On May 5th 2015, the CSSF issued CSSF Circular 15/612 (the “Circular”) on information to be submitted to the CSSF concerning non regulated AIFs and regulated AIFs established in a third country by AIFMs subject to the Luxembourg law of July 12th 2013 on alternative investment fund managers (the “AIFM Law”).
Scope & Context
The Circular applies to AIFMs that are registered with the CSSF pursuant to Article 3 of the AIFM Law and to those that are authorised by the CSSF pursuant to Article 5 of the AIFM Law.
When such AIFMs start to manage additional AIFs that are either:
- Un-regulated (regardless of whether the AIF is a Luxembourg entity, another EU Member State entity or a third country entity), or
- Regulated in a third country (i.e. a non EU Member State),
then certain information must be transmitted to the CSSF.
“Additional AIFs” means any AIF that was not notified to the CSSF at the time the AIFM was registered or authorised.
The CSSF requests this information, as it should be in a position to have a view of the entirety of the AIFs managed by Luxembourg AIFMs and the present reporting requirements under the AIFMD reporting regime do not allow it to have this overview. In addition the CSSF has to report to ESMA on a quarterly basis the list of all AIFs managed by Luxembourg AIFMs.
"The reporting obligations under the Circular are applicable to each new compartment created in an umbrella form AIF."
Information to be transmitted
Within 10 days of commencing management of the relevant AIF the AIFM must transmit the information set out in the relevant annexes to the Circular. In addition to the forms, the articles of incorporation, the offering document and the last annual report of the relevant AIF must be transmitted to the CSSF, where relevant.
It is to be noted that the CSSF considers that an AIFM starts exercising its management role from the moment of the date of signature or the date of effectiveness of the management contract even if the AIF has not yet been launched at that date.
In addition the AIFM must inform the CSSF within 10 working days when it ceases to manage an AIF.
All information must be transmitted to the following email address: firstname.lastname@example.org.