Publication of Circulars CSSF 21/788, 21/789 and 21/790 concerning IFMs and UCIs

1. Circular CSSF 21/788 introduces a new CSSF AML/CFT external report to be prepared by the approved statutory auditor (réviseur d’entreprises agréé), as mentioned in Article 49 of the RCSSF 12-02, applicable as from the first time as at year end 31 December 2021 for all Luxembourg investment fund managers including registered AIFMs and all Luxembourg investment funds supervised by the CSSF for AML/CFT purposes.
2. Circular CSSF 21/789 introduces the following requirements and regulatory framework for all authorised IFMs, SIAGs and FIAAGs:

• Authorised IFMs, SIAGs and FIAAGs are required to complete a self-assessment questionnaire (SAQ) on an annual basis.
• The approved statutory auditor (réviseur d’entreprises agréé) of an authorised IFM, SIAG or FIAAG is required to review on an annual basis certain questions of the SAQ and to complete on that basis a separate report.
• This circular also defines a specific regulatory framework applicable to the management letter to be prepared on an annual basis by the approved statutory auditor of an authorised IFM.
• The above requirements and regulatory framework will be applicable for the first time as at year end 31 December 2021.

3. Circular CSSF 21/790 introduces the following regulatory requirements and regulatory framework for UCITS, UCIs subject to part II of the Law of 17 December 2010, Specialised Investment Funds (SIFs) and Investment Companies in Risk Capital (SICARs) (the “regulated UCIs”):

• The regulated UCIs are required to complete on an annual basis a self-assessment questionnaire (SAQ) and to communicate certain information to the CSSF in case the approved statutory auditor (réviseur d’entreprises agréé) issues a modified audit opinion in the context of the statutory audit of the regulated UCI.
• The approved statutory auditor of regulated UCIs is required to review on an annual basis certain questions of the SAQ and to complete on that basis a separate report.
• This circular also defines a specific regulatory framework applicable to the management letter to be prepared on an annual basis by the approved statutory auditor of a regulated UCI.
• The above requirements will be applicable as of the financial years ending 30 June 2022, with a phased implementation for the separate report as further specified in the circular.
• With the entry into force of the provisions of the circular as of the financial years ending 30 June 2022, Circular CSSF 02/81 on the practical rules concerning the task of auditors of UCIs will be repealed.

The completion of all the above-mentioned reports (SAQs, separate reports and management letters) is to be performed using the CSSF eDesk platform.

A new module “Collective Investment Sector Reporting Tool” for preparing and filing with the CSSF the reports foreseen in Circulars CSSF 21/789 (IFMs) and CSSF 21/788 (CSSF AML/CFT external report) will be available as of 10 January 2022, on the CSSF eDesk platform (edesk.apps.cssf.lu) in the section “Investment funds and vehicles/Investment fund managers”. The eDesk homepage can also be accessed via the toolbox of the CSSF site.

The reports and the type of information to be communicated to the CSSF in case the approved statutory auditor issues a modified audit opinion for a regulated UCI, as foreseen in Circular CSSF 21/790 (UCIs) which will become applicable as of the financial years ending 30 June 2022, will be made available respectively on the CSSF eDesk platform and the CSSF website by 31 March 2022 at the latest. The CSSF will issue a separate communication for that purpose.

With the new eDesk module, a user guide is available explaining the procedures for completing, validating and submitting the different report types. In addition, a user guide on eDesk authentication and user account management can be found on the eDesk homepage.

For further assistance, the following email addresses are at your disposal:

• Any question regarding authentication or account creation should be sent to [email protected].
• Any question relating to the circulars or the functioning of the new “Collective Investment Sector Reporting Tool” should be addressed to the dedicated email address [email protected].