects of the Sustainable Finance Disclosure Regulation (SFDR or 2019/2088).

    The circular CSSF 23/830 provides clarity on the applicability of existing disclosure guidelines that have been replaced totally or partially by the implementing technical standards on Pillar 3 disclosures. As part of this effort, CSSF amended the scope of application of the guidelines on disclosure of non-performing and forborne exposures (CSSF 20/751) and repealed the circulars on the disclosure requirements under Part Eight of the Capital Requirements Regulation (CRR or Regulation 575/2013) (CSSF 17/673), the liquidity coverage ratio (LCR) disclosure to complement the disclosure of liquidity risk management (CSSF 18/676), and the disclosure of encumbered and unencumbered assets (CSSF 15/605) with immediate effect. The amending guidelines on disclosure of non-performing and forborne exposures (CSSF 20/751) adjust the scope of application of existing guidelines to clarify that these guidelines will not apply to large and other listed institutions that are covered by the disclosure requirements under the implementing technical standards on Pillar 3 disclosures but will continue to apply to listed small and non-complex institutions and to other institutions that are non-listed. This circular will be applicable with immediate effect.  

     

    Related Links (in French)


    Keywords: Europe, Luxembourg, Banking, SFDR, FAQ, Pillar 3, Disclosures, Basel, Sustainable Finance, Regulatory Capital, CRR, Liquidity Risk, Forborne Exposures, Implementing Technical Standards, CSSF

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