Periodic transmission of information by SICARs

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, half-yearly or annual basis, depending on the circumstances.

The CSSF instructions only concern the prudential reporting (tables K, U and FIAAG), 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.

It should be borne in mind that the tables K, U and S are shared between the CSSF and the BCL.

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 AIFMs must provide for the alternative investment funds (AIFs) they manage.

U1.1 reporting as of 30 June 2016

In accordance with Circular CSSF 15/627, SICARs 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.

K3.1 reporting

In accordance with Circular CSSF 08/376, SICARs must report financial information to the CSSF on a half-yearly basis as at 30 June and 31 December of each year.

If the financial year-end does not match with the end of the first six calendar months nor the end of the calendar year, the audited accounts must be reported on either 30 June or 31 December, whichever date is the closest. The financial information based on the accounting records (unaudited) must be reported for the half-yearly report.

The information to be submitted is detailed in the Circular and should be sent via the transmission channels in Excel 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 transmitted via email to the address siag@cssf.lu in Excel format.

Please note that the format of the template is fixed (no line or column should be added or deleted) and only authorised fields should be completed. 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.

The legal publication of SICAR accounts is governed by the Law of 15 June 2004 relating to the investment company in risk capital (SICAR) (“the Law”).

Article 23 of the Law stipulates that “(1) The SICAR shall draw up a prospectus and an annual report for each financial year. (2) The annual reports […] shall be made available to the investors within 6 months from the end of the period these reports refer to.”

In addition, Article 28 of the Law stipulates that “The SICAR must send […] its annual reports, to the CSSF.”

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.