{"id":"circulars/faq-faq-covid-19","title":"FAQ: COVID-19","type":"circular","date":"2022-09-23","kind":"faq","html":"<p>FAQ: COVID-19 is a CSSF FAQ, published 23 September 2022.</p>\n<p>Legal basis: <a href=\"/lhoft?page=laws%2F2010-12-17-n9\" class=\"wikiLink\" data-target=\"laws/2010-12-17-n9\">Law of 17 December 2010 on undertakings for collective investment</a>.</p>\n<p>Relevant for: AIFMs, AISPs, Credit institutions, E-money institutions, Investment firms, Investment fund managers, Management companies - Chapter 15, Management companies - Chapter 16, Payment institutions, Payment institutions/electronic money institutions/AISPs, Specialised PFS.</p>\n<p>Keywords: Cloud, Coronavirus, Information and communications technology (ICT).</p>\n<h2>Text</h2>\n<p>FAQ COVID-19 Repealed on 23 September 2022</p>\n<p>FAQ COVID-19</p>\n<p>FAQ COVID-19 / 23 September 2022</p>\n<p>Acronyms B – Banks PI/EMI – Payment institutions/ electronic money institutions IF – Investment firms PFS SP – Specialised PFS PFS SU – Support PFS UCI – Undertakings for collective investment SIF – Specialised investment funds SICAR – Investment companies in risk capital AIFM - Alternative investment fund managers ManCo – Management companies PF – Pension funds SU – Securitisation undertakings MAF – Securities markets AUD – Audit profession</p>\n<p>FAQ COVID-19</p>\n<p>Table of contents Date of publication</p>\n<p>Question</p>\n<p>04.12.2020</p>\n<ol start=\"21\">\n<li>Can Less Significant Institutions temporarily exclude certain exposures to central banks from the leverage ratio calculation pursuant to Articles 429a(1)(n), 429a(5) and 429a(6) of Regulation (EU) 575/2013 (CRR) as amended as a result of exceptional macroeconomic circumstances due to the COVID-19 pandemic? – Repealed on 23 September 2022</li>\n</ol>\n<p>19.06.2020</p>\n<p>20.a) Can the remuneration benchmarking exercise of the European Banking Authority (EBA) be postponed? – Repealed on 17 August 2021</p>\n<p>19.06.2020</p>\n<p>20.b) Can the remuneration benchmarking exercise at national level be postponed? – Repealed on 17 August 2021</p>\n<p>19.06.2020</p>\n<ol start=\"19\">\n<li>Can the data collection exercise regarding high earners by the European Banking Authority (EBA) be postponed? – Repealed on 17 August 2021</li>\n</ol>\n<p>13.05.2020</p>\n<ol start=\"18\">\n<li>Can the deadlines for the submission of the closing documents of specialised PFS be postponed? – Repealed on 17 August 2021</li>\n</ol>\n<p>29.04.2020</p>\n<p>17a). What is the prudential treatment of payment moratoria? – Repealed on 17 August 2021</p>\n<p>05.10.2020</p>\n<p>17.b) What are the consequences on the phasing-out of EBA-eligible payment moratoria? – Repealed on 23 September 2022</p>\n<p>FAQ COVID-19</p>\n<p>PI/EMI</p>\n<p>PFS SP</p>\n<p>PFS SU</p>\n<p>UCI</p>\n<p>SIF</p>\n<p>SICAR</p>\n<p>AIFM</p>\n<p>ManCo</p>\n<p>MAF</p>\n<p>AUD</p>\n<p>Date of publication</p>\n<p>Question</p>\n<p>16.04.2020</p>\n<p>16.a) Do passive investment breaches (i.e. a breach beyond the control of the UCITS) by a UCITS of the global exposure limit of Article 42(3) of the 2010 Law (and more generally of investment restrictions applicable to UCI) have to be notified to the CSSF? – The question has been included in the CSSF FAQ “Law of 17 December 2010 – FAQ”</p>\n<p>16.04.2020</p>\n<p>16.b) Can breaches of the VaR limit (either the maximum limit laid down in regulation (20% for absolute VaR or 200% for relative VaR as the case may be) or any other more restrictive internal limit set below the above regulatory thresholds, as laid down in the sales prospectus) by UCITS as a result of the increase of volatility in financial markets (in the absence of any new positions increasing the risk of the portfolio) be considered as passive breaches? – The question has been included in the CSSF FAQ “Law of 17 December 2010 – FAQ”</p>\n<p>16.04.2020</p>\n<p>16.c) What are the expectations of the CSSF in case of a passive breach (i.e. beyond the control of the UCITS, e.g.</p>\n<p>The text above is the opening of the document; the PDF carries the whole.</p>\n<p><a href=\"https://www.cssf.lu/en/Document/faq-covid-19/\" target=\"_blank\" rel=\"noreferrer\">Document page</a>, <a href=\"https://www.cssf.lu/wp-content/uploads/FAQ_Covid_19_eng.pdf\" target=\"_blank\" rel=\"noreferrer\">PDF</a>. Source: Commission de Surveillance du Secteur Financier (CSSF), reproduced with the CSSF's consent. The French text prevails.</p>"}