ESMA

CSSF circular 20/759 shakes things up in the Board Room

In December 2020 the CSSF published circular 20/759 (an update of circular 12/552) on central administration, internal governance and risk management. It transposes (amongst others) EBA Guidelines 2017/11 on internal governance and joint EBA and ESMA Guidelines 2017/12 on suitability assessment of the members of the management body and key function holders. […]
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Regulating financial instruments during Covid-19

This article has been written together with Thor-Hagen SCHELLER. Lately, business as usual has become crisis management. By assessing Covid-19’s impact on risk, market participants are trying to maintain operational resiliency and regulatory risk mitigation. It is possible that available resources will decrease, translating into decreased personnel shoulderin […]
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Brexit: understanding the transition period

On 31 January 2020, following the formal adoption of the withdrawal agreement, the UK officially left the European Union. Now begins the transition period outlined in the Brexit deal, which provides details on how the UK’s exit will unfold. For example, it states that no UK representative can participate in any EU institution, agency or body. It further declar […]
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CSSF focus for 2020

Just before issuers and auditors started winding down for the festive season, the CSSF published its enforcement priorities for 2020. Recently issued IFRS 9, 15 and 16 were among the points at the top of the agenda – no surprises there, right?! Let’s take a look at what’s at the top of the CSSF’s agenda for the year ahead… IFRS 16 Lease The C […]
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IFRS 16…is coming to town!

Still recovering from IFRS 15 and IFRS 9 implementation for 2018 year-end financial statements? Well, don’t relax just yet…It’s time to gear up for the latest challenge: IFRS 16. In its first mandatory year following ESMA’s annual statement on enforcement priorities in October, here’s what you need to know: Lease term Issuers are expected to provi […]
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IFRS 15: corporate issuers have their work cut out for them

IFRS 15: corporate issuers have their work cut out for them Great efforts have been made by companies to implement IFRS 15 (“Revenue from Contracts with Customers”) in their first set of annual financial statements. It’s been a busy year especially for corporate sector issuers which were particularly impacted by the standard. The road to the next fi […]
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