Regulatory Alerts2020-07-06
Added · Updated
Update of Supervisory Reporting Requirements for Credit Institutions
Circular CSSF 20/745 amends Circular CSSF 14/593 by updating the Annex to align with Regulation (EU) 2020/605, requiring credit institutions to submit the updated FINREP table starting from June 2020. The document maintains notification thresholds for large exposures at an individual level, set at the lowest of 10% of own funds or EUR 25 million for institutions and EUR 12.5 million for other clients. It mandates that credit institutions ensure the accuracy, completeness, and timely transmission of prudential information in XBRL format, subject to administrative penalties for non-compliance. Additionally, the circular specifies that prudential information files must be retained for at least five years and that statutory auditors must verify the appropriateness of data transmission provisions.