Prudential reporting of investment firms - 02/12/2013
CSSF Circular 13/575
Supervisory reporting requirements applicable to investment firms as from 2014
This circular announces the coming Implementing Technical Standard on Supervisory Reporting (ITS hereafter) which will be applicable on 1 January 2014 (Expanded COREP), and on 1 July 2014 (new FINREP). The final draft has been approved by the EBA and is submitted to the European Commission. The scope of the ITS is COREP, COREP Large Exposures and FINREP. As these rules will be published as a new European regulation, the ITS will be applicable directly in Luxembourg without any transposition provisions, that is without any delay.
The structure of the new reporting and their applicability are:
|Expanded COREP||New FINREP|
|Structure||Equity funds and requirements of equity funds (art. 99 of the CRR* )
Losses generated by exposures for which a company has identified properties as a guarantee (art. 101 of the CRR)
Information of large exposures (art. 394 of the CRR)
Ratio leverage (art. 430 of the CRR)
Reports on liquidity (art. 415 of the CRR)
This information shall be disclosed on individual and consolidated basis.
|Reporting related to financial information (art. 99 of the CRR) on a consolidated basis.|
|All the investments firms offering ancillary services 1 : safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management||In scope|
|Investment advisers (Art. 24)||Out of scope*|
|Brokers in financial instruments (Art. 24-1)||Out of scope*|
|Commission agents (Art. 24-2)||Out of scope but CSSF 07/290 still applicable||No change on an individual basis.
Only for entities publishing their consolidated financial statements according to IFRS.
|Private portfolio managers (Art. 24-3)||Out of scope but CSSF 07/290 still applicable|
|Professionals acting for their own account (Art. 24-4)Professionals acting for their own account (Art. 24-4)||In scope|
|Market makers (Art. 24-5)||In scope|
|Underwriters of financial instruments (Art. 24-6)||In scope|
|Distributors of units/shares in UCIs (Art. 24-7)||Out of scope* **|
|Financial intermediation firms (Art. 24-8 )||Out of scope|
|Investment firms operating an MTF in Luxembourg (Art. 24-9)||In scope|
* Whose professionals providing the ancillary service 1 as defined in the Law of 5 April 1993 on financial sector) shall comply with the ITS (Safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management).
** Excepted whose professional providing investment services (Annex II Section A of the Law of 5 April 1993 on financial sector).
We trust this information is of assistance and remain at your disposal for any further questions.
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