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 grantedInvestment 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 reportsmay, where necessary, be exceptionally extended, upon reasoned request
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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 plansSupport 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 requestPayment 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 2019On 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 opc@cssf.lu 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.
