CSSF Circular 19/726: Implementation of New Annual and Quarterly Reporting for IORPs

Luxembourg, 25th July 2019
To all institutions for occupational retirement provision supervised by the CSSF CIRCULAR CSSF 19/726 Re: Implementation of new annual and quarterly reporting for Institutions for Occupational Retirement Provision (the “IORP”) intended to the European Insurance and Occupational Pensions Authority (“EIOPA”), the European Central Bank (“ECB”), the BCL and the CSSF Ladies and Gentlemen, The purpose of the present circular is to implement new annual and quarterly reporting in the regulatory framework applicable to Luxembourg domiciled institutions for occupational retirement provision subject to the law of 13 July 2005, as amended (the “Law of 2005”). The Decision dated 10 April 2018 of the Board of Supervisors on EIOPA's regular information requests towards National Competent Authorities (NCAs) regarding provision of occupational pensions information and the Regulation ECB/2018/2 of the European Central Bank of 26 January 2018 on statistical reporting requirements for pension funds introduced new reporting requirements applicable to IORPs in the Member states of the EU (the “Reports”). The reports will be used by EIOPA, ECB, BCL and the CSSF for statistical and supervisory purposes. EIOPA as well as ECB reports must technically be transmitted to the CSSF before delivery to EIOPA, respectively BCL. The aim of the present circular is to provide the IORPs supervised by the CSSF with the key principles, instructions and technical provisions for drawing up and submitting the Reports.

1. IORPs in scope of the reporting
   Every IORP within the meaning of Articles 5 and 25 of Law of 2005 must comply with the reporting as laid down by this CSSF circular. In order to use the EIOPA reports also for the purpose of its own statistical and prudential supervision, the CSSF does not make use of the option permitted by the EIOPA Decision to exempt under certain conditions the smallest IORPs from submitting the reports, thus every IORP on the official list and supervised by the CSSF must submit the reports.
2. Content of the Reports
   The reporting templates describing all information to be provided can be found under the following URL:

Circular CSSF 19/726 2 https://www.cssf.lu/en/legal-reporting-for-pension-funds/
3. Format, Submission and Naming Convention of the Reports to the CSSF
The CSSF requires that the reporting files are submitted electronically using exclusively one of the channels of transmission accepted by the CSSF. More detailed information on the transmission of the Reports via the accepted channels can be found under the following URL:
https://www.cssf.lu/en/legal-reporting-for-pension-funds/
4. Reference date
The reference date for drawing up the Reportsto be communicated by IORPsis the last calendar day of every end of quarter respectively end of year.
5. Reporting deadline to EIOPA and ECB
Pursuant to points 1.7 and 1.8 of the EIOPA Decision dated 10 April 2018 of the Board of Supervisors and Articles 8 and 12 of the Regulation ECB/2018/2 of the European Central Bank of 26 January 2018, the Reports shall be submitted within the following deadlines:
EIOPA reports
Quarterly reporting Annual reporting
Q3 2019 – Q4
2019
10 weeks after the end of the quarter + 10 working days 2019 24 weeks after the end of the year + 20 working days Q1 2020 – Q4 2020 9 weeks after the end of the quarter + 10 working days 2020 22 weeks after the end of the year + 20 working days Q1 2021 – Q4 2021 8 weeks after the end of the quarter + 10 working days 2021 20 weeks after the end of the year + 20 working days As from Q1 2022 7 weeks after the end of the quarter + 10 working days 2022 18 weeks after the end of the year + 20 working days 2023 16 weeks after the end of the year + 20 working days As from 2024 14 weeks after the end of the year + 20 working days

Circular CSSF 19/726 3
ECB reports
Quarterly reporting Annual reporting
Q3 2019 – Q4
2019
10 weeks after the end of the quarter
2019 20 weeks after the end of the year
Q1 2020 – Q4
2020
9 weeks after the end of the quarter
2020 18 weeks after the end of the year
Q1 2021 – Q4
2021
8 weeks after the end of the quarter
2021 16 weeks after the end of the year
As from Q1 2022 7 weeks after the end of the quarter As from 2022 14 weeks after the end of every year The IORPs must submit the Reports for the first time as from the third quarter of 2019 for quarterly reporting and as from 2019 for the annual reporting.
6. Delivery deadline of the Reports to the CSSF
In order to comply with the timeliness prescribed by EIOPA and ECB, the Reports shall be submitted to the CSSF ten (10) working days prior to the outlined deadlines above.
7. Level of reporting
The annual and quarterly reporting intended to EIOPA and ECB respectively are expected to be drawn up at the level of the IORP i.e. aggregation of information of every authorized compartments of an IORP. For the purpose of specific needs of its prudential supervision of the IORPs, the CSSF requests, additionally to the aggregated quarterly and annual EIOPA reports above, the same reports also at the level of every authorized compartment of an IORP.
8. Reporting currency
The Reports shall state the currency in which the monetary figures are expressed and shall be in line with the annual audited financial report of the IORP reported.
9. Period covered
The reporting period covers one quarter respectively one year from the last quarterly respectively annual reporting submitted at the reference date. For sake of clarity, the current CSSF reporting for IORPs in force pursuant to Article 61 of the Law of 2005 is not affected at this stage by the implementation of the reporting implemented by this circular and must continue to be submitted as usual. This circular enters into force with immediate effect.

Circular CSSF 19/726 4
For any questions regarding this circular please refer to the contact persons disclosed on the CSSF website under the following URL:
https://www.cssf.lu/en/legal-reporting-for-pension-funds/ Yours faithfully, COMMISSION de SURVEILLANCE du SECTEUR FINANCIER Claude WAMPACH Marco ZWICK Jean-Pierre FABER Françoise KAUTHEN Director