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15 April 2020 / news

The CSSF asks investment fund managers for weekly updates on financial data and governance arrangements

The CSSF informed investment fund managers that it will be collecting information on financial data and governance arrangements in relation to the activities of IFMs with the objective to continue ongoing supervision of the investment fund sector during the current period of market turbulence. IFMs shall provide the CSSF on a weekly basis with financial information, updates in relation to their business continuity plans as well as updates in relation to their cyber resilience.

CSSF-weekly-updates-business-background

In a statement issued on 9 April 2020, the Luxembourg supervisory authority (CSSF) informed investment fund managers (IFMs) that it will be collecting information on financial data (total net assets, subscriptions and redemptions) and governance arrangements in relation to the activities of IFMs with the objective to continue ongoing supervision of the investment fund sector during the current period of market turbulence. IFMs shall provide the CSSF on a weekly basis with financial information, updates in relation to their business continuity plans as well as updates in relation to their cyber resilience (the Weekly IFM Questionnaire).

The following types of IFMs have to fill in the Weekly IFM Questionnaire:

  • Luxembourg management companies established in Luxembourg and authorised either under chapter 15 or chapter 16 of the Law of 17 December 2010 on undertakings for collective investment (the 2010 Law) only, or authorised/registered under both the 2010 Law and the Law of 12 July 2013 on alternative investment fund managers (the 2013 Law);
  • Luxembourg AIFMs authorised under the 2013 Law only;
  • Luxembourg self-managed investment companies which did not designate a management company within the meaning of Article 27 of the 2010 Law;
  • Luxembourg internally managed alternative investment funds within the meaning of point (b) of Article 4(1) of the 2013 Law;
  • Luxembourg branches of UCITS management companies or AIFMs established in an EU country other than Luxembourg;
  • EU UCITS management companies established in an EU country other than Luxembourg;
  • EU authorised AIFMs established in an EU country other than Luxembourg; and
  • non-EU AIFMs,

provided that they manage at least one UCITS, regulated or non-regulated AIFs and/or any other UCI established in Luxembourg. IFMs which have not yet started to manage at least one of the before mentioned investment vehicles are not obliged to report. All the IFMs in scope of the Weekly IFM Questionnaire will be contacted directly by the CSSF.

For the avoidance of doubt, the following entities are not obliged to provide the CSSF with a Weekly IFM Questionnaire:

  • sub-threshold AIFMs (unless such entity is also authorised as a management company under Chapter 16 of the 2010 Law);
  • IFMs referred to in Chapter 18 of the 2010 Law (i.e. multilateral development banks exercising the activity of a management company);
  • Luxembourg UCIs which do not qualify as a UCITS or an AIF and which have not designated a Luxembourg/EU UCITS Management Company or which are not managed by a Luxembourg, EU or non-EU AIFM;
  • IFMs acting as delegated portfolio manager; and
  • IFMs acting as discretionary portfolio manager.

The first questionnaire, covering the week from 13 April 2020 to 17 April 2020, shall be submitted to the CSSF by 22 April 2020 close of business (COB) through the CSSF eDesk portal. Questionnaires will have to be submitted on a weekly basis by Wednesday COB at the latest until further notice by the CSSF.

If an IFM does not have a LuxTrust authentication certificate, it may mandate a Luxembourg based service provider for the transmission of the questionnaire.

For additional information, please see the CSSF Statement. If you have any question, please contact your trusted Loyens & Loeff adviser.

 



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