ESEF application delayed by 1 year
In a press release, the Commission de Surveillance du Secteur Financier (CSSF) announced a delay of 12 months to the application of the European Single Electronic Format (ESEF) requirements in relation to annual financial reports.
Therefore, while it was initially planned for the ESEF to become a mandatory requirement for all financial reports beginning on 1 January 2020, it will now come into effect for reports beginning one year later on 1 January 2021.
This means that, at this time, listed companies have two options in terms of adopting the ESEF requirements:
1- Listed companies can choose to take advantage of this grace period by waiting to adopt ESEF until the filling of financial reports from 2021 at the beginning of 2022; or
2- Listed companies can already seize the opportunity to start using ESEF for its 2020/21 reports to ensure they are familiar with the procedures before they become mandatory.
As Luxembourg’s Officially Appointed Mechanism (OAM), the Luxembourg Stock Exchange welcomes this grace period in order to ensure a smooth transition to ESEF. However, we would like to assure those who wish to become an early adopter of ESEF, our systems have been updated and are ready to welcome all financial reports in ESEF before next year’s deadline.
For further information, please consult the CSSF’s official press release
or our dedicated ESEF webpage