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Luxembourg’s financial regulator said it expects firms to uphold their reporting and regulatory requirements during the COVID-19 crisis, but those whose operations have been majorly affected may be offered some leeway if reporting delays are duly justified.
In a statement released on 23 March, the CSSF said that ‘reliable supervisory information is crucial, especially in times of crisis. Therefore we ask supervised entities to perform the CSSF regulatory reporting when it is due.’But it added that firms’ experiencing major difficulties in reporting, because of staff working remotely without full access to the system, for example, should contact the CSSF immediately through their usual channels and ahead of reporting deadlines. ‘The CSSF will not apply a strict enforcement policy with regards to reporting if delays are duly justified, during the COVID-19 crisis,’ it explained. ‘The leeway applied by the CSSF will be closely coordinated with national authorities, the European Supervisory Authorities as well as the European Central Bank.’While regulators have shown some flexibility due to the COVID-19 crisis, most have stressed that they expect firms’ to continue to comply and report during this difficult time.