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 Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term 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 Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term 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.
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.
The Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term 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 Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term 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.
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.