LexGo

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 version of its CSSF FAQ COVID-19 on its website combining its communications and recommendations aiming to answer questions received from industry participants.

In particular, the CSSF grants extension, suspension and leeway on certain regulatory deadlines.

The following reporting deadlines may be extended or suspended:

UCIs, SIFs, SICARs, investment fund managers, pension funds and securitisation undertakings

Reporting Type  Extension / Leeway / Suspension 
Monthly reporting O 1.2. (UCIs with formal guarantee) May be extended until 30 June 2020 
Money Market Funds (UCITS/AIF) May be suspended until further notice 
Quarterly reporting G.2.1. (SIAG/FIAAG)  May be extended until 31 August 2020
G.2.1. (management companies subject to Chapters 15 and 16, AIFMs) May be extended to 40 calendar days following the end of the preceding month
Authorised AIFMs with the list of managed AIFs May be extended until 30 June 2020 
Pension funds  May be extended until 20 July 2020 
VaR & Leverage (UCITS)  May be suspended until further notice 
Semi-annual reporting K3.1 (SICAR)  May be suspended until further notice 
URR (UCITS Risk Reporting)  The CSSF will notify possible postponement in due time 
Annual reporting O 4.1./ O.4.2 (UCITS / UCIs)  May be extended until 30 June 2020 
Closing documents by investment fund managers (Annex 2 to circular CSSF 18/698)

May be extended until 31/08/2020 for investment fund managers which closed their financial year on 31/12/2019 

May be extended by three months for investment fund managers whose financial year closed after 31/12/2019

Actuarial report  Pension funds May be extended until 30 September 2020 
Management letter Circular CSSF 02/81 (UCITS/UCIs) An additional period of three months may be granted 
Investment fund managers An additional period of one month may be granted 
Pension funds Extended until 31 August 2020
Authorised securitisation undertakings  An additional period of two months may be granted 
 

 

 

Investment firms

List of documents Extension
audit report and the audited annual accounts  may, where necessary, be exceptionally extended, upon reasoned request
minutes and the attendance list of the ordinary general meeting 
management report 
statement of compliance with Circular CSSF 12/552 
reports of the internal control functions 
ICAAP report 
compliance report on the assessment of knowledge and competence in accordance with the ESMA guidelines 
annual reports or the audited financial statements of the direct and indirect shareholders 
annual reports on the activities and business volumes of the representative offices 
report of the réviseur d'entreprises (statutory auditor) on compliance with the professional obligations as regards the fight against money laundering and terrorist financing (concerns only Luxembourg branches of investment firms having their registered office in or outside the European Union) 
report of the réviseur d'entreprises (statutory auditor) on the conduct of business under MiFID II (concerns only Luxembourg branches of investment firms having their registered office in or outside the European Union) 
recovery plans 
 

Banks

List of documents Extension
 ICAAP/ILAAP reports 

may, where necessary, be exceptionally extended, upon reasoned request

+

as regards significant banks, these requests will, if necessary, be dealt with in consultation with the European Central Bank

reports of the internal control functions 
IT risk questionnaire sent to certain banks 
annual self-assessment questionnaire on requirements for UCI depositary banks 
reports of the réviseurs d'entreprises (statutory auditors) regarding branches of banks having their registered office in the European Union 
reports of the réviseurs d'entreprises (statutory auditors) regarding branches of banks having their registered office outside the European Union 
recovery plans 

 

Support or specialised PFS

List of documents  Extension
documents relating to the accounting closing date in accordance with Circular CSSF 12/544  may, where necessary, be exceptionally extended, upon reasoned request
management letter of the réviseur d'entreprises (statutory auditor)  
Risk Assessment Reports (RARs) and Descriptive Reports (DRs) (including the specific reports relating to internal control) may, where necessary, be exceptionally extended up to four months following the initial date of the annual general meeting of the entity, excluding the deadlines granted for such annual general meetings by the government through exceptional measures [Both deadlines shall not be applied cumulatively].
monthly/quarterly prudential reporting tables delays may, where necessary, be exceptionally granted, upon reasoned request
 

Payment institutions and electronic money institutions

 

List of documents Extension 
reports of the internal control functions  may, where necessary, be exceptionally extended, upon reasoned request
reports of the management on the state of the internal control 
reports on the assessment of major operational and security risks 
fraud data reporting for the year 2019 
 

 

On 25 March 2020, the CSSF has decided that where necessary the long form report may exceptionally be remitted up to four months after the annual general meeting of the audited entity or fund, excluding delays for such annual general meetings granted by the government through exceptional measures [Ibid 1].

The CSSF provides that the above extensions applicable to all regulated entities are subject to the following conditions:

Where the submission can be performed within the ordinary deadlines without compromising the quality of the reporting and in line with the health rules to contain the spread of COVID-19, a timely submission is encouraged.
These justified delays may be accepted provided the CSSF has been informed ahead of reporting deadlines.
Communication and reasoned request to the CSSF must only be made by email to the usual contact person at the CSSF and exclusively to the address [email protected] in relation to investment funds or their investment fund managers, as applicable

For any questions regarding the above, please do not hesitate to contact our specialists. 

 

Zie ook : CMS Luxembourg ( Mr. Aurélien Hollard ,  Mrs. Aurélia Viémont ,  Mr. Benjamin Bada )

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

Mr. Aurélien Hollard Mr. Aurélien Hollard
Partner
[email protected]
Mrs. Aurélia Viémont Mrs. Aurélia Viémont
Counsel
[email protected]
Mr. Benjamin Bada Mr. Benjamin Bada
Partner
[email protected]

Alle artikels Bank -en Krediet recht

Laatste artikels Bank -en Krediet recht

Cross-border distribution of investment funds – the Luxembourg law of 21 July 2021
30/07/2021

The law of 21 July 2021 implementing Directive (EU) 2019/1160 with regard to cross-border distribution of collective inves...

Cross-border distribution of investment funds – the Luxembourg law of 21 July 2021 Read more

Follow-up: New rules on pre-marketing and marketing of AIF have been transposed in Luxembourg
29/07/2021

As a reminder, Regulation (EU) 2019/1156 (the “Regulation”) and Directive (EU) 2019/1160 (the “Directive...

Follow-up: New rules on pre-marketing and marketing of AIF have been transposed in Luxembourg Read more

The new EU AML-CFT package
27/07/2021

This package aims to further enhance the existing EU AML-CFT framework by taking into account new and emerging challenges ...

The new EU AML-CFT package Read more

Cross-border distribution of investment funds – the Luxembourg law of 21 July 2021
27/07/2021

The law of 21 July 2021 implementing Directive (EU) 2019/1160 with regard to cross-border distribution of collective inves...

Cross-border distribution of investment funds – the Luxembourg law of 21 July 2021 Read more

Laatste artikels van Mr. Aurélien Hollard

Issuance and settlement of securities directly on blockchain: now a reality in Luxembourg
28/01/2021

Last summer in one of our e-alerts, we shared our insights on the key features of the bill of law n°7637 all...

Read more

With the implementation of SFDR approaching, the CSSF sets-up a fast track procedure
22/12/2020

With less less than 3 months to go until the Sustainable Finance Disclosure Regulation (“SFDR”) comes int...

Read more

ESMA Guidelines on performance fees in UCITS and certain types of AIFs
17/12/2020

On 3 April 2020, ESMA eventually released its much-anticipated final report on guidelines on performance fees in UCITS and...

Read more

Sustainable Finance Disclosure Regulation: the CSSF confirms that the compliance date remains 10 ...
26/11/2020

The Commission de Surveillance du Secteur Financier (the “CSSF”) has published a press release&...

Read more

Laatste artikels van Mrs. Aurélia Viémont

Protection of the euro against counterfeiting: new requirements applicable to relevant institutions
26/07/2021

The Luxembourg legislator has adopted the bill of law 7464[1] amending i.a. the amended laws of 5 April 199...

Read more

Luxembourg adopts a new law on the transport of cash entering or leaving the country
21/07/2021

On 30 June 2021, the Luxembourg legislator adopted bill of law 7677 (the “Bill of Law”) (i) regarding the orga...

Read more

Modernisation of the authorisation regime for Luxembourg supervised entities
16/07/2021

On 14 July 2021, the Luxembourg legislator has adopted, following the first vote and with a waiver for the second vote, th...

Read more

Adoption of the law of 20 May 2021: what's new?
08/07/2021

Following the recent adoption of the law of 20 May 2021 transposing CRD V[1], BRRD II[2] and implementing CRR II[3]&n...

Read more

Laatste artikels van Mr. Benjamin Bada

With the implementation of SFDR approaching, the CSSF sets-up a fast track procedure
22/12/2020

With less less than 3 months to go until the Sustainable Finance Disclosure Regulation (“SFDR”) comes int...

Read more

ESMA Guidelines on performance fees in UCITS and certain types of AIFs
17/12/2020

On 3 April 2020, ESMA eventually released its much-anticipated final report on guidelines on performance fees in UCITS and...

Read more

Sustainable Finance Disclosure Regulation: the CSSF confirms that the compliance date remains 10 ...
26/11/2020

The Commission de Surveillance du Secteur Financier (the “CSSF”) has published a press release&...

Read more

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 i...

Read more

LexGO Network