LexGo

Certain deadlines extended by financial sector laws during the crisis
03/07/2020

On 7 May 2020, the Luxembourg Parliament adopted a new law extending certain deadlines during the crisis as provided for in various financial sector laws (the Law). The Law was published in the Luxembourg Official Gazette on 12 May 2020 and entered into force on the same day.

To help companies facing difficulties in meeting their filing obligations because of the current pandemic and lockdown situation, the Luxembourg legislator has decided to temporarily suspend certain statutory deadlines. This follows guidance issued by the European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, on financial reporting deadlines in light of coronavirus (COVID-19) and following other extensions of certain reporting deadlines for regulated entities decided by Luxembourg’s financial supervisory authority, Commission de Surveillance du Secteur Financier (the CSSF), covered in more detail in a previous CMS publication.

The Law introduces a three-month extension of certain deadlines for various obligations relating to filings and disclosure of periodic accounts and reports applicable to the following Luxembourg undertakings in the financial sector:

Type of entities  

 3-month extension deadline for the following periodic accounts and reports obligations 

Credit institutions  Filing of annual accounts and related reports with the Luxembourg Recueil électronique des sociétés et associations (the RESA)
Insurance and reinsurance companies  Filing of annual accounts and related reports with the RESA

Securitisation vehicles

 Publication of annual and semi-annual reports
SICARs, except those managed by an authorised AIFM  Publication of the annual report and the independent auditor’s report for investors
SEPCAVs and ASSEPs  Preparation of annual accounts and related reports
SIFs, except those managed by an authorised AIFM  Publication of the annual report for investors
Part II UCIs  Publication of the semi-annual report

The extension only applies to the above periodic accounts and reports if they were not due to be filed and published before the state of emergency was declared, i.e. 18 March 2020, and provided they relate to a financial year ending before the state of emergency ends (i.e. 24 June 2020).

The Law must be read in conjunction with another law adopted by the Luxembourg Parliament on 12 May 2020 that introduced some temporary measures relating particularly to accounting and filing requirements for Luxembourg commercial companies (the Law 2). Therefore, unregulated investment funds, not covered by the Law, but falling within the scope of title II of the Luxembourg law of 19 December 2002 on the register of commerce and companies and the accounting and annual accounts of undertakings, as amended, will also benefit from a three-month extension for, in particular, filing and publishing annual accounts pursuant to the Law 2.

In short, the Law 2 provides for:

  • a three-month extension for approving, filing and publishing annual accounts and consolidated accounts (as applicable), along with related reports; and
  • a suspension during the same period of all criminal sanctions for management bodies for late submission of shareholder approval and/or late filing with the Luxembourg Trade and Companies Register and late publication.

Voir aussi : CMS Luxembourg ( Mr. Aurélien Hollard ,  Mrs. Aurélia Viémont ,  Mr. Benjamin Bada )

[+ http://www.cms-db.com]

Mr. Aurélien Hollard Mr. Aurélien Hollard
Partner
Aurelien.Hollard@cms-dblux.com
Mrs. Aurélia Viémont Mrs. Aurélia Viémont
Counsel
Aurelia.Viemont@cms-dblux.com
Mr. Benjamin Bada Mr. Benjamin Bada
Partner
benjamin.bada@cms-dblux.com

Tous les articles Droit financier

Derniers articles Droit financier

UCITS can no longer invest in loans
12/08/2020

The CSSF, Luxembourg’s supervisory authority for the financial sector, has announced that Luxembourg-domiciled UCITS...

Read more

New bill of law allowing for issuance of dematerialised securities issued on the blockchain with ...
11/08/2020

On 27 July, the Luxembourg parliament published a new bill of law n° 7637 (the “Bill of Law”) that will am...

New bill of law allowing for issuance of dematerialised securities issued on the blockchain with central account keepers Read more

Issuance of dematerialised securities using blockchain technology – New draft legislation publi...
31/07/2020

On 27 July 2020, the government has introduced a draft bill n°7637 in Parliament (the “Draft Bill”), ...

Read more

CSSF provides further guidance on money laundering indicators in the collective investment sector
28/07/2020

On 3 July 2020, the Luxembourg supervisory authority for the financial sector, the Commission de Surveillance du Sect...

CSSF provides further guidance on money laundering indicators in the collective investment sector Read more

Derniers articles de Mr. Aurélien Hollard

CSSF details the registration process for Virtual Assets Service Providers
14/04/2020

Following its call asking Virtual Assets Service Providers (“VASPs”) active in Luxembourg to prepare for ...

Read more

Coronavirus (COVID-19): Extension of CSSF reporting deadlines applicable to regulated entities
01/04/2020

On 30 March 2020, the Commission de Surveillance du Secteur Financier (the CSSF) issued an updated ver...

Read more

COVID-19: Overview of Luxembourg supporting measures
26/03/2020

The Covid-19 outbreak has been declared a public health emergency of international concern by the World Health Organi...

Read more

CSSF calls virtual assets service providers active in Luxembourg to prepare for compliance
06/02/2020

Following the adoption of the modified Interpretative Note to the Financial Action Task Force (“FATF”) Recomme...

Read more

Derniers articles de Mrs. Aurélia Viémont

Introduction of a Luxembourg register of fiducies and trusts
16/07/2020

On 1 July 2020, the Luxembourg parliament approved the bill of law n°7216B transposing Article 31 of EU Directive 2015...

Read more

CSSF publishes two important texts on the provision of investment services in Luxembourg by third...
06/07/2020

On 2 July 2020, the Commission de Surveillance du Secteur Financier (the “CSSF”) published two impor...

Read more

Changes to the anti-money laundering and counter-terrorism financing framework in 2020
01/05/2020

The year 2020 is a year of changes for the Luxembourg anti-money laundering and counter-terrorism financing (“AML-CT...

Read more

Fighting money laundering and terrorist financing remains of paramount importance during the Coro...
22/04/2020

On 10 April 2020, the Commission de Surveillance du Secteur Financier (“CSSF”) published a new ...

Read more

Derniers articles de Mr. Benjamin Bada

Coronavirus (COVID-19): Extension of CSSF reporting deadlines applicable to regulated entities
01/04/2020

On 30 March 2020, the Commission de Surveillance du Secteur Financier (the CSSF) issued an updated ver...

Read more

Brexit: CSSF informs that UK entities may continue carrying out their activities in Luxembourg un...
04/02/2020

On 31 January 2020, the Commission de Surveillance du Secteur Financier (“CSSF”) has published a pre...

Read more

Insurance 2020: Impact of Brexit on the Luxembourg insurance sector
29/01/2020

The UK’s decision to leave the European Union led insurance companies established in the UK to consider other option...

Read more

Reaching year-end, here are the latest AML communications from the CSSF
09/12/2019

The Commission de Surveillance du Secteur Financier (the “CSSF”) has communicated several press rele...

Read more

LexGO Network