On 29 December 2015, the CSSF issued circular 15/633 (“Circular”) concerning the financial information to be reported on a quarterly basis by investment fund managers and their branch offices. The Circular enters into immediate effect.
By investment fund manager the CSSF is referring to:
Management companies subject to Chapter 15 of the Law of 17 December 2010 concerning collective investment undertakings (“2010 UCI Law”) (already transmitting quarterly information on the basis of CSSF circular 10/467);
Management companies subject to articles 125-1 and 125-2 of Chapter 16 of the 2010 UCI Law; and
Authorised external alternative investment fund managers (“AIFMs”) subject to the Law of 12 July 2013 (“2013 AIFM Law”).
It should be noted that:
- all investment fund managers and their branch offices have to, from 2016, provide the CSSF with financial information;
- the investment fund managers must communicate this information via the CSSF financial reporting templates (link contained in the Circular);
- the reporting template must be submitted to the CSSF by the 20th day of the month which follows the reference date;
- reference is made to CSSF circular 10/467 which imposes the obligation to send audited financial information at the close of each financial year. The CSSF requires audited financial information to be transmitted by all investment fund managers one month after the ordinary general meeting has approved the annual accounts;
- the Circular enters into force with immediate effect. Financial information as at 31/12/2015 has to be submitted to the CSSF by Chapter 16 management companies and AIFMs by 29/02/2016 at the latest.
- Chapter 15 management companies should continue to report as normal (ie. there is no extension granted); and
- Chapter VI of CSSF circular 12/546 concerning the prudential supervision of Chapter 15 management companies will be replaced by the Circular.
The Circular (only available in the French language) can beaccessed here.