20/01/22
In brief
For further information, the Circulars are available here : Circular CSSF 21/788 (in English), Circular CSSF 21/789 (in French) and Circular CSSF 21/790 (in French).
In more details
The requirements of the Circulars CSSF 21/788 and 21/789 are applicable as of the financial years ending on the 31st of December 2021.
Regulatory reporting | Scope of the Circulars | Changes | Deadlines |
Management Letter | All audited IFMs (no change in the scope) | The free format is replaced by an eDesk form with a predetermined format:
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SAQ/SR |
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The above questionnaires will be completed in the eDesk platform of the CSSF. Main themes of the SAQ: Internal organisation / IFM Bodies / Permanent risk management function / Compliance function / Internal audit function / Procedures and Policies / Delegation / IT requirement / Other key functions / Other Requirements |
For 31/12/2021 closings:
After 31/12/2021:
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AML/CFT |
WARNING : Registered IFMs will need to appoint a REA for this new AML/CTF external report. |
Annual AML survey sent by the CSSF completed by the IFMs to be supplemented by:
The above report is to be completed in the eDesk platform of the CSSF. Themes: AML/CTF Policies and Procedures / Risk based approach / Investment Fund Due Diligence / Distribution / Discretionary Portfolio Management (depending on IMFs license) / Transfer Agency (if performed in-house) / AML on Investments / Sanction-Name Screening / Delegate Oversight / Oversight over Branches (where applicable) / Cooperation with Authorities |
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The new requirements of the Circular CSSF 21/790 are applicable as of the financial years ending on the 30th of June 2022, with the exception of the Separate Report for SIF and SICAR, which will be applicable as of the financial years ending on the 30th of June 2023.
Regulatory reporting | Scope of the Circulars | Changes | Deadlines |
Management Letter |
No change in the scope :
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The free format is replaced by an eDesk form with a predetermined format:
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LFR - SAQ/SR |
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The current LFR is replaced by:
The above questionnaires will be completed in the eDesk platform of the CSSF. Themes of the SAQ: General information / Organisation of the Fund / Investment compliance / Valuation / NAV determination / Expenses & income / Relationship with Depositary |
SAQ
Separate Report
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In conclusion
These circulars reinforce the regulatory requirements for Luxembourg investment fund managers and investment funds supervised by the CSSF in the areas of governance and internal controls, as well as AML/CTF. They also harmonise the obligations for the REA.
IFMs and investment funds should carefully consider the content and requirements introduced by Circulars 21/788, 21/789 and 21/790 and be prepared for complying with them.
Our Governance and AML experts would be delighted to support you in ensuring that these requirements are fully understood and help you get prepared.
We have the pleasure to invite our clients for more detailed information sessions in February and March 2022. A separate communication will be sent soon.
Laurence Demelenne
IRE Alternatives Commission Leader, Partner, PwC Luxembourg
Tel: +352 49 48 48 2244
Birgit Goldak
AML Services Partner, Asset and Wealth Management, PwC Luxembourg
Tel: +352 49 48 48 5687