CSSF Circulars 21/788, 21/789 and 21/790

Overview

On 22 December 2021, the CSSF issued Circulars 21/788, 21/789 and 21/790, introducing new reporting and audit requirements for investment fund managers (IFMs) and Luxembourg Undertakings for Collective Investments (UCIs).

Cirulars 21/789 and 21/790 introduce the obligation to complete a self-assessment questionnaire (SAQ) for each year or period subject to a statutory audit to assess the IFMs/UCIs compliance with applicable legal and regulatory requirements.

Senior management are responsible for the content and completion of the SAQ and should implement an adequate organisation to ensure that the information required in the questionnaire is available.

The approved statutory auditor of the IFM/UCI is required to review on an annual basis certain answers provided via the SAQ and to complete on that basis a separate report (SR).

21/788

New requirement for an external AML/CFT expert (auditor) to draw up an AML/CFT report

Applicable to:

  • Management company subject to Chapter 15 of the 2010 Law;

  • Management company subject to Chapter 16 of the 2010 Law;

  • AIFM subject to the 2013 Law (including registered and authorized AIFM);

  • Self-managed SICAV and AIF

 

21/789

New reporting and audit requirements for investment fund managers (IFMs)

Applicable to:

  • Management company subject to Chapter 15 of the 2010 Law;

  • Authorized AIFM subject to the 2013 Law;

  • Self-managed SICAV and AIF (above thresholds);

  • AIFMs originating from outside of Luxembourg and providing management company services via a branch in Luxembourg

21/790

New reporting and audit requirements applicable to  Luxembourg Undertakings for Collective Investment (UCIs)

Applicable to:

  • Part I & Part II Funds of 2010 Law (including UCITS)

  • SIF (new)

  • SICAR (new)

Our Offering

If you already have an auditor for your fund, we can help you:
 

  • manage the process of completion of the questionnaires

  • manage the due diligence/audit process with the auditor

  • address any of the auditor’s findings aiming to close each one (ideally) before submission of the SR

 

If you do not have an auditor yet, we can also recommend an auditor vetted by OMEA Advisors.

 

Get in touch to discuss your needs with us.

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The new Circulars explained in detail.
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