The Luxembourg Supervisory Commission for the Financial Sector (Commission de Surveillance du Secteur Financier) (the CSSF) published on 4 March 2022 Circular CSSF 22/799 updating Circular CSSF 08/337 on the Law of 11 January 2008 and of the Grand Ducal regulation of 11 January 2008 on transparency requirements for issuers, as amended. This circular has been adopted in view of amending Circular CSSF 08/337 to reflect the changes introduced further to the introduction of the CSSF web application called “eRIIS”.
What is eRIIS?
eRIIS stands for “electronic Reporting of Information concerning Issuers of Securities”. This application is a regulatory filing system that provides a secure channel of communication with the CSSF. It ensures an optimal protection of data exchanges with the CSSF whilst enabling reporting entities and entities acting on their behalf to monitor regulatory filings. eRIIS also offers advanced functionalities in connection with the filing and processing of annual financial reports prepared under the new ESEF format required in line with Commission Delegated Regulation (EU) 2019/815 of 17 December 2018 supplementing Directive 2004/109/EC with regard to regulatory technical standards on the specification of a single electronic reporting format (typically known as the “ESEF Regulation”).
eRIIS was developed to enable entities subject to the Law of 11 January 2008 on transparency requirements for issuers (the Transparency Law) as well as Regulation (EU) No 596/2014 of 16 April 2014 on market abuse (the Market Abuse Regulation) to fulfil their filing obligations towards the CSSF. eRIIS can be accessed at the following link or through the CSFF’s website (www.cssf.lu).
Scope of users
eRIIS is relevant not only for the filing of regulated information by reporting entities under the Transparency Law and the Market Abuse Regulation but also for persons that are required to disclose ‘major shareholdings’ in listed entities pursuant to the Transparency Law. The nature of information filed through the portal needs to be confirmed when making the relent filing (e.g. annual financial and audit reports, major holdings notifications for issuers/holders, inside information, managers transactions, etc.). Specific User Guides in relation to the various type of information to be filed are available on the CSSF’s website. Note that a valid LuxTrust certificate is required to access the application.
eRIIS is already live and can be used for filings. A transitionary period will apply until 30 May 2022 – from that date, all filings will be expected to be made through eRIIS. Annual financial reports in relation to financial years starting on 1 January 2021 or later will need to be filed through eRIIS in any case.
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