Periodic and non-periodic transmission of information by UCIs

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

The supervised entities are required to transmit periodic data relating to their activities to the CSSF on a monthly, quarterly or annual basis, depending on the circumstances.

The CSSF instructions only concern the prudential reporting (tables O, U, FIAAG and MMF), for which the CSSF is responsible. The instructions relating to the statistical reporting (tables S), for which the BCL is responsible, are available on the BCL website.

The page File transport and data protection provides additional technical details regarding the transmission channels for reporting.

Please refer to the pages for “Investment fund managers” for instructions relating to information that an AIFM must provide for the alternative investment funds (AIFs) it manages.

U1.1 reporting as of 30 June 2016

In accordance with Circular CSSF 15/627, UCIs must report financial information to the CSSF on a monthly basis.

The reporting obligation starts from the authorisation date of the fund or compartment even if the fund or compartment has not been launched (no subscription has been made).

The information to be submitted is detailed in the document “Guidelines on the U1.1 reporting” below and should be sent via the transmission channels in XML format.

O4.1 and O4.2 reporting

In accordance with Circular IML 97/136 as amended by Circular CSSF 08/348, UCIs must report financial information to the CSSF on an annual basis.

The financial information concerns the audited accounts as at financial year-end which does not necessarily match with the calendar year-end.

The information to be submitted is detailed in the Circular and should be sent via the transmission channels in EDIFACT format.

FIAAG – Internally managed alternative investment funds reporting

In accordance with Circular CSSF 18/698, internally managed alternative investment funds within the meaning of point (b) of Article 4(1) of the Law of 12 July 2013 on alternative investment fund managers must report specific information to the CSSF on a quarterly basis.

The information to be submitted is detailed in Annex 3 of the Circular using the form below and should be sent to the email address siag@cssf.lu in Excel format.

Please enter your data in the relevant fields of the template. The format of the template is fixed and must not be changed. Do not add or delete columns or fields, do not change the format in any other way.

O1.2 reporting – Monthly financial information for guaranteed funds

By virtue of Article 147 of the Law of 17 December 2010 relating to undertakings for collective investment, the CSSF requires specific information on a monthly basis from funds that offer a formal guarantee of repayment in the prospectus to their investors (“guaranteed funds”).

Guaranteed funds are informed by a CSSF letter that based on the contents of their prospectus, they are subject to the monthly reporting. If a fund that offers a formal guarantee to their investors has not received the letter, it should contact the CSSF without delay, via email address opc@cssf.lu.The information to be submitted is detailed in the document “Instructions relating to Table O1.2” below and should be sent via the transmission channels in XML format.

MMF – Money Market Fund reporting

In accordance with Chapter 3 of the Law of 16 July 2019 implementing the Regulations on EuVECA, EuSEF, MMF, ELTIF and STS securitisation and Circulars CSSF 20/734, CSSF 20/735 and CSSF 20/736, managers of CSSF-supervised money market funds (“MMFs”) must report financial information to the CSSF on a quarterly or yearly basis.

The Commission Implementing Regulation (EU) 2018/708 of 17 April 2018 defines technical standards with regard to the template to be used by managers of money market funds when reporting to competent authorities as stipulated by Article 37 of Regulation (EU) 2017/1131 of the European Parliament and of the Council of 14 June 2017 on money market funds.

The European Securities and Markets Authority (ESMA) has published money market fund reporting – technical reporting instructions (related to technical reporting instructions, detailed validation rules and the reporting XSD schema) (Ref. ESMA/65-8-6480).

Moreover, a specific version of the auth.093.001.001 ISO20022 message definition must be used by managers of money market funds.

In addition, on 19 July 2019 ESMA published the “Guidelines on the reporting to competent authorities under Article 37 of the MMF Regulation (Ref. ESMA/34-49-168)”.

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.

The legal publication of UCI accounts is governed by the Law of 17 December 2010 relating to undertakings for collective investment (“the Law”).

Article 150 of the Law stipulates that “(1) The investment company and the management company, for each of the common funds it manages, shall publish: […] – an annual report for each financial year, and – a half-yearly report covering the first six months of the financial year. (2) The annual and half-yearly reports shall be published within the following time limits, with effect from the end of the periods to which they relate: – six months in the case of the annual report, – three months in the case of the half-yearly report.”

In addition, Article 155 of the Law stipulates that “UCIs shall send […] their annual and half-yearly reports, to the CSSF.”

In case of occurrence of a material net asset value calculation error or a non-compliance with applicable investment rules, UCIs must submit to the CSSF in accordance with Circular CSSF 02/77 detailed information in relation to the case occurred.

To this end, a dedicated Excel form “Notification form in accordance with Circular CSSF 02/77” has been made available. This form is mandatory and the notifying entities are required to fill each field of the Excel file below and to send it by email to the following address: opc.prud.sp@cssf.lu.

For more information on the submission of the notification form in accordance with Circular CSSF 02/77, please consult the CSSF guidelines of 18 February 2021 detailed in the document “Additional explanations on the notification form in accordance with Circular CSSF 02/ 77” below.

Furthermore, the CSSF published on 7 July 2020 the document “FAQ regarding Circular CSSF 02/77” below providing further guidance in relation to some aspects related to this circular.

In accordance with Circular CSSF 19/708 relating to the electronic transmission of documents to the CSSF, please refer to the list of documents to be transmitted electronically, the relating nomenclature as well as the technical specifications of its annex.

Circular CSSF 21/790, which aims to define the practical rules concerning the self-assessment questionnaire to be submitted annually by Luxembourg undertakings for collective investment (the “UCIs”), the engagement of Luxembourg undertakings for collective investments’ approved statutory auditors as well as the management letter and the separate report to be drawn up annually, also provides in particular that the UCIs must communicate spontaneously to the CSSF, in accordance with section 2.2. of the circular, specific information in case the approved statutory auditor (réviseur d’entreprises agréé, “REA”) issues a modified audit opinion in the context of the statutory audit of a UCI.

The minimum specific information that the UCI’s dirigeants (i.e. the management of the UCI) have to transmit to the CSSF each time the audit report drawn up by the REA includes a modified audit opinion at the level of one or more sub-funds of the UCI and/or of the UCI as a whole, is set out in the support document below “Follow-up on modified audit opinions issued by the approved statutory auditors in the context of the statutory audit of UCIs” containing the information to be transmitted spontaneously by the UCI to the CSSF in accordance with Circular CSSF 21/790.