Regulatory Alerts2020-10-23
Added · Updated
Amendment of Circular CSSF 07/301 on ICAAP and ILAAP and Circular CSSF 11/506 on Stress Testing
Circular CSSF 20/753 amends Circulars CSSF 07/301 and CSSF 11/506 to align supervisory expectations for ICAAP, ILAAP, and stress testing with EBA guidelines. The amended texts no longer apply to non-CRR investment firms and shorten Circular CSSF 07/301 to focus on key implementing provisions for CRR institutions. The amendments introduce updated requirements for stress testing programmes, including guidance on proportionality, coverage of longer-term risks such as climate-related risks, and data infrastructure. These changes apply from 31 October 2020, with CSSF expecting institutions to reflect them in their governance and operating frameworks by 31 December 2020.
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