Periodic and non-periodic transmission of information by IFMs

Legal reporting encompasses all the periodic and ad hoc information to be transmitted to the CSSF for prudential supervisory purposes by the IFMs under its supervision, observing the file transport and data protection instructions.

The IFMs are required to transmit periodic data relating to their activities to the CSSF, on a quarterly, half-yearly or annual basis, depending on the circumstances.

The Methods of transmitting reports via API page provides additional technical details on submitting reports via API. The method of transmitting reports via API has been available since 2 November 2023.

The File transport and data protection page provides additional technical details on the external reporting transmission channels. The method of transmitting reports via external channels was decommissioned on 30 June 2024.

In accordance with Circulars CSSF 15/633 and 10/467, IFMs must report financial information to the CSSF on a quarterly basis (final version “N”). In addition, IFMs must report financial information to the CSSF on an annual basis (final version “D”). IFMs shall communicate this final version “D”, one month after the ordinary general meeting which approved the annual accounts, at the latest. Moreover, IFMs which have one or more branches must report financial information to the CSSF on the registered office (accounting version “L”), head office and branches (accounting version “N”) and each individual branch (accounting version “S”, one for each branch).

The reporting obligation starts from the authorisation date of the IFM even if it does not manage any funds.

The information to be submitted is detailed in the above-mentioned circulars and should be sent via the accepted transmission channels.

In accordance with Article 22 of the Law of 12 July 2013 on alternative investment fund managers, AIFMs must report financial information to the CSSF on a quarterly, half-yearly or yearly basis.

On 19 December 2012, the European Commission published Commission Delegated Regulation (EU) 231/2013 supplementing alternative investment fund manager Directive 2011/61/EU (“AIFMD”), which provides details on the reporting obligations to national competent authorities under Articles 3 and 24 of the AIFMD. Annex IV of the Regulation includes a reporting template that AIFMs have to use to comply with their reporting obligations.

On 8 August 2014, the European Securities and Markets Authority (ESMA) published the Guidelines on reporting obligations under Articles 3(3)(d) and 24(1), (2) and (4) of the AIFMD. In addition, ESMA published further details and technical supporting material (a consolidated reporting template, detailed IT guidance for filing of the XML and the XSD schema).

The CSSF reminds all AIFMs that they are required to complete an initial self-assessment and ongoing self-monitoring of their reporting duties, taking into account their status and the value of assets under management for all AIFs managed. The AIFM is responsible for informing the CSSF prior to any changes with regard to its reporting duties.

Non-EU AIFMs that are authorised to market AIFs to professional investors in Luxembourg must, on their own initiative, comply with the reporting requirements.

The information to be submitted corresponds to the common European reporting as developed by ESMA and should be sent via the transmission channels in XML format.

For instructions relating to the information to be provided by the AIFMs, reference is made to Circular CSSF 23/844. Further explanations are provided in the FAQ concerning the Luxembourg Law of 12 July 2013 on alternative investment fund managers.

In accordance with Article 22(3)(b) of the Law of 12 July 2013 on AIFMs, the AIFM must provide for the end of each quarter a detailed list of all AIFs which the AIFM manages.

For standardisation purposes, the dedicated form “AIFs under management quarterly list” must be completed and sent to the CSSF via email at aifm@cssf.lu. The subject line of the email should state “Quarterly list of AIFs – <AIFM Name>”. This must be done within 10 calendar days following the end of the quarter.

In accordance with Circular CSSF 19/708 (as amended by Circular CSSF 21/790) relating to the electronic transmission of documents to the CSSF, please refer to the list of documents to be transmitted electronically, their nomenclature as well as the technical specifications in its Annex.

The purpose of Circular CSSF 21/789 (as amended by Circular CSSF 23/839) is to define the practical rules regarding the preparation and annual submission of the below-mentioned documents by IFMs and by their réviseurs d’entreprises agréés (approved statutory auditors, “REA”).

More specifically, this Circular introduces, on the one hand, a self-assessment questionnaire to be completed on an annual basis by the IFMs (the “self-assessment questionnaire”).

On the other hand, this Circular broadly details the role and mission of the REA in the context of the statutory audit of IFMs. It also establishes a specific regulatory framework applicable to the management letter and introduces a separate report (the “separate report”). Both documents must be prepared by the IFM’s REA on an annual basis. The separate report includes specific procedures that the CSSF requests the REA to perform in relation to the IFM’s self-assessment questionnaire.

It should be noted that IFMs subject to Article 125(1) of Chapter 16 of the amended Law of 17 December 2010 relating to undertakings for collective investment fall within the scope of points 4.1 and 4.2 of the Circular only.

The above-mentioned reports are to be submitted annually to the CSSF by the IFM managers using the “Collective Investment Sector Reporting Tool” module of the CSSF eDesk platform.