On December 3rd 2015, the CSSF published Circular 15/627 (the “Circular” or the “New Reporting Regime”).
"The purpose of the Circular is to replace the current monthly reporting obligations applicable to undertakings for collective investment"
within the meaning of the law of December 17th 2010 (“UCIs”) and to specialised investment funds within the meaning of the law of February 13th 2007 (“SIFs”) pursuant to IML Circular 97/136 and CSSF Circular 07/310, as amended by CSSF Circular 08/376 (the “Previous Reporting Regime”) and to extend such requirements to SICARs (as defined below).
The New Reporting Regime enters into force immediately. Nonetheless, the transitional provisions of the Circular require that the first report drafted in accordance with the New Reporting Regime shall be submitted on June 30th 2016. At such date, the Previous Reporting Regime ceases to be applicable.
Investment companies in risk capital within the meaning of the law of June 15th 2004 (“SICARs”), which were out-of-scope of the Previous Reporting Regime, must now comply with the monthly reporting requirements laid down in the Circular in addition to the reporting requirements under Circular 08/376.
In respect to the content of the New Reporting Regime, the Circular requires reporting entities to henceforth use the U 1.1 reporting table which is appended thereto. The U 1.1 reporting table is largely inspired from the O 1.1 reporting table used under the Previous Reporting Regime. However, it increases the level of content required by the CSSF which shall use such data for statistical and supervisory purposes. More comprehensive information on net return per share/unit, distributions made to investors, the source of the entity’s income, and more general information on the entity itself, is now required.
In addition, the U 1.1 reporting table shall now be provided electronically to the CSSF through the standard communication channels (such as E-file) by using the Extensible Markup Language (“XML”) format for standardisation purposes. Technical details are further described in the guide provided by the CSSF on its website: http://www.cssf.lu/en/supervision/ivm/uci/legal-reporting/
Subject to the above transitional provisions, impacted entities shall provide the monthly reports under the New Reporting Regime within ten calendar days after the end of the relevant month. For umbrella entities, there shall be one report per sub-fund but no consolidated report is required for the umbrella entity itself.
The Circular can be found on the CSSF’s website at: http://www.cssf.lu/en/supervision/ivm/uci/regulation/circulars/
