{"id":"circulars/cssf-20-755","title":"Circular CSSF 20/755","type":"circular","date":"2020-10-28","kind":"circular","html":"

Circular CSSF 20/755 is a CSSF circular, published 28 October 2020 and updated 20 May 2026. Subject: Adoption of 1) the Guidelines on supervisory reporting and disclosure requirements in compliance with the CRR ‘quick fix’ in response to the COVID‐19 pandemic (EBA/GL/2020/11) and 2) the Guidelines amending Guidelines EBA/GL/2018/01 on uniform disclosures under Article 473a of Regulation (EU) No 575/2013 (CRR) on the transitional period for mitigating the impact of the introduction of IFRS 9 on own funds to ensure compliance with the CRR ‘quick fix’ in response to the COVID-19 pandemic (EBA/GL/2020/12) and 3) amendment of CSSF Circular 18/687. The CSSF marks it as outdated.

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Relevant for: Credit institutions.

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Keywords: Coronavirus, IFRS, Pillar 3.

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Amends Circular CSSF 18/687.

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Text

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Circular 20/755 RE :

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ADOPTION

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THE

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GUIDELINES

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SUPERVISORY

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REPORTING

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AND

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DISCLOSURE

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REQUIREMENTS WITH

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THE

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COMPLIANCE

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CRR ‘QUICK

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FIX’

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COVID‐19

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RESPONSE

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THE

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PANDEMIC

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(EBA/GL/2020/11)

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AND 2) THE GUIDELINES AMENDING

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GUIDELINES

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EBA/GL/2018/01

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ON UNIFORM DISCLOSURES UNDER

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ARTICLE

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473A

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REGULATION

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(EU) NO 575/2013 (CRR)

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THE

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FOR

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TRANSITIONAL

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MITIGATING

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THE

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PERIOD

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IMPACT

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THE

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INTRODUCTION OF IFRS 9 ON OWN FUNDS WITH

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TO THE

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ENSURE

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COMPLIANCE

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CRR ‘QUICK

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COVID-19

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RESPONSE

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PANDEMIC

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(EBA/GL/2020/12)

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AND

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THE

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FIX’

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AMENDMENT

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CSSF

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CIRCULAR 18/687

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CIRCULAR 20/755

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Circular 20/755 Re: Adoption of 1) the Guidelines on supervisory reporting and disclosure requirements in compliance with the CRR ‘quick fix’ in response to the COVID‐19 pandemic (EBA/GL/2020/11) and 2) the Guidelines amending Guidelines EBA/GL/2018/01 on uniform disclosures under Article 473a of Regulation (EU) No 575/2013 (CRR) on the transitional period for mitigating the impact of the introduction of IFRS 9 on own funds to ensure compliance with the CRR ‘quick fix’ in response to the COVID-19 pandemic (EBA/GL/2020/12) and 3) amendment of CSSF Circular 18/687

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Luxembourg, 28 October 2020

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Ladies and Gentlemen,

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To all credit institutions designated

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Significant

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Institutions

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under

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the

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Supervisory

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Less Single

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Mechanism

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and to all branches of non EU credit institutions

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The purpose of this circular is to inform you that the CSSF, in its capacity as Competent Authority applies 1) the Guidelines of the European Banking Authority (EBA) on supervisory reporting and disclosure requirements in compliance with the CRR “quick fix” 1 in response to the COVID‐19 pandemic (Ref. EBA/GL/2020/11) (the Guidelines) and 2) the Guidelines amending Guidelines EBA/GL/2018/01 on uniform disclosures under Article 473a of Regulation (EU) No 575/2013 (CRR) on the transitional period for mitigating the impact of the introduction of IFRS 9 on own funds to ensure compliance with the CRR ‘quick fix’ in response to the COVID-19 pandemic (Ref. EBA/GL/2020/12) (the amending Guidelines), (together the CRR “quick fix” Guidelines) of 11 August 2020. The CSSF has integrated the CRR “quick fix” Guidelines into its regulatory approach and administrative practice with a view to promote supervisory convergence in this field at European level. All Less Significant Institutions 2 and branches of non EU credit institutions that fall within the scope of application of this circular (In-Scope Entities) shall duly comply with them.

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1 Regulation (EU) 2020/873 of the European Parliament and of the Council of 24 June 2020 amending Regulations (EU) No 575/2013 and (EU) 2019/876 as regards certain adjustments in respect to the Covid-19 pandemic 2

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“Significant supervised entities” as defined in Article 2, point 16 of Regulation (EU) No 468/2014 of the European Central Bank (ECB) of 16 April 2014 (SSM Framework Regulation) shall refer to the relevant ECB rules.

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CIRCULAR 20/755

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The EBA/GL/2018/01 were implemented via Circular CSSF 18/687 on the Adoption of the EBA Guidelines on uniform disclosures under Article 473a of Regulation (EU) No 575/2013 as regards the transitional period for mitigating the impact of the introduction of IFRS 9 on own funds. Therefore the purpose of this circular is also to amend Circular CSSF 18/687 as presented in tracked changes in the Annex.

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The text above is the opening of the document; the PDF carries the whole.

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Document page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.

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