CSSF prompts supervised entities to perform on-time regulatory reporting

In the context of COVID-19, Luxembourg regulator Commission de Surveillance du Secteur Financier (CSSF), insists on the importance of ‘reliable supervisory information’ and requests supervised entities to perform their regulatory reporting on time and to proactively contact the CSSF ahead of reporting deadline in case of complications. During the COVID-19 period, the CSSF doesn’t apply a strict enforcement policy with regards to reporting if delays are duly justified and ensures close coordination with national authorities, the European supervisory authorities and the European Central Bank.

Extension to file annual financial accounts

The Luxembourg Business Register (LBR) announced on 18 March 2020 that the period for filling 2019 annual accounts is extended by four months. Shareholders have until 30 June 2020 to approve annual accounts.

CSSF urges supervised entities to foster remote and virtual work access

On 22 March 2020, the Luxembourg regulator announced that only vital functions – essential to maintain the critical mission of the supervised entities and which can’t be performed remotely – should staff need to work at the usual workplace or backup site. Supervised entities are required to provide virtual desktop or remote access solutions for employees who aren’t equipped with laptops and mobile devices.