Luxembourg’s CSSF Relaxes Reporting Obligations Amid COVID-19

The CSSF won’t apply a strict enforcement policy for delays in reporting, as long as they are justified.

The coronavirus pandemic has brought with it a number of challenges for the financial space. Because of this, regulators across the globe continue to announce new measures in order to help firms deal with the current climate.

On Monday, the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg, which is responsible for financial regulation in the country, has said that it will not apply a strict enforcement policy when it comes to delays in reporting, as long as they are duly justified during the COVID-19 crisis.

CSSF to coordinate leeway with authorities

“The leeway applied by the CSSF will be closely coordinated with national authorities, the European Supervisory Authorities as well as the European Central Bank,” the Luxembourg regulator said in a statement yesterday.

In its statement, the regulator identified that with more staff working from home, it has become increasingly difficult for companies to prepare or validate their CSSF reporting, as staff might not have access to all the necessary systems.

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If this is the case, or there are other factors that could prohibit a company from filing its regulatory reporting on time, the watchdog has urged firms to contact them through their usual channels as soon as possible and ahead of the reporting deadlines.

FCA urges companies to delay preliminary figures

The CSSF is not alone in its efforts to try and relieve the pressure of market participants. As Finance Magnates reported, the Financial Conduct Authority (FCA) requested that all listed companies suspend the publication of their preliminary financial statements for at least two weeks.

According to the Britsh regulator, listed companies and the audit profession are having to deal with unprecedented practical challenges during the current global pandemic. Therefore, the agency believes that expecting companies to issue preliminary financial statements in advance of their full audited statements is adding unnecessary pressure on both parties.

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