Reminder to the industry in relation to Circular CSSF 22/811 on UCI administrators (UCIAs)

On 16 May 2022, the CSSF published Circular CSSF 22/811 (UCIA Circular) on the authorisation and organisation of entities acting as UCI administrators (UCIAs). The purpose of this communiqué is to remind the investment fund industry of certain requirements under the UCIA Circular.

The CSSF draws the market participants’ attention in particular to the following provisions of the UCIA Circular:

• Points 38 and 39 of the UCIA Circular set out the elements to be included in the written contract between the UCIA and the UCI and/or the IFM. The UCIA and the UCI and/or the IFM (as the case may be) are responsible to ensure that their contract complies with the requirements foreseen under points 38 and 39 of the UCIA Circular. In this context, the CSSF informs market participants that any UCIA contract update does not require a prior submission to the CSSF. However, the CSSF could request such contract(s) at any time on a case-by-case basis.
• Point 41 of the UCIA Circular provides that the name of the UCIA shall be disclosed in the offering document of any UCI for which it acts in this capacity and, in case several entities cover different functions, that the list of all entities and their respective functions shall be indicated. For offering documents which do not yet comply with this requirement, the CSSF would like to clarify that an update according to point 41 of the UCIA Circular must be performed at the time of the next update of the offering document submitted to the CSSF.

Reference is made to the CSSF communiqué of 30 June 2023 in relation to the new reporting module for UCIAs. As mentioned in this communiqué, the UCIA Circular introduced a new annual reporting for UCIAs to further strengthen the CSSF’s risk-based supervision.

The CSSF reminds the industry that the deadline for the submission of this annual reporting is at the latest five months after the relevant UCIA’s financial year-end, starting from 30 June 2023. For example, a UCIA with a financial year ending on 30 June 2023 should have first reported the requested information no later than 30 November 2023. A UCIA with a financial year ending on 31 December 2023 should have provided the CSSF with the UCIA reporting no later than 31 May 2024.

All entities performing UCI administration function(s) and which are in scope of the UCIA Circular are therefore required to ensure that the UCIA reporting is provided on time. For those entities which have failed to submit the reporting on time, they are required to remediate the situation as soon as possible.

For any questions regarding the reporting tool, the following email address is available: uciar@cssf.lu.