Non-judicial liquidation of a UCI

After the beginning of the sub-fund’s non-judicial liquidation, the relevant division will analyse the related documentation. The following information will be required:

• Extension request when the liquidation duration reaches nine months (to be sent to amendments.uci@cssf.lu)
• Post-liquidation information (deposit in escrow at the Caisse de Consignation, monitoring of residual cash, closure of bank accounts confirmations, …) (to be sent to opc_liquidation@cssf.lu)
• Other documents on a case-by-case basis

Undertakings for collective investment subject to part I (UCITS) and subject to part II (other UCIs), specialised investment funds (SIFs) and investment companies in risk capital (SICARs) (hereinafter referred to as “UCIs”) shall remain subject to supervision by the CSSF in case of a non-judicial liquidation in accordance with the respective sections of the laws¹.

In the event of a non-judicial liquidation of a UCI, the liquidator(s) must be approved by the CSSF in accordance with the respective sections of the laws². More information on the process for the examination of the application for the role of liquidator(s) can be found in the section Amendment to an existing UCI. The application request must be sent to amendments.uci@cssf.lu.

After removal from the official list, the division in charge of non-judicial liquidations will analyse the related documentation. The following information will be required:

Financial reports:

• Financial statements covering the period up to the date when the fund was put into liquidation
• Interim annual financial statements and liquidator’s report for each accounting period during the liquidation (Article 1100-14 of the Law of 10 August 1915)
• Closing liquidation financial statements, liquidator’s report and statutory auditor’s report covering the liquidation period

Non-financial reports :

• Periodical reports from the liquidator on the progress of the liquidation including explanations of any potential issues preventing the finalisation of the liquidation
• Post-liquidation information (deposit in escrow at the Caisse de Consignation, monitoring of residual cash, closure of bank accounts confirmations, …)
• Other documents on a case-by-case basis

This approval process comprises the approval of any changes to service providers during the liquidation period. A non-exhaustive list of examples of amendments falling under this procedure:

• Change of liquidator(s)
• Change of domiciliation agent
• Change of UCI administrator
• Change of external auditor

Termination of contracts with service providers should be promptly communicated to the CSSF.

The applicant must provide the CSSF with any relevant information for the examination of the request in the form of a detailed email. Because of the variety of possible amendments and, hence, the variety of information that changes accordingly, no questionnaire is currently required for the collection of the relevant information.

Any request file and appended documents must be submitted together via email to opc_liquidation@cssf.lu.

The CSSF will contact the applicant (request for further information and/or supporting documents, supplementary confirmations, clarification of some aspects of the request…) after receiving an application if necessary.

Complementary information or documents must be submitted via email to opc_liquidation@cssf.lu. The exchange of comments may be subject to reiteration until satisfactory completion of the examination phase.

If the applicant faces difficulties to provide further information on specific considerations of the application and does not provide the information requested by the CSSF within a reasonable time limit, the CSSF will contact the applicant to ask whether the application is to be continued or withdrawn.

If the CSSF takes a positive decision, we will issue an official accreditation letter sent by email.

If the examination of the proposed request was carried out upon documents in draft versions, the CSSF will inform the applicant by telephone and/or email and call for a final version of all the documents required to finalise the process. The final versions must not differ from the last draft versions submitted for examination.

If you need to contact the head of the division or the CSSF officer in connection with the application under review, you should refer to the instructions under “Contact”.

All legal and regulatory documents (including FAQs) can be found in the Regulatory framework section.

All forms can be found in the Publication and Data section.