CSSF Circular 15/618: Transposition of the EBA guidelines has been saved
CSSF Circular 15/618: Transposition of the EBA guidelines
CSSF Circular 15/618 on the transposition of EBA guidelines on materiality, proprietary and confidentiality and on disclosure frequency under Articles 432(1), 432(2) and 433 of Regulation (EU) No. 575/2013 is addressed to all institutions subject to the disclosure requirements of part eight of the Capital Requirement Regulation.
This Circular entered into force with immediate effect the 22 July 2015.
The EBA guidelines transposed by CSSF Circular 15/618 aim to contribute to the strict functioning of market discipline by addressing feebleness and ensuring some consistency in the assessments of materiality, of the proprietary or confidential nature of information and of the need to provide more recurrent disclosures.
The EBA guidelines give a common but flexible framework covering the following main points:
- The process that institutions should follow and the criteria that institutions should consider when assessing the use of any disclosure waiver based on their application of the concepts of materiality, proprietary or confidential nature of disclosures; and
- The process that institutions should follow and the criteria they should consider when
assessing the frequency of their disclosure.