Circular CSSF-CODERES 24/20 is a CSSF circular, published 17 October 2024. Subject: Adoption of the Guidelines of the European Banking Authority (EBA/GL/2024/04) on resubmission of historical data under the EBA reporting framework.
\nRelevant for: Credit institutions, Investment firms.
\nCircular CSSF-CODERES 24/20 Adoption of the Guidelines of the European Banking Authority (EBA/GL/2024/04) on resubmission of historical data under the EBA reporting framework
\nCircular CSSF-Coderes 24/20 Adoption of the Guidelines of the European Banking Authority (EBA/GL/2024/04) on resubmission of historical data under the EBA reporting framework To Luxembourg institutions and entities in scope of Article 2 of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms.
\nLuxembourg, 17 October 2024 Ladies and Gentlemen,
\nThe purpose of this circular is to inform you that the CSSF, in its capacity as resolution authority, applies the Guidelines (EBA/GL/2024/04) of the European Banking Authority (the “EBA”) on resubmission of historical data under the EBA reporting framework (the “Guidelines”), published on 9 April 2024, insofar as they concern the resolution reporting framework. Consequently, the CSSF has integrated the Guidelines into its administrative practice and regulatory approach. For that purpose, the Resolution Reporting and Notification Requirements have also been updated. All entities in the scope of application (as defined below) shall duly comply with the Guidelines.
\nTABLE OF CONTENTS 1. The Guidelines .............................................................................................................. 4 2. Scope of application ....................................................................................................... 4 3. Date of application ........................................................................................................ 5
\nThe Guidelines The Guidelines set out a common approach to the resubmission by the entities in scope of historical data to the competent and resolution authorities in case there are errors, inaccuracies or other changes in the data reported in accordance with the supervisory and resolution reporting framework developed by the EBA. The Guidelines set out also general circumstances when the resubmission of historical data may not be required. The common approach to the resubmission of historical data should apply unless there are specific requirements for the resubmission of data set out in the reporting framework developed by the EBA. The number of the reference dates to resubmit depends on the frequency of the affected reporting, the number of affected periods and the timing of the affected data in relation to the previous yearend. The Guidelines do not embed any specific proportionality elements apart from those that are already built into the underlying reporting requirements and the filing rules. Depending on the needs of the national authorities, the SRB, or the EBA, the authorities may require the financial institutions to resubmit historical data for additional reference dates compared to the common approach set out in these Guidelines. These Guidelines do not tamper the primary obligation of financial institutions to report data that is of high quality, consistent and complete.
\nScope of application This circular applies to the following entities in reference to Article 2 of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms: 1. Luxembourg institutions as defined in point (51) of Article 1 of the Law of 18 December 2015 on the failure of credit institutions and certain investment firms; 2. Financial institutions incorporated under Luxembourg law that are subsidiaries of a credit institution or investment firm, or of a company referred to in letter (c) or (d) of Article 1(1) of Directive 2014/59/EU, and that are covered by the supervision of the parent undertaking on a consolidated basis in accordance with Articles 6 to 17 of Regulation (EU) No 575/2013; 3.
\nThe text above is the opening of the document; the PDF carries the whole.
\nDocument page, PDF. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.
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